The UK is globally known for its best business schools. Thousands of students from over 150 countries plan to study for an MBA degree in this country. It helps them to make a good career. However, it is not easy to