Set Yourself Up for Success: Money Planning as an International Student

An important item that everyone must take into consideration when planning to study or live abroad is the cost. As an international fee-paying student, the cost of studying in the UK is likely going to be more than what you would expect to pay to study in a Canadian university, but that doesn’t mean that these studies are unattainable. There are a few things you can do to set your self up for success when planning to study abroad:
 

Know where to look

How familiar are you with the geography of the UK, and how might that impact items like the cost of living or tuition? Many students will be looking into areas of the UK for the first time when working with their Across the Pond advisor, and that’s okay! We’re here to help direct you to credible resources so that you can budget for your lifestyle. Here are a few great websites to review:

British Council: Cost of studying and living in the UK

UKCISA: Home or Overseas fees: the basics

Your UK university’s website will also have their own specific costs listed for things like tuition and accommodations, so be sure to check course pages and the website to help you understand how much you may need to cover your studies.

If cost is something that is a significant factor in your study abroad plans, let your advisor know so we can point you in the direction of locations or universities that may offer more funding assistance, or that have a lower cost of living.  

Plan ahead!

When it comes to budgeting, the earlier the better! If you think you might want to apply for a bank loan or line of credit to help fund your studies, book an appointment to speak with a financial advisor. This way you can receive appropriate information about what options may be available to you and get a list of what you might need ahead of applying or being approved. Don’t wait until the summertime! You’ll be busy enough with your visa application, packing and other things ahead of your studies!
 

Have the hard discussions.

Make sure you discuss your study plans with your family, or significant other if you’re sharing finances or think they’ll want to help fund your studies. Ultimately everyone needs to be on the same page and it’s important to be transparent with expectations to avoid frustration or anger later.  

Track your spending before you leave!

A great way to understand where your money goes is to take the time to track it. Try keeping track of your spending a few months before you leave for the UK (or longer if you want to get an early start) so you can see how much money you spend on things like cellphone plan, streaming services, food, rideshares etc. Then you can have a better idea of items you may be able to cut down on when you move to the UK.  

Budgeting is not a one-size fits all plan, but the earlier you look into your university costs, funding options, and spending habits, the sooner you’ll have a realistic plan in place to help fund your studies accordingly.  

Looking to apply? Speak to an Across the Pond advisor today to get a tailored list of options.