How to finance your studies abroad

Are you dreaming of an international academic experience? Whether your dream will become reality in the UK, the Netherlands, Denmark or Sweden, we are here to explain you the opportunities for funding your studies through government loans, scholarships and part-time jobs. You will also understand how this financial support is awarded both for Bachelor’s and Master’s levels.

Great Britain

BREXIT can be a phenomenon with negative effects on access to study in the UK. Despite these rumors, studies at UK universities are still possible and accessible. Here are the financial solutions available for students:

Solutions for Bachelor’s tuition fees

Tuition Fee Loan

A first solution for studying at a university in the UK is the Tuition Fee Loan which is a loan awarded by the Government in order to cover the whole tuition fee of about £9,250.

The loan is based on a simple mechanism, so the first step the applicant must take is to send the application form by mail together with a copy of his/her ID. Upon admission and after you begin the much-desired studies, the university receives the entire tuition fee from the Government on behalf of the student. Counsellors in our team also provide assistance with the entire procedure of applying for the tuition fee loan.

Repayment of the loan

The advantage of the loan is that you only start to pay it back after completion of the studies and only when your yearly income exceeds the £25,000 threshold, when you will only have to repay 9% of the amount that exceeds this threshold. The tax is taken monthly from your salary by the Government.

If you do not want to build a life in the UK and want to leave the country after graduation, the same calculation principle will be applied according to the threshold set by the government of the country you are currently in. For example, in Greece, the set threshold is £20,000/year and in Romania £10,000/year.

Important

The tuition fee will not change over the years of study, from the first year of your academic cycle to the last. To make sure that you are on the right track, we recommend that you apply for the loan at the beginning of your studies so that you can be sure of receiving it, irrespective of the status of Great Britain in the European Union.

Solutions for a Master’s tuition fees

Tuition Fee Loan

As with undergraduate studies, we have a solution for your Master studies, which is very similar to the Tuition Fee Loan mentioned above. This time, European students admitted to a master programme in the UK can receive up to £11,222 to fund their studies.

Advantages of the loan

Unlike the Tuition fee loan, the entire £11,222 sum is credited into the student’s account, which means he/she can decide how to use it towards tuition fees and/or living cost.

Repayment of the loan

The repayment system is similar to the Tuition Fee Loan, students being able to repay the money only after completing their studies, which is another advantage.

Other financing solutions

Scholarships

Government loans are not your only ways to fund your dream. In this sense, you can receive merit-based, social or sports scholarships from universities. They cannot fully support you financially in the UK, their value generally ranging from £ 1,000-3,000, but it is a form of extra funding.

Part-time Job

Part-time jobs are an interactive and exciting way to make extra money. In addition to providing you with income, they also mean an opportunity for you to gain work experience during your studies. Depending on how actively you search, the average time to find a part-time job is 6 months, and the current National Minim Wages are:

- £ 6,15 / hour for those aged 18-20 years

- £ 7,70 / hour for over 21 years

Important

It is important to have a discussion with your parents to see if they can support you financially at least in the first year of study until you find a part-time job because scholarships cannot cover daily expenses, accommodation and transport, as they all amount to about £600-800, depending greatly on the city that you live in and.

Denmark

Higher Education in Denmark is free for EU students, so you will not experience the stress of paying tuition fees, but for a worry-free lifestyle, we encourage you to apply for a part-time job that will provide you with extra income.

Part-time Job

The academic schedule is well-structured in Denmark and will give you the opportunity to work a part-time job. Thus, you have the opportunity to learn new things, to meet new people and especially get a substantial financial support, the minimum wage per hour being between €14-16. You can start by using job search engines, check at your university job center and network with other students.

Student Aid

Students who work a minimum of 10 hours/week are entitled to the SU state educational grant that, depending of number of hours worked and on salary, generally amounts to ~ €800 / month.

Sweden

Sweden is another country offering free studies to EU students, even though living here seems extremely expensive at first glance. However, there are solutions available to make it more accessible: part-time jobs or Student aid.

Part-time Jobs

From a legal point of view, EU and EEA citizens need a residence permit if they live in Sweden for more than three months. Being enrolled at a Swedish university gives you the opportunity to work without a work permit. The amount received for a part-time job is SEK 110 / hour or more, depending on the tasks you need to accomplish. It is recommended that you attend Swedish courses offered by universities in order to find a job easier. However, you do not have to worry about communication, as the Swedish speak fluent English.

Important

We recommend you begin the process of finding a job as early as July, when most students are on vacation, which increases your chances of getting a job quite quickly. Though there is no official limit to the number of hours that you can work during your studies, it's important to keep in mind that you'll be expected to dedicate approximately 40 hours per week to university-related task including attending classes and working on projects.

Student Aid

Students in Sweden have the option to apply for the student aid offered by CSN (Centrala studiestödsnämnden) worth €265 / month (€75 in the form of a grant and up to €190 as a loan). If you have decided to apply for Jönköping University, Sweden's EDMUNDO partner, you should know that this is included in the list of institutions for which students can benefit from Student Aid.

What conditions must you meet to be eligible for Student Aid?

1. Being enrolled at a Swedish university and working a part-time job of minimum 10-12 hours / week for at least 2-3 months prior to applying and receiving financial support;
2. Be between 20-47 years at the moment of application;
3. The loan can be obtained for a maximum of 12 semesters (240 weeks).

Repayment of the loan

If along the €75 grant you also applied for the €190 loan, the latter may be reimbursed 6 months after the end of the financial support period, starting January. The amount to be paid back will depend on the following: the amount borrowed, the period of time that the student wishes to refund the money, the interest (set by the Swedish government based on data from the last 3 years), the student's age and income.

The Netherlands

As with UK universities, access to study in the Netherlands is not free, costing between €2,087-8,000 / year, depending on university or type of programme. But most Bachelor and Master study programmes cost €2,087 / year. Even so, you are still entitled to apply for a Tuition Fee Loan, which is a loan offered by the Dutch government intended to entirely cover the cost of tuition during your studies.

Tuition Fee Loan

The amount of the loan is intended to cover the cost of tuition, being paid monthly to the student's account in 12 equal installments after starting studies.

Here are the conditions you must meet to be eligible for the Tuition Fee Loan:

1. Be aged under 30;
2. Be enrolled at a Dutch university;
3. Be registered with the municipality to receive a residence permit

Repayment of the loan

Regarding the Tuition Fee repayment system, you have the opportunity to repay the loan within 15 years, starting two years after completing your studies. If you earn over the minimum wage, you will have to pay up to a maximum of 4% per month of your gross income. If you do not earn a substantial income, you can postpone the payment for up to 5 years.

Other financing solutions

Supplementary Loan & Grant

EU students who also work a minimum of 56 hours/month in the Netherlands can benefit from an additional loan of up to €860/ month, of which approximately €380 becomes a gift if you finish your studies within 10 years, therefore a grant that you do not have to repay.

Belgium

A strong aspect of the education system in Belgium is that the access to undergraduate and postgraduate studies is very affordable, with a cost of €890 / year. However, if you have graduated from a bachelor level and want to specialize in a particular field, master studies involve additional costs. Although things seem difficult, do not worry because our counsellors will team up to find a solution to any obstacle.

Part-time Job

If you are a student in the EU, know that you are lucky because you can work in Belgium through a profitable tax scheme that offers you a net minimum wage of ~€10 / hour.

Having a part-time job is a good way to earn extra money, but also to gain experience and socialize more, having the chance to make new friends.

The EDMUNDO counsellors are here to help you with your financial efforts, making sure you have a beautiful student experience, just like you imagined.