Unpacking the Real Cost of Studying in the UK and How to Fund it
Studying in the UK – exploring historic student halls, engaging in stimulating lectures, connecting with fellow students from around the globe, and adventuring across the country – sounds idyllic, doesn’t it? However, like all fulfilling endeavors, there are few boxes you need to tick before you live your dream as an international student in the UK. The first BIG BOX you need to tick is addressing your finances. If budgets and money are a concern, as they are for many prospective international students, you’ve come to the right place. In this blog, we’ll break down the expenses and explore strategies to fund your study abroad journey.
Albert Einstein once said, “If I had an hour to solve a problem, I’d spend 55 minutes thinking about the problem and five minutes thinking about solutions.” So, let’s first breakdown the overall real cost of studying in the UK and then discover ways to manage and reduce those expenses.
Breaking down the cost of studying in the UK:
Tuition Fees
The cost of tuition varies significantly based on the university and chosen course. On average, undergraduate tuition ranges from £10,000 to £38,000 per year, while postgraduate tuition can be anywhere between £12,000 and £45,000 per year. While this range might seem very broad, it’s important to remember that no matter the budget you have in mind, you will be able to go to a good university to study and specialize in your area of interest.
Cost of Living in the UK
Apart from tuition, cost of living is a major component of your overall budget. The UK government recommends international students budget around £1,334 per month in London and £1,023 per month outside London for living expenses. Here’s a rough breakdown of what you might spend:
As you can see, here again, the expenses fall within a wide range. So, even though expenses can seem intimidating, it’s important to remember that with a bit of planning it can be easily managed.
3. Other expenses
While Tuition and Cost of living are the main course in the meal of study-abroad-expenses, there are other smaller entrees that could add up quickly. As most of these expenses pop-up when students are preparing to leave from their home country to enroll in their dream university, they tend to overlook them as they are engulfed in the excitement of everything, but it is important to remember. Some of such expenses include:
Visa fees: A student visa (Tier 4) costs £490
Health Insurance: The UK Immigration Health Surcharge is around £470 per year
Flight tickets: A round-trip flight could cost between £400 and £1,500
And other expenses for buying and packing clothes and other things you want to bring from your home country.
And more.
Phew! Now that we’ve gone through all the possible expenses you might incur, let’s get into the juicy part – How to bring down the overall expenses to save money and tips to fund your study abroad journey!
Tip 1: Choose the right University and course
The UK is home to a plethora of great Universities offering degrees in various subject areas. Some universities and some courses might have a higher tuition fee than others. So, it is important to talk to your study abroad consultant about your financial plans to pick a university that offers a course that interests you and a tuition fee that is comfortable for you.
Tip 2: Plan your tuition payments
For some of us, even when universities offer lower tuition fees, it can still feel like it is a huge amount. However, many universities offer flexible payment plans, allowing students to spread their tuition payments across multiple installments over the academic year. So, instead of one big payment, you’ll be making multiple small payments. Doesn’t sound very intimidating now does it?
Tip 3: Apply for Scholarships
Many universities and organizations offer scholarships for international students based on academic merit, financial need, or extracurricular achievements. Specifically, if you are confident with your academic prowess, it is very wise to submit our university application early so you have enough time to research scholarship eligibility criteria carefully and apply for them too.
Some popular scholarships include:
Chevening Scholarships – Fully funded by the UK government
Commonwealth Scholarships – For students from Commonwealth countries
GREAT Scholarships – Offered by UK universities for specific courses
University-Specific Scholarships – Funded by Universities
While some scholarships might have very specific strict criteria, the exciting thing to note is that many UK universities offer substantial partial scholarships to many of their international students. And when planning your study abroad journey, something like this can come in handy.
Tip 4: Budgeting to reduce our spending
As we saw in our breakdown mentioned above, the actual cost of living in the UK falls within a very wide range. You can rent an accommodation for around £500 pounds a month and you can also rent one for much higher. The same goes for all the other expenses. So, find an accommodation that fits your budget and be mindful of how much you spend day to day – you should be fine. Also, as a ground rule, we encourage you to set a budget at the beginning of each month and make a note of all the small expenses, within weeks you’ll get the hang of things.
The UK is a very student friendly country, so make sure you use all the discounts and privileges that come with being an international student in the UK to manage your finances wisely. Some of them are:
Use student Apps – Many generic student discount Apps like UNiDAYS and University specific Apps give great discounts to students on travel, entertainment, and shopping – all you need is your student ID.
Check before you check out – Many major retailers offer large discounts for students, so irrespective of whether you are buying a computer or a comb, ask the salesperson or check the website to see if a special student discount is available.
Research before you eat out – Akin to retailers, many restaurants and pubs offer discounted food and drinks for students. Talk a walk around your University and find spots that are to your liking and enjoy.
Use public transport – Get a student Oyster card (for London) or railcards for discounted travel.
Tip 5: Find a Part-Time Job or an Internship
International students can work up to 20 hours per week during term time and full-time during holidays. Once you settle in, you can talk to your University’s career support experts to help you find a part-time job on-campus and off-campus.
Common student jobs include:
Retail and hospitality roles
On-campus jobs (libraries, student unions)
Tutoring and freelancing
Internships (helps cover expenses while providing valuable work experience)
With a tad bit of research and planning you can majorly bring down your study abroad expenses and make your dream of studying in the UK a reality without unnecessary financial stress. There are always student loan options you can look into if you need a bit more boost to help you meet your financial needs as many banks and private institutions offer study abroad loans.
Now that you have an idea of the expenses, why don’t you kickstart your study abroad journey now? If you are still hesitant, it is understandable – Studying in the UK is a life-changing experience, but being prepared is crucial. So, book a free 1-1 consultation with our experts and get personalized guidance on financing your studies, scholarships, or university applications.
Get answers to all your questions, gain clarity for all your doubts and get started!