Table of Contents
- Why Study for a Master’s in the UK?
- Cost of Studying for a Master’s in the UK
- Overview: Study Master’s Education Loans in the UK
- Top Education Loan Options for a Master’s in the UK
- Scholarships for a Master’s in the UK
- Part-time Work Options
- Tips: How to Save More While Funding Your Master’s in the UK?
- Frequently Asked Questions
Education and employability are sides of the same coin; better education, better employment. UK universities are the perfect choice if your aim is promising career opportunities! UK universities deliver academic excellence, aiming at the employability of students.
All good but finances? Studying for a master’s in the UK is often hectic for poor or middle-class students. For them, education loans, scholarships, and other financial aid become crucial to achieving their educational goals.
This blog sheds light on the study in the UK education loan options and alternatives for sponsoring your master’s degree in the UK. Read till the end for bonus tips to save more while studying!
Why Study for a Master’s in the UK?
The UK, a pioneer in universities and global education, is a prime location for your transformation. The UK is the land of opportunities, from reaching your academic potential to landing great career gigs. Here are the perks of choosing the UK for your master’s degree:
- Educational excellence
- One-year master’s programs
- Globally recognized degrees
- Wide range of specialized courses
- Post-study work opportunities
- Cultural diversity and international exposure
- Intensive research-focussed and learning environment
- Scholarships and financial aid for international students
- English learning opportunities
- Networking opportunities
Cost of Studying for a Master’s in the UK
The exact cost of studying for a master’s in the UK depends on your university and course. Depending on the course duration, university policies, and many other factors, study-in-the-UK costs can vary drastically. According to the British Council data, the average tuition fees for international students are as follows:
- Undergraduate – GBP 11,400 – GBP 38,000.
- Postgraduate – GBP 9,000 – GBP 30,000
Overview: Study Master’s Education Loans in the UK
Here comes the major question – what are the education loans to study master’s in the UK? Education loans, scholarships and grants, part-time jobs, and sponsorships are the top ways to finance your UK master’s degree and study in the UK.
- Study master’s education loans in the UK: You can apply for financial aid from lenders in your country or in the UK to sponsor your education. Education loans thus availed have a moratorium period of course years plus 6 – 12 months, only after which you need to start the repayment. The interest rates are lower compared to other loan types.
- Scholarships & grants: International students in the UK receive many scholarships for international students in the UK and grants for tuition fees and living costs to study in the UK. The UK government, universities, and private organizations are major sources of scholarships and grants. The criteria for scholarships are top-tier academic merit, leadership skills, and financial need.
- Part-time jobs: You can find a part-time job in your university or in nearby areas in the UK and earn a regular income to meet daily expenses. You get up to 20 hours a week to work part-time. The median part-time salary in the UK is between GBP 11 – GBP 13.
- Sponsorships: If you get into a sponsorship program or receive private sponsorship to study in the UK, funding your study in the UK becomes less burdensome. Your sponsor might offer full or partial funding.
Top Education Loan Options for a Master’s in the UK
International students can apply for an education loan from banks in their country of origin and from global lenders like Prodigy Finance to study in the UK. They can also explore private study master’s education loans in the UK if eligible. The loan terms and conditions are decided after analyzing your profile, and it can vary on a case-by-case basis.
| Lender Type | Maximum Loan Amount | Interest Rate | Margin Money | Repayment Period |
| Public banks – SBI, BoB, UBI | Up to INR 80 Lakhs – INR 1.5 Cr | 9.65% for girls, 10.15% for boys | 10% | 10 – 12 years |
| Private banks – ICICI, Axis, IDFC FIRST | Up to INR 50 Lakhs | 10% – 13.5% | 0% – 15% | 10 – 20 years |
| NBFCs – Credila, Avanse, Auxilo, InCred | Up to 2INR 20 Lakhs | 12% – 13.5% | 0% | 10 – 15 years |
| International lenders – MPOWER Financing, Prodigy Finance | Up to 100,000 USD | 8.39% – 14% | 0% | 10 – 20 years |
Scholarships for a Master’s in the UK
Scholarships for a master’s in the UK recognize your academic achievements and extracurricular merits. In the UK, you can apply for fully-funded options to partly-funded master’s scholarships available to your course. An important note here is to check if the scholarships for master’s in the UK available for your course of study.
