How to save money on your university education
University is expensive, with UK institutions now charging students over £9,000 per year and those in the US costing up to $45,000 per year. A degree can result in higher earnings down the line, but that doesn’t necessarily help with paying those fees right now – so here are a few tips on reducing the cost.
Look local
Various countries, states, and regions make it cheaper or even free for those from the locality to study at their universities.
Each country in the United Kingdom has different rules for how the cost of university is covered – with students from England expected to pay the full £9,000, but those from Scotland offered the same education absolutely free of charge.
Meanwhile, according to student support organisation College Board, tuition fees for state colleges are an average of around $9,000 for state residents and $24,000 for everyone else. Meanwhile,
Private non-profit vs state universities
In the UK, most universities are publicly regulated institutions, with the only exceptions being the University of Buckingham, BPP University, Regent’s University London, the University of Law, and Arden University. The fees at these institutions vary from the public institutions, with private universities often offering cheaper alternatives by making degrees two years in length rather than the traditional three years, or with more flexible modular courses.
In the US, private non-profit universities generally have more expensive tuition, with average annual fees of as much ads $32,000, with fees at some famous institutions like Harvard and Stanford reaching more than $45,000 per annum.
Scholarships and bursaries
Scholarships and bursaries offer students financial support with their fees and/or living expenses while studying.
Each university in the UK offers its own bursary schemes, sometimes funded by the university itself, such as Cambridge’s scheme which offers less wealthy students grants of up to £3,500 per year, and sometimes funded by partner charities or private companies, such as the schemes at Edinburgh University with Lloyds, Amazon, and Unite.
In the US, some universities do offer scholarships independently, but it is also common for private companies to help students fund their higher education as part of their philanthropic giving.
Plan and search
If you are looking to save money on your university fees, then the most important point is to take the time to search for all the various help schemes that are available to you. Only once you have searched down every lead of a scholarship can you know how much you can save.
Photograph by TeroVesalainen
