The United Kingdom is one of the most popular places for higher education around the globe. This is because it offers various opportunities along with its vast culture and diverse backgrounds. As a result, students can gain multiple skills along with completing their education.
Funding your studies is a good option, and the UK offers enormous scope for self-funding your education. There are various options to help you out with your educational funding.
These options include grants, student loans, part-time jobs, scholarships, fellowships, bursaries, and more. Therefore, with ample opportunities, you can plan your education accordingly.
Self-funding your education in the UK made easy
The UK offers some of the best universities and employment prospects, hence, making it a popular destination for students worldwide.
Irrespective of the various options available in the UK, studying and funding your education can be difficult as it may be very costly.
Along with the basic tuition fee, there are other expenses such as living expenses, traveling costs, basic daily needs, etc. To meet their costs, students may have to work or arrange funds somehow.
So, how can you get the required financial support? Where can you find your funding? Where and how can you apply for Scholarships?
Different funding sources for education in the UK
Student loans most common route for students to fund their education is applying for student loans. But, unfortunately, not everybody gets scholarships or grants and borrows student loans only.
They cannot apply for employer funding also as most of them apply for post-graduate courses, which are right after their graduation.
In the absence of financial security such as fixed deposits, student loans prove to be a savior for them.
If you apply for a loan, you can easily avail of the loan option from a private or a government bank or various NBFC’s (Non- Banking Financial Corporations).
You can apply for a loan as per your course duration, i.e., full-time, vocational, or part-time. Student loans are generally no credit check loans and are readily available. There are two types of loans that you can apply for:
- Secured Student Loans
- Unsecured Student Loans
- Grants and Scholarships
Grants are a type of financial aid that needs not to be repaid if you receive them. It is a form of a gift. There are certain rules involved, and they are offered to specific students who qualify for the criteria.
The universities offer these grants to encourage students to research in their respective fields.
Many criteria decide the grants offered by the UK universities and government, such as achievements, academics, hobbies, and more. In addition, with the higher ratio of international students, UK offers a vast range of scholarship programs.
Another way is to receive employer scholarships. This is possible f you are working somewhere and are willing to hone your skills.
Many employers fund their employee’s education to prove to be an asset for the company later on. This proves to be a source of mutual benefit for the employer and the employee.
Apart from the originations, government and charitable originations also fund your education, and you can enquire about it from their websites.
Teaching and Research Assistantships
The assistantship is another good way to fund your education. You can pursue your post-graduate programs by getting an assistantship in return for some specific number of teaching hours or research roles. The funding you get is the compensation in the form of fees or modest salaries offered by the university department.
Self-Funding for education
Last but not least, you can receive funding from your family for your education in the UK. Still, since there are rising educational costs, everybody may not be fortunate enough to receive funding from their respective families.
According to a survey conducted among the students, it was revealed that around 42% of the students are receiving their funding from their parents are fortunate to have family funding.
However, if your family cannot fund your education, you can opt for working part-time and support your teaching. You get some specific money per hour which you can use for your education funding.
Hundreds of students plan to come to the UK for their education every year and pave the way for their education funding.
You may plan your retirement and assume your working life for 30 years with a steady income of £40,000 salary. You may think no pay rise. Still, you may give you total pre-tax earnings of £1.2m in your entire career.
The money that you have collected a sizeable amount to afford all the opportunities to pay back the amount that you have borrowed to fund your education.
While these educational costs are increasing day by day, getting a degree is a future investment that will reap benefits in the future. Hence, getting an external source of funding is an excellent option to gain something better.