Financing University in the UK

In the UK, universities receive funds from many sources; however, grants and tuition fees are regarded as the universities’ most integral sources of income. Universities acquire money for teaching, which is known as tuition fees. In addition, it also requires money for research in the form of grants. The governing body manages the entire process of university funding (rusu.co.uk, 2023). The student fees in the UK depend on the place from where the student belongs and where they are studying. In England, English students pay a sum of £9,250, in other nations such as Scotland, Wales and the Irelands, students have their arrangements, so they pay an amount of £9,000.

Universities in the UK receive their income from other sources as well. This comprises the business partnership, smaller grants, conference income, endowments and charitable donations, investments and intellectual property income (timeshighereducation.com, 2023). In addition, another source of income for the university is the surpluses required to fund the capital expenditure and to encounter shocks such as the COVID-19 pandemic. Before the 2022 reforms, the UK had a lower share of the funding from the public in the education sector among the OECD countries.

What are the different types of funding for international students?

Acquiring a prestigious degree from a UK university will enable me to gain valuable and transformative experience. In the future, this will help take my employability to an elevated level. International students have a wide range of funding options in the Uk. This comprises the full funding, which defrays programme fees, return flights and living expenses. Contrary to this, part-fundings are available to the students (timeshighereducation.com, 2023).
The UK government also funds international students in the form of scholarships and bursaries to aid students from a large number of countries. In this regard, international students can refer to the UK Council for International Student Affairs website to find more funding information and whether they are eligible to apply for the scholarship.

• Scholarships provided by institutions

Many institutions offer scholarship programmes to students, and they are offered based on a wide variety of factors. The scholarships vary from performance-based scholarships, subject-specific scholarships, merit and academic-based, ad disability scholarships (timeshighereducation.com, 2023). In other words, scholarships and grants are given by charities and other educational establishments. To get this, the students need to meet certain requested criteria, for instance, studying for a specific subject and the country from which the student belongs.

• Future Finance

Future finance refers to a company loan that deals with students exclusively. With the help of this finance, students can borrow a sum ranging from £2000 and £40,000. The interest rate is calculated based on the student’s background, and the typical rate is 14.7 per cent. The repayment shall be made over 5 years. However, the student who is not from UK or Eu needs a guarantor.

• UK loans

Graduate and postgraduate students of the UK can access the loans granted by the UK government. Mainly the loans are available to EU and UK students; however, if the student is a refugee, they cannot avail of the loans.

• Postgraduate funding

The government of the UK offers a variety of scholarship programs to support international students financially who are seeking help to fund their studies further in the UK. The three main scholarship programmes the UK government offers are Great Scholarships, Chevening Scholarships, and Commonwealth Scholarships. Candidates from all universities across the UK are eligible to have GREAT scholarships (Gent, 2018). On the other hand, Chevening scholarships are offered to students pursuing master’s degrees in the UK. Whereas talented students from the UK who has the potential to create an optimist impact on the global platform are offered Commonwealth scholarships.

These are further elaborated below as follows:

• GREAT Scholarships

This scholarship allows international students to access a sum of £10,000. In other words, the scholarship is offered to Universities across Scotland, Wales, England, and Northern Ireland. A few of the advantages of this scholarship include zero repayments, it can be availed by both EU and international students, accessible by students for a wider range of courses, and it defrays all the costs related to the course, such as living expenses, tuition fees, travel costs, and insurance related costs (ukcisa.org.uk, 2023). To apply for GREAT Scholarships, students must show a document of sufficient funds to cover the living costs and health insurance needed during their stay in the UK. In addition to this, students also need o show proof of their academic transcripts that would show their level of proficiency in the English language.

• Chevening Scholarships

These scholarships provide an incredible opportunity for international students that would fund the students pursuing master’s degrees. The UK government provides this scholarship to international students worldwide, which covers insurance, travel, living, and other course-related costs (ukcisa.org.uk, 2023). To avail of the Chevening scholarship, the student shall be a citizen of any other country apart from the UK and should have a full-time postgraduate program across any university in the UK. In addition, the Chevevining scholarship also allows the students to access various networking events and opportunities to build influential relationships with people from the UK.

