Studying abroad can be an expensive affair for students going to study in the UK. However, an efficient budget plan can help you manage your living expenses more effectively. Before you depart to the UK, ensure that you consider expenses like accommodation, food, health coverage and travel along with your tuition fee when calculating the estimated cost of studying in the UK.
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Tuition fee
Your expenditure on tuition fee depends on the type of qualification and university or school you opt for. There are many high-ranking universities and colleges in the UK with their own fee structures. Further, the fee also depends on where in the UK you choose to study (there are different rules for England, Scotland, Northern Ireland, and Wales), and your study level.
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Most commonly humanities, arts, and education courses are cheaper, while subjects such as medicine and engineering are likely to be more expensive. If you wish to study at the postgraduate level, the tuition fees are typically higher and the costs vary depending on the program. As with most other countries, MBA programs are often the most expensive.
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Here is a fee estimate of some of the degree course fees in the UK:
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Undergraduate bachelor degree - £10,000 to £20,000 per year
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Postgraduate master's degree - £12,000 to £20,000 per year
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Doctorate/PhD degree - £15,000 to £24,000 per year
*Please note that: all figures are indicative and PhD cost might differ as fully funded options are also available in the UK
Accommodation costs
Most universities in the UK offer on-campus residence facilities called the Halls of Residence to international students. These can be self-catered or full board. Certain campuses also provide self-catered shared houses or flats to their students. Living as a resident on-campus is a very affordable option. However, you need to apply for it separately, and well ahead in time to secure a slot for yourself.
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If you are unable to find such accommodation, you might have to look for a room or house on rent, homestay or find localhost. Your university’s accommodation office may help you out in this case too as they often have a list of accommodation options available in the nearby area.
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Your checklist when looking for a place:
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Costs
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Facilities
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Deposits
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Inventory
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Rent book
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Bill payment
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Tenancy agreement
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Council tax
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House rules
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The cost will vary depending on the location and depending on the type of accommodation, you will have to additionally pay for utility bills like electricity, internet, water usage and also tenant’s insurance.
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Note that anyone over the age of 18 living in the UK is required to pay for local council tax such as waste collection, police, fire brigade etc. You’ll have to pay for council tax if you’ll be living anywhere apart from an on-campus accommodation or sharing a home with a family or other full-time student, although you may be able to pay on a reduced rate for students.
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Living expenses
You need to keep a little money aside for your grocery shopping, social activities, and emergencies. When living in a foreign country as a student, it is better to keep track of your expenditures so that you do not overspend.
According to the National Health Service (NHS), you are required to pay a yearly Insurance Health Surcharge (IHS) for the duration the visa will be granted. However, the minimum amount varies based on duration of the visa.
Also, any dependents are required to pay the IHS surcharge. The immigration health charge will also be added to your visa application fee.
Transportation
Unless your institution provides a shuttle service to-and-fro from your lodging, you’ll have to rely on the available public transport.
For short distances
You can make use of regional trains, buses, taxis, and tubes. It is a good idea to get monthly passes for travelling to college and back as these can be fairly cheap. When taking a taxi, make sure that it runs on the meter; if it doesn’t have one, agree on the fare beforehand to avoid any misunderstanding later on. In case you plan to use a personal vehicle, you will have to include car and fuel bills, car insurance, repairs, and taxes in your expense sheet.
For long distances
For travelling between different cities, you can avail any of the following options:
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Long-distance bus
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Rail
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Air
Personal Tax
International students in the UK are allowed to work 20 hours per week during academic sessions and full-time during vacations.
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If you have a job while you are studying in the UK, then you’ll also have to pay the tax and national insurance:
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Income tax: you will pay Income tax on your earned income over the level of the yearly allowance (tax free allowance)
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National insurance: If you earn more than £166 a week
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Your employer usually deducts Income Tax and National Insurance from your wages through Pay As You Earn (PAYE).
If you work as an independent contractor or self-employed, you will need to declare your earnings of the year (self-assessment tax returns) and pay tax and national insurance contributions for each financial year.