Student Finance
Be aware that the funding situation in all three of the regions of mainland Great Britain may be in flux and can change by the time you are going to university! Even though the new arrangement for students in England and Wales now seems to have settled, there is still discussion between England and Scotland which may have an effect on your situation.
The information below is mainly, or uniquely, for those students who are coming to the UK to get their first degree. Funding for postgraduate courses will be broadly different and will be more based on self-funding and other funding streams (employers, sponsors etc…)
Student finance is not the easiest subject to delve into in the UK, especially not now. The government is still changing the details of the funding that will be available for students starting in 2012, and even then, funding may change for students starting in 2013 and beyond.
You may have heard that tuition fees are going up from this year to a maximum of £9000 a year. In spite of the government claiming this right would only be granted to a minority of universities, it’s become clear that many universities can and will charge this fee. The picture is not straightforward however, especially not for students from Europe, and it’s different depending on where in the UK you decide to study.
Basically, there are several ways and funding streams students can access, linked to different kinds of expenses. These are broadly divided up into:
- Loans, which you have to pay back
- Grants, which generally don’t have to be paid back but which are dependent upon certain circumstances.
Student fees:
As a European student you are entitled to be charged the same and to be subject to the same funding options as the other students living from that country.
This means that (for the time being at least!) you will be subject to a different fee structure and funding options in England, Scotland and Wales.
If you decide to study in England:
- Your student fees may be up to £9000 per year, depending on the course and the university you study with.
- You can get a student loan which will be repayable after you finished your studies and once you earn the equivalent of £21000 per year.
- You can get other support in the form of a maintenance loan.
- Further information can be found on: Student Finance England
If you decide to study in Scotland:
- You will most likely not have to pay tuition fees as local students don’t pay any either. The Scottish government is looking into this however. Surprisingly, students from England who are studying in Scotland will have to pay tuition fees and will be subject to the same regulations as they would be in England.
- Further information can be found on: Student Awards Agency for Scotland
If you decide to study in Wales:
- The system in Wales is similar to that of England in that your course will cost a maximum of £9,000 per academic year. However, the Welsh government will subsidise your studies if you are a student living in Wales or in the EU, except England. Therefore, your student loan will be a maximum of £3,465. For instance: if your course costs £9,000 a year, you will receive a grant of £5,535 per year (£9,000 minus £3,645).
- More information can be found on: Student Finance Wales
Bursaries and scholarships:
- For many courses there are bursaries and scholarships available which don’t normally need to be paid back.
- These bursaries and scholarships are dependent upon you adhering to certain conditions, or falling into certain groups of the population.
- These can be different from university to university and from course to course.
- Details can be found in the information about each course on the UCAS website.
Student loans:
- Many banks offer student loans to students.
- These are commercial loans which are subject to a commercial, albeit often lower, interest rate.
- It may be useful to talk to your bank to see what the options are.
Living costs:
Some students whose parents are on a low income may be entitled to support with their living costs.
There is more information on these on the websites for each region mentioned above.
Financial support and bursaries from your own country:
You may still be entitled to funding for your studies from your own country. It's very important to investigate this as it may limit the amount you need to lend in the UK.
Useful Websites:
Each of the websites for the three regions have a calculator to help you assess how much support you will be able to get: