3 Ways to Finance Your UK College Education

August 11, 2016 6:32 am

BY SYLVIA KOHL

College education provides you with the knowledge necessary to build a successful future. Of course, you can learn on your own by studying books, but there are important lessons that only attending a college will provide. The guidance you get from professors can help you break down the limitations of ‘formal knowledge’ and develop your creativity.

Sounds great, right?

However, achieving all this is possible only if you find a way to finance your college education. This may not be easy, but if you know where to look, you will be able to fund your studies and get a good start in your professional life.

There are many types of higher education financing available to aspiring students in the UK. Each option has its own pros and cons that you’ll need to consider in order to pick the one that would be best in your particular case. Note that some of them are available to international students as well as UK residents.

Three most efficient college education financing methods are:

1.      UK Scholarships

You can find many UK scholarships offered by a variety of organizations. They differ greatly, so you’ll have to study the terms of each very carefully.

Note that only some of the scholarships are full (tuition fees +accommodation +allowance). Even if they are, you will be provided with a detailed list of items they cover, such as textbooks, educational trips, etc. Some of them come with highly restrictive terms that you will need to obey in order to keep the financing.

Pros:

  • You get free money to fund your college education.
  • Being a scholarship student ups your social status on the campus.
  • You might get other benefits in different educational programs.

Cons:

  • Requirements for scholarship eligibility are very high.
  • You must meet high standards of grades and some additional requirements to keep your scholarship.
  • You have to research dozens of scholarship options personally.
  • You must be accepted by the educational establishment that offers the funding.

2.      Loans

Please note that you don’t have to look for specialized student financing as there are some great short term loans you can use to fund your college education. This would be a great option for those who plan to work as well as study and don’t want to get into a huge debt.

The greatest benefit of this financing type is the freedom you get with the funds. You decide how much money you need and how you want to use it. You also don’t have to stick to one specific college or course.

Of course, you’ll have to pay back the loan, but smart financial planning can make this a relatively easy task.

Pros:

  • You can use the money however you see fit.
  • You don’t have to meet high eligibility standards or have some special talent.
  • You don’t need to keep your grades and achievements high.

Cons:

  • You have to give the money back with interest.
  • You need to be eligible for a loan.
    (Requirements for students are rather lenient)

3.      Grants

UK student grants are another useful type of college education financing that you won’t have to pay back. However, like scholarships, obtaining these funds won’t be easy.

You’ll need to apply to the financing organization directly and prove that you are a ‘deserving case’. This does not necessarily mean that you have a financial need. You also need to show that you have talent and have already achieved some outstanding results in your chosen field.

Pros:

  • The money is free and you won’t get into debt.
  • Some grants are large and allow certain flexibility with how to use the funds.

Cons:

  • Eligibility requirements are extremely high.
  • You may have to provide special reports on how the money is used and deal with other paperwork.
  • Financing can be reviewed and withdrawn if you fail to show the required results.

 

Author’s bio:

Sylvia Kohl is an IT teacher with more than 7 years of professional experience. Her main spheres of interest are e-education and beta-testing. This writer chose news about the increasing role of IT usage in colleges and schools as the most common topic for her articles.