What Is Financial Aid

Financial Aid helps millions of students and their families to pay for college. It helps students attend college, university, and trade school. Financial Aid covers educational expenses including tuition and fees, books and supplies, room and board, and transportation. It comes in several forms like grants, scholarships, work study, and low-interest loans. Financial Aid helps students pursue an education that leads to exciting careers and fulfilling lives[1].

Financial Aid For Students In UK

The expenses for studying abroad in the UK can be quite a burden on your pocket. UK universities are world’s toppers and are also one of the most expensive universities in the world. There is a wide range of Financial Aid available for international students in the UK.

  • Student Loans: Currently, international students coming from EU countries enjoy the same treatment and benefits as home or resident students. Students who originate from non-EU countries don’t enjoy such benefits, including access to student loans but can look for other opportunities. The UK has the provision of two types of state governed student loans, which are tuition fee loans and maintenance loans. Tuition fee loan is issued to cover university fees, whereas the maintenance loan is provided to cover household expenses.

How Much Money Can Be Borrowed As Student Loans? The amount of money that can be borrowed depends on the tuition fees of the university and the academic level of the course selected by the student. UK universities charge undergraduate resident and EU students a tuition fee of up to £ 9,250. Hence an amount of up to £ 9,250 can be borrowed as a student loan. A postgraduate level, a student is eligible to get up to £ 10,609 as a student loan.

Do Student Loans Have To Be Paid Back? Yes, student loans must be paid back, unlike other forms of financial aid. But the student is expected to start paying the debt only after graduating and finding a job which provides for a salary above the repayment threshold. The student is expected to pay according to what he earns, and the rate of interest is modest.

Student Loans For Non-Resident And Non-Eu Students: Non-resident and non-EU students are unlikely to find student loans in UK grants. However, universities can set up their student loan schemes for talented students, even for international students.

  • Scholarships: International students in the UK can avail of two kinds of scholarships.
  1. Government Scholarships: There are several types of government scholarships awarded to students in the UK like the Chevening Scholarship and the Commonwealth Scholarship. Chevening Scholarship is a national scheme of scholarships for international students. Students with high academic potential are helped through this scheme. To download the form for the same, click on to http://www.chevening.org/apply. Commonwealth Scholarship is jointly governed by 53 countries that are part of the Commonwealth of Nations[2].
  2. University Scholarships: In addition to government scholarships, several non-government organizations and universities provide financial assistance to international students, some of which are Newton Fund, Young Cell Scheme, Royal Society Grants, and Marshall Scholarship.
  • Private Grants: Several companies or non-government organizations provide grants to students in the UK in forms of loans or charitable funds. The time and method of repayment are decided between the student and the organization at the time of providing the grant. Often students are provided grants on the condition that they will work for the organization once their education is complete. This makes it a winning proposition for both the student and the organization. 

[1]https://www.trade-schools.net/articles/financial-aid-information.asp

[2] https://www.studying-in-uk.org/uk-financial-aid/

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