• Commonwealth Scholarships

Students from Commonwealth countries planning to pursue tier education in the UK are offered Commonwealth scholarships (ukcisa.org.uk, 2023). Course-related costs have covered the scholarships while offering access to networking opportunities and events. A talented individual can apply for Commonwealth scholarships while submitting credible proof of personal statement and academic transcripts.

• Greater UK government funding

Hundreds of bursaries, scholarships and other additional financial support are given to students who belong to distant countries. Students can sign up for the UK Council for International Student Affairs (UKCISA) to explore more funding options if they are pursuing a course as a postgraduate student. In addition, the students may find out whether they can apply for the scholarship. In the UK, the UKCISA is considered the national advisory body that caters to international students’ interests and helps them get the appropriate funding.

• Part-time work in the UK

Students may work part-time between their lectures to fund their studies. In other words, a part-time job can increase the scope of getting a full-time job in the UK. Before enrolling in a university, students can research available part-time jobs. In this regard, universities can also do a favour to the students by giving them information about the tax, minimum wages and living wage rates (ukcisa.org.uk, 2023). Before availing of a part-time job, students need to go through the rules and regulations to know the limits of part-time work.

• Disabled student allowance

International students who are specially-abled are entitled to funding of £ 10000 every year, which covers the cost of equipment and services that the disabled students need. These students do not need to pay back their DSA unless they are overpaid. The DSA does not affect regardless of household income. In addition, the amount is based on non-medical help and the other additional costs related to disability (rusu.co.uk, 2023). This allowance is tailored to the needs of disabled students so that their lives improve in terms of revision, trending classes, note-taking and commuting. Students eligible for DSA should belong from the UK and pursue a graduate or an undergraduate course that will last over a year. Distance learning courses and Open universities are also taken into consideration. Whereas if the disabled candidate is an EU student, he is only entitled to tuition fee support.

A quick guide to the UK university fees

Based on the home country, UK university fees vary. Students belonging to their home country will be charged £9,250 every year. In addition, the educational institution located in Wales charges a sum of £9,000 for home-country students. Whereas international students studying at the University of Scotland at the undergraduate level do not require to pay any fees. Only the students from Wales, Northern Ireland and England are expected to pay a fee of £9,250. UK universities do not fix any upper age limit for postgraduate students. However, it is a bit expensive compared to the undergraduate courses. Loans are available for the home country students. The undergraduate degree lasts five years, implying that the student debt may amount to £27000. This does not comprise the repayment plan or the maintenance loans. This varies from £35000 and £ 40000. However, if international students fail to apply or are ineligible for the loans, they can seek scholarships or financial help from universities or external organisations.

References

• rusu.co.uk. (2023). Funding for International Students. [online] Available at: https://www.rusu.co.uk/advice/money/funding-for-international-students/ [Accessed 7 Jul. 2023].
• timeshighereducation.com (2023) Available at: https://www.timeshighereducation.com/student/advice/guide-student-funding-uk-international-students (Accessed: 07 July 2023).
• Gent (2018). UK Financial Aid for International Students. [online] Study in the UK. Available at: https://www.studying-in-uk.org/uk-financial-aid/.
• ukcisa.org.uk (2023) Available at: https://www.ukcisa.org.uk/Information–Advice/Fees-and-Money/Scholarships-and-funding-your-studies (Accessed: 07 July 2023).‌

FAQs

1. Why is funding regarded as necessary for universities?

Ans: Funding is an important source of income for universities to meet academic programs and research expenses. In addition, funds are needed for infrastructural maintenance, engaging in the community and maintaining their accreditation.

2. What are the places from where the university receives its grants?

Ans: The university receives grants from intellectual property incomes, business partnerships, endowments, charitable donations, smaller grants and conference income.

3. Name the three types of postgraduate funding.

Ans: The three types of postgraduation funding are GREAT scholarships, Chevening scholarships and Commonwealth scholarships.

4. Explain Disabled Student Allowances.

Ans: In the UK, DSA or the Disabled Student Allowance defrays all the costs related to their study, including the charges of special equipment such as a computer, note taker or an interpreter and travelling allowances.

5. Mention a source of funding for students other than scholarships.

Ans: Another source for funding for international students other than scholarships is part-time jobs. These jobs are easily available to students and provide financial support during their academic careers.

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