| Scholarship | Amount/ Benefits | Eligibility |
| Chevening Scholarship | Full tuition, living expenses, travel, visa fees | Be a citizen of a Chevening-eligible country Academic merit Leadership potential |
| Commonwealth Scholarship | Full tuition, airfare, and monthly stipend | Be a citizen of a low/mid-income Commonwealth country Academic excellence Commitment to development |
| GREAT Scholarship | GBP 10,000 towards tuition fee | Be a citizen of a selected country Apply to a participating UK university |
| Rhodes Scholarship (at Oxford) | Full tuition, living stipend, travel | Exceptional academic + leadership profile Be a student from a select countries |
| Gates Cambridge Scholarship | Full tuition, stipend, airfare, visa, etc. | Have an outstanding academic record Leadership Commitment to improving others’ lives |
| Clarendon Fund (Oxford) | Full tuition + living expenses | Be a graduate applicant to Oxford Academic excellence |
| Edinburgh Global Masters Scholarship | Partial funding (varies, typically GBP 10,000) | Academic excellence |
| UCL Global Master’s Scholarship | Up to GBP 15,000 toward tuition | Low-income background Strong academic profile |
| Inlaks Shivdasani Foundation Scholarship | Tuition, living expenses, and one-way airfare (up to USD 100,000) | Be an Indian citizen Be under 30 years of age Exceptional academic & creative achievement |
| British Council Women in STEM | Full tuition, stipend, visa, and travel costs | Women from eligible countries pursuing a STEM degree |
Part-time Work Options
Once in the UK, international students must search for part-time job opportunities. The educational culture in the UK allows students to work part-time and support their education when you study in the UK.
International students can apply for many job openings and choose the available positions—this will help them finance their monthly expenses while pursuing a master’s in the UK.
| Part-time Job Role | Average Wage per hour |
| Retail Assistant | GBP 10.50 – GBP 12.00 |
| Barista / Café Staff | GBP 10.00 – GBP 11.50 |
| Waiter / Waitress | GBP 10.00 – GBP 11.00 (+ tips) |
| Delivery Rider / Driver | GBP 10.00 – GBP 14.00 |
| Library Assistant | GBP 11.00 – GBP 13.00 |
| Receptionist | GBP 11.00 – GBP 13.50 |
| Customer Service Representative | GBP 11.00 – GBP 13.00 |
| Private / Online Tutor | GBP 15.00 – GBP 25.00 |
| Warehouse Operative | GBP 11.00 – GBP 13.00 |
Tips: How to Save More While Funding Your Master’s in the UK?
Remember, you need a strong budget plan, and you must stick to it, no matter what. Don’t let finances go out of your control. Study master’s education loans in the UK are available for those with a planned approach to study in the UK.
If you take an education loan to study in the UK, try to pay the interest from your part-time work income to save more on repayment.
When you apply for a scholarship, study the goals of the scholarship and prepare accordingly. Read below for the smart tips to save more:
- Apply for scholarships and grants early
- Choose budget-friendly cities
- Opt for university accommodation
- Use student discount cards (TOTUM, UNiDAYS)
- Work part-time (up to 20 hours/week)
- Cook your own meals
- Use a 16–25 Railcard for cheaper travel
- Buy second-hand books and essentials
- Use free campus facilities
- Track your spending with budgeting apps
It’s time for action! Are you ready to accomplish your UK master’s dream? We’re excited to assist to at every step with personalized support. At Nomad Credit, our counselors will guide you from beginning to end, from admission to education loan support through SOP and visa assistance – all for free! Find your study in the UK education loans. Join the team – follow your dream with us.
Frequently Asked Questions
How to get full funding for a master’s in the UK?
The best way to get full funding for your master’s in the UK is to explore scholarship options, such as those offered by the British Council. GREAT Scholarships, Chevening Scholarships, and Commonwealth Scholarships are fully-funded scholarships in the UK.
Are living costs included in full funding for a master’s in the UK?
Yes, fully funded scholarships for international students often cover the cost of living in the UK. They include a monthly stipend, travel expenses, library grants, and utility bills.
Does the UK government fund master’s in the UK?
The UK government offers funding options for international students to pursue a master’s degree. The top government scholarships in the UK include GREAT Scholarships, Chevening Scholarships, and Commonwealth Scholarships.
Does part-time work provide enough income for a master’s in the UK?
Part-time jobs in the UK offer an income, but that alone can’t be sufficient to finance your master’s study in the UK. It also depends on your job and earnings as to how much you can contribute towards the living costs.
Can you study for a master’s in the UK without a student loan?
You can study in the UK without a student loan if you have a scholarship, some savings, and a part-time job or complete sponsorship. It depends on your tuition fee, how much you can contribute, and your part-time earnings to sponsor your master’s in the UK without a student loan.
