How to Finance Your Studies in London

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London, the city that makes millions of dreams come true, has been the top choice for international students looking to study abroad. It is quite amazing to know that the Universities in London have over 100,000 international students getting enrolled every year. There are students coming from over 200 different nations which are London, a global city to move-in for higher studies. There are multi-faculty universities and a great center of learning that offers outstanding academic support and facilities for students.

It goes without saying that there are several of the best universities in the world that are located in London near affordable student accommodation London, including four of the Times Higher Education top 40 universities. But apart from securing enrollments students also have to deal with the cost of living which is usually high for them in London. Several factors are there that make the cost of living a considerable concern for students as it greatly depends on student lifestyle, their spending capacity, the types of brand preferred or anything will do, and of course the location of student stay. The daily expenses of a student vary according to zones they live in- London is divided into 6 zones- The Zone 1 covers all of Central London whereas the Zone 2 has a large area of the inner London suburbs. Zone 3. 4, 5 and 6 cover other prominent areas of inner, outer and outside London regions. Those living in central London expect to spend more bucks than those living in other fare zones of the city of London.

The current figures as circulated by the United Kingdom’s National Union of Students go to a roundabout of more or less £12,000 which is spent on daily expenses that cover house rent, food, household utility items, eating out and more. Students in the city of London alone, pay an average of £13,000 for the same and might be a little more if eating out most of the time. The rental cost can go as high as £6,000 when calculated annually.

Regardless of how a student might spend, the cost of living is high even when spending in a more or less economical way. The cost of education comes as a part and parcel to the cost of living and goes heavy on the pockets. Proper planning to finance your studies, therefore, becomes a necessity. Here are some possible ways are given below to better finance studies and save money for other things to make student life less-worrisome with regard to finances.

Education Loan for students

The types of Education Loan in the UK differ according to the nations that make up for the United Kingdom. Students from the EU can take advantage as they can enjoy the same loan privileges as the citizens of the UK might avail whereas those residing outside the EU have to fulfil different norms for education loans. But before that it is obvious to ascertain what the amount of loan and how much is required to be spent on education. Students must zero upon a student budget of at least £1,265 per month to study in London which goes in addition to the tuition fees spent. A 4 tier Visa asks for a roundabout of £1,265 for each month up to a maximum of nine months. For courses for more than nine months, students must be ready to spend a whooping £11,385. Loans can be applied for full-time and part-time undergraduate courses for EU students who will receive a Tuition Fee Loan to pay for their course fees. Students can also avail maintenance Grants and loans to pay for their overall living cost.

Bursaries or Scholarships

Students in London who are eagerly in need of financial help can consider going ahead with certain bursaries or scholarships. There is a wide range of grants available for students at large along with activity independent grants. Likewise, students can also enroll for the National Scholarship Program, a nationwide program for financial assistance to UK and EU students belonging to families with low income. This is done on the condition that students are enrolled in a specific university or college and apply for scholarships through the university. Scholarships are also available university wise fulfilling certain already indicated criteria. Proper research should be done based on the need and what is the best possible way to help finance studies in London. There are websites assisting in scholarship depending on the course chosen, where there is a database to select preferred subjects, get a list of shortlisted ones, and then checking the profiles in the University database offering scholarships for international students.

Types of Scholarships Available in London

  • Queen Mary, London – Unite Foundation Scholarship– It offers accommodation scholarships to those who are without family support for three years of free accommodation in the Rahere Court area. He or she should be studying or have a first choice offer letter from the Queen Mary University of London.
  • Brunel University – Local Boroughs Scholarship– This is a fee waiver scholarship program with up to £5,000 fee waiver in addition to £1,000 whether taken as (a) discount on the cost of accommodation for on-campus (b) a cash award and (c) an additional fee waiver. There are 10 scholarships offered for a duration of 3 years with applicants choosing Brunel University as the firm choice at UCAS.
  • Imperial College – Imperial Bursary– This Bursary is available for UK home graduate students only for each year of their course if they belong to a family with annual household income under £60,000.

Public Support Programs

Another way of getting financial help for studies is through Public support programs available for undergraduate students in the United Kingdom; however, this varies in each of the United Kingdom nations and a few types of financial assistance available depending upon whether home students in the UK or otherwise.
Students in London, can, therefore, get financial help on the following terms and norms to make their overseas education, possible even on a budget and also getting an affordable student accommodation London with onsite amenities to enjoy at no additional cost.

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