Finances

Alongside completing your admissions applications for undergraduate study in the UK, you will also want to research and consider financial matters. 


Overview:

As the cost of higher education increases in both the US and UK, it is important for students to know what costs to expect and to develop a plan to cover these. Finding funding for undergraduate study in the UK is a challenge for both UK and international students alike.  The key is starting early and putting in the necessary time and effort to seek out and apply for scholarships.  Keep in mind you will need to demonstrate access to funding for the first year of study in order to apply for a visa.


Expenses:

International students from outside of the EU will be charged the ‘overseas’ tuition rate. Overseas tuition rates vary by both institution and department. This information should be readily available on the university and/or department webpage(s).

 

In addition to tuition fees, it is also important to take into account cost of living and additional expenses you will likely incur during the duration of your degree.  When calculating your estimated annual expenses, it is important to consider costs for:

 

University Funding:

In general, university-based funding is less readily available for study in the UK. However, UK institutions may offer scholarships or bursaries.  Scholarships may include a reduced rate or waiver for tuition and fees and/or a living stipend. However, it is important to note the number and type of scholarships will vary by institution and often by department and may be limited to UK or EU students.

For detailed information about what aid is available and how to apply, visit universities’ websites.


External Funding:

A scholarship from an external funding body is a financial award that does not have to be repaid.  Often, scholarships from external funding bodies can be thought of as niche scholarships, as they may be based on very specific personal qualities outlined by the funding body.  These qualities often correlate to the mission of the organization and could include country of origin, ethnicity, religious faith, interest in a particular field, gender, interests, talents, etc.  Scholarships from external funding bodies may also be awarded on the basis of merit.  Merit can include not only outstanding academic performance, but also special talent in performing arts, community service participation or extracurricular involvement.

To conduct a search for external funding sources for UK undergraduate study, you may wish visit the British Council website. 

You may also wish to contact your US high school guidance counselor for information on local and national scholarship applications, as well as websites such as FastWeb or FinAid.

 

Loans:

As the cost of higher education rises in the US and UK, more students require loans to fund all or part of their studies.

When considering a loan to finance your studies, be sure to examine carefully all of the terms and conditions of the loan. Explore repayment options, as the conditions of each loan program will vary. Interest rates may also add to the total cost of the loan, particularly if it is accrued while you are studying. Although you might find all of the general information about costs and interest rates when enquiring about a particular loan scheme, it is important to read the fine print before signing any agreement.

US citizens and permanent residents pursuing a UK undergraduate degree are eligible for both federal and private US-based student loans. For further information about these opportunities you may wish to visit the British Council and FAFSA websites.