Studying in the UK can be a life-changing opportunity, but we understand that the cost of tuition and living expenses can be overwhelming for international students. With tuition fees ranging from £25,000 to £35,000 per year (and potentially higher for specialist degrees like Medicine), it’s essential to have a plan in place for financing your education.
On top of tuition, there are additional living costs—food, accommodation, transportation, and even Wi-Fi bills—that can add up quickly. However, don’t let financial worries stop you from pursuing your academic dreams in the UK. There are many funding options available, including educational loans specifically designed for international students.
Before applying for an educational loan, it’s important to determine if you’re eligible. Eligibility for international student loans generally depends on your nationality and the specifics of the loan program. Here are some key points to understand about loan eligibility:
• Government-Backed Loans: Unfortunately, international students are not eligible for government-backed student loans in the UK (which are available only to UK citizens).
• Private Lenders: Fortunately, there are private lenders who offer loans to international students. These loans typically come with conditions such as the requirement for a UK-based guarantor—someone who will agree to repay the loan if you are unable to. Some of the top private lenders include:
• Prodigy Finance
• Lendwise
• Future Finance
• International Bank Loans: In some cases, international banks in your home country may offer educational loans for studying abroad. Our expert counsellors at MIJAKI & CO LTD can help you explore this option and assist you in finding the best solution.
• Country-Specific Programs: Some countries have agreements or programs that provide funding to students studying abroad. For example, HDFC Credila in India offers educational loans to students studying in the UK. Our team can assist in finding such programs and guiding you through the application process.
To qualify for an educational loan, there are some common requirements:
• Recognized Universities: You must be studying at a recognized UK university or college.
• Recognized Courses: The course you wish to study should be officially recognized by the lender.
• First Funded Course: Loans are generally available for your first funded course (whether undergraduate or postgraduate).
• No Upper Limit: While there is generally no upper limit for tuition fee loans, there may be specific conditions if you are an older student applying for maintenance loans.
Eligible Courses for Educational Loans:
Here are some examples of courses that undergraduate and postgraduate students can potentially receive loans for:
• First Degree
• Foundation Degree
• Certificate of Higher Education
• Diploma of Higher Education
• Higher National Certificate
• Higher National Diploma
If you’re considering studying part-time, there are some important points to consider:
• A minimum undergraduate course intensity of 25% is required.
• Loan support is available for tuition fees and other course-related costs.
At MIJAKI & CO LTD, we know that financing your education can feel like a big hurdle. Our certified counsellors are here to guide you through the loan application process, ensuring that you fully understand your options and find the best solution tailored to your individual needs.
We work closely with students to recommend suitable educational loans, helping you get the financial support you need to study in the UK. Reach out to us today for a personalized consultation, and take the first step toward turning your study abroad dreams into reality.
