The cost of studying abroad in UK may add up fast no matter how much money you have in your wallet and may exceed what you actually possess. You need to seek educational loan for studying in UK to finance your studies.
UK universities are among the most expensive in the world, parallel to being world’s toppers. For the absolute majority of foreign students’ additional funds must be utilised to make the whole process smooth.
There is a wide range of financial aids for international students available in the UK. Read on to know more.
Comprehensible Financial Aid
For international students there are several resources of financial aids available, which can be divided into three main categories:
• Student loans
• Scholarships
• Private grants
Student loans in UK
UK offers a rich scheme of foreign education loans and need-based or merit-based grants, demonstrating a higher commitment to offering optimal conditions to study. Depending on what tuition fees your university applies the amount of money you can borrow changes and the academic level of the chosen course.
For the Non- EU students, there are two types of state-governed student loans in UK:
1. Tuition Fee Loans
2. Maintenance Loans
To cover the university fees the Tuition Fees Loan is offered while the Maintenance Loan is awarded to cover household spending. The former is directly paid to your university while the latter is deposited in your bank each at the beginning of each university term. Note that in contrast to other forms of financial aids for international students like scholarships or merit-based grants, student loans must be paid back. But there’s no need to worry as only after you graduate and find a job whose salary is above the repayment threshold only because you’ll start paying your debt.
If you’re a non-EU student the University of your choice is allowed to establish their own student loan schemes for talented students. For this, you need to contact the university and get information if they run a student loan scheme on their own along with their terms and conditions.
These UK loans are apart from the study abroad loan you can avail from the Indian Banks. Primarily you can approach our banks for higher education loans to study in UK. You can check for ‘How To Get Education Loan For Study Abroad?’ online to get in depth knowledge.
Scholarships
For international students in UK Scholarships are a good resource for financial aid. There’s a chance that you’re going to find something suitable as you go higher since wide range of them are available.
The two types of scholarships are
1. Governmental scholarships
2. University scholarships
Governmental Scholarships
The British government awards several scholarships to talented international students. Famous Government Scholarships offered are:
• Chevening Scholarships
• Commonwealth Scholarships
University Scholarships
To maintain large portion of foreign students, the UK universities have established a wide range of scholarship programs. In UK, some of the non-governmental scholarships offered are shown below
• Royal Society grants
• The Newton Fund
• S. Hornby Trust Scholarship Programme
• Scotland’s Saltire Scholarships
• Young Cell Scheme
• International Atomic Energy Agency Scholarships
• Commonwealth Scholarship and Fellowship Plan
• Charles Wallace Pakistan Trust Scholarships
• Great China Scholarships
• Great India Scholarships
• Marshall Scholarships
• Marshall Sheffield Fellowships
Private grants
Private grants are another alternative resource of financial aid aside from scholarships and student loans. To finance your education in UK often there are companies or non-governmental organizations that are ready in the form of loans or charitable funds. By signing a certain agreement that defines the time limit within which you must give your money back you can avail these much-coveted funds.
That’s all about the types of financial aid available to study in UK.