Ask Anna – What do I need to know about funding my studies?

By StudyLink

Studying abroad is an exciting experience and a wonderful opportunity to expand your horizons. It is important to give some thought to how you are going to fund your studies so you know money worries won’t get in your way once you get started.
Key things to think about:

  • Your Income
  • Your expenses

Income
Typically most students will use a mix of sources of finance to see them through their studies. You may be lucky enough to obtain a Scholarship or a Bursary towards your studies. If not there are many different sources of funding to consider. There are student loans, money from your family & friends, personal savings and money you can earn through employment.
If you are planning on getting part-time work whilst you study, remember not to overdo it and be aware of the rules as we discussed last month.
Expenses
Although the costs will vary greatly depending on what you choose to study and where, tuition fees are likely to form a high proportion of your costs. On top of tuition fees remember you may need to purchase material to support your study such as books and stationary.
Next you will have to consider your accommodation costs. Again these can vary depending on whether you choose to live in University or private accommodation, and what area you stay in. There will be additional fees such as deposits to consider. Also remember to factor in bills such as internet usage, gas and electricity. Find out before hand if these are included in your rent.
Your living costs will also mount up. Remember you will have to pay for food, social activities, transport and shopping. These may cost more than you are used to so go out of your way to find out what to expect.
Make it work
Once you have a good idea of all your income and expenditures you need to know if they balance. If your expenses outstrip your income then you will need to revise your plans. Use the student calculator to accurately plan your finance to study in the UK. Make sure you are realistic with your ambitions.
We have an excellent blog article exploring funding ideas so why not ready through it and take some notes.
Don’t put yourself under too much pressure with part-time work whilst you study. Are there more cost effective Universities that could give you a great degree?
Remember, there is plenty of help out there to help you make your choices, be it through International sections of University websites; which you can find through our course search and institution finder or government organisations such as the UK Council for International Student Affairs.
Do you have a question for Anna?
Write your question in the comments box below. The best question will be chosen for next month’s newsletter!

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