Will a scholarship be enough for my child’s fees in the UK? All you need to know
With some of the best universities in the world and strong employment prospects, the UK is a popular destination for students all over the globe.
But studying at a university as an international student can be seriously costly often topping ₹1 crore for the duration of the course, including tuition fees and living expenses; the majority of students will need financial help from somewhere to make it work.
So, where can you or your child go to get this financial support? Can international students get a student loan? Will a scholarship be enough for your child’s fees in the UK? Can it cover living expenses and accommodation?
Where can you find financial aid to study in the United Kingdom?
There are plenty of funding choices available, from taking on a loan to applying for scholarships to cover the tuition fees in the UK for your child or saving in advance to fund their UK dream. Let’s look at some financially viable options:
Scholarships for international students are one of the main sources of funding for students seeking to study abroad. But it’s a renowned fact that the higher your child’s academic standing, the bigger the scholarship they have the chance to get.
You need to make sure if your child or you want(s) them to study from a particular university for an undergraduate program, you look for their scholarships beforehand and be prepared to put the effort into having the academic standing it requires for scholarships.
There are many scholarships, but with varying eligibility criteria and competition, they can be extremely tough to navigate.
2. Study Abroad Programs
An exchange or study abroad program may be a more economical option for international students looking to attend university in the UK.
This would entail applying to a university in your own home country and spending a semester or year studying in the UK.
These are short-term courses that are cost-efficient and sometimes sponsored by the universities so that students only have to pay a portion of the expenses.
Before applying, research specific universities to see if they have any collaborations with universities in the UK.
3. Student Loans
As an international student, there would be some educational loans available in your country for them that you might want to look into.
There are over 100 banks and financial institutions in India that provide loans for students to help them cover the costs of tuition and living expenses abroad.
You can browse through different loan plans by different banks or consult an expert to filter out the best loans based on your child’s needs!
How to get a scholarship to study in the UK
There are loads of scholarships for international students in the UK up for grabs. This is great news, but it’s important to exercise caution as they are competitive and have very stringent eligibility criteria.
Additionally, most of them are for postgraduate degrees rather than undergraduate ones. The easiest way to find out is to check the specific universities you want to send your child to and see if they offer undergraduate scholarships, bursaries, and fee exemptions.
You can also consult education experts who can find your child the best scholarships for their university or course.
However, there are really no guarantees, and you should always consider what you’ll do if you don’t succeed. Most scholarship applications consist of an application form.
While others may require a written assignment or test, as well as an interview round.
Additional read: How to plan for child master’s in the UK?
Are scholarships enough?
Now, let’s be realistic, the majority of scholarships need an outstanding academic performance in the previous qualifications, and only a few children will be able to do that as schools are very competitive.
That brings us to the fact that scholarships cannot be the only option to cover tuition fees. So students either have to take loans or use savings to pay for college.
The total amount of studying at a university in the UK about 18 years from now would be over ₹1.5 crores, and that is a huge amount to save.
One way to do that is to start saving more than ₹60,000 every month, apart from other expenses, for 18 years till your child comes of an age to go to college.
The other is to invest in Mutual Funds, US stocks, etc, according to a proper market study of the returns. This is the most unexplored and underrated way to pay for your child’s future education needs.
By investing small amounts of money every month in a disciplined manner, you can secure their education dreams are completed.
Hence, looking for scholarships has no downside, as there are chances that you can find one that suits your child, but it shouldn’t be the only option.
You should consider other financial options to support your child’s education, including saving and investing in mutual funds via SIPs, fixed deposits, equities, etc.