Funding UK Postgraduation Studies: Scholarships, Grants & More

There is no country with campuses truly as multicultural as the UK. The country boasts being the top 5 most favored study abroad destinations. The only catch? The UK is also one of the most expensive countries to study in. 

A tuition fee for a masters course can range between £10,000 to £33,500 a year (approximately INR 10 – 32 lakhs) for international students. In addition, a cost of living in the UK, averaging £11,000 per year (approximately INR 10 lakhs).

But, where there is a will there’s a way! There are many ways to fund your postgraduate studies in the UK. These may include scholarships, grants, bursaries, fellowships, financial awards and loans. 

It’s best to keep your options open to increase your chances of getting funded. 

University Funding

The tuition fee for international students is three times higher than that of the UK/EU based students. So, several universities in the UK provide funds in the form of scholarships to international students. These funds may cover the following depending upon individual university policy:

• Partial/full tuition fee
• Partial living expenses including accommodation
• Other study-related expenses like stationery etc.

The criterion for these scholarships varies from university to university. It is important to check the complete requirements and deadlines before you apply for any kind of funding. 

Famous University scholarships

• Gates Cambridge Scholarship (University of Cambridge), 
• Rhodes Scholarship (University of Oxford), 
• A.S Hornby Scholarship (University of Warwick) etc.

Public / Private Scholarships

These Scholarships are the funds provided by different public and private organizations to students who wish to pursue their post-graduation abroad. They also carry a marker of prestige because of just how competitive they are. There are several different global, university-specific and country-specific scholarships which provide partial/full funds to prospective postgraduate students.

These scholarships may cover:-

• Visa processing fee
• Tuition fee
• Living expenses including traveling, stationery, accommodation and other bills
• Flight tickets (to and from the home country)

You may need to check on eligibility requirements for each scholarship before applying, as the criteria vary and are updated periodically. However, broadly speaking, you need a graduation degree with a minimum of 60% marks before you apply for such scholarships. You may also need Letters of Recommendation (LORs), Statement of Purpose (SOP), English Language Test scores (IELTS, PTE, TOEFL, GMAT), Acceptance Letter by the university etc. depending upon different specifications provided by the funding organization. 

Famous Global Scholarships include:

• Chevening Scholarships
• Commonwealth Scholarships
• Saltire Scholarships
• Famous Country Specific Scholarships include:-
• Inlaks Scholarships
• The Oxford and Cambridge Society of India Scholarships
• Felix Scholarships

Bursaries

A bursary typically doesn’t cover all of your tuition fees. It’s meant as a supplement to other funding options. Bursaries are the monetary awards or annual stipends provided to a student with financial needs. 

You need a bachelor’s degree with decent grades and a few references to apply for the bursaries but it is a popular funding option with universities and quite easy to make one. 

Always check with the university you are applying to for more information on the bursaries they provide and eligibility criteria.

Private Grants and Charities

There are several private non-profit organizations which provide financial aid to  students who wish to pursue study in the UK. Some of these grants and charities come from individual donors and are aimed at those from marginalized social groups, women and differently-abled students. These may cover partial/full tuition fee and/or living expenses depending upon the fund provided.

Loans

If nothing else works out, an educational loan is also an excellent funding option to consider.. Some non-banking financial corporations provide loans at lower interest rates. Unlike scholarships, you need to pay back the loan once you start earning. A few key points to keep in mind when considering an educational loan

• Based on your personal circumstances, course and the university, an amount of up to INR 2.00 Crores can be secured through a loan.
• Different banks provide education loans and have their own eligibility criteria. Make sure you check the official websites of different banks for the precise details about the eligibility, loan amount and interest details.
• Keep all the documents including your academic records, an acceptance letter by the university along with the application for Tier-4 student visa ready before you reach out to a bank.
• You may also need to show your collateral assets (to ensure the ability of repayment of the loan).
• Loan disbursement procedure starts only after you get your visa. So, you will need to apply for both simultaneously. 
• In general, the loan repayment process starts after the completion of your study program (which would typically be a 2 year period) but since these policies are different for different banks, you are better placed to check on these details from the banks’ websites beforehand.
• Special privileges are given to female students and differently-abled students, which can vary in the form of concession on interest and/or repayment time.

We understand that opting to take an educational loan is not an easy decision.

Part-Time Work

The UK has recently relaxed work restrictions on Indian students meaning that you can supplement your living costs with a part-time income. It’s important to remember that this income is only meant to help partially cover living expenses and won’t cover all your expenses. 

The permission to work in the UK is solely dependent on the kind of visa you get. You can work part-time for 20 hours while studying, and full-time during vacations as well as before and after your terms. 

Make sure that you’re in a position to work and that part-time work doesn’t negatively impact your academic performance. Part-time work can also help to add to skill sets and with cultural assimilation on campus.

Crowdfunding

The other route to take is to accept funds from the public using social media channels or the internet. Several platforms like Kickstarter allow you to raise funds for various causes, including personal funding. To be crowdfunded involves funding from several different individuals on a common platform (usually websites) to raise the required fund. You may need to prove how you will use these funds and explain to the audience what your career goals and dreams are. You can use creative methods to do this including shooting a video of you talking about your dreams and aspirations and how your university education will help achieve them. 

Employer Sponsorship

If you are a working professional and postgraduate study can help you learn advanced skills and train you in a way that is beneficial to the organisation, then your employer may also be interested in sponsoring your study. You need to make the value of your study clear to your employer so that they can provide the required funds. The value and feasibility completely depend on the employer and the organization.

Family and Friends

You can also always count on family. You can reach out to your relatives and friends staying in the UK to help pay your monthly mobile phone bills, food bills and travel charges. This is an informal resort and does not necessarily require any prior preparation.

Before you go, don’t miss our list of most affordable student cities in the UK. Choosing an affordable city is one step towards reducing your living costs.

We understand that it’s not easy to go alone. Our student support team is here to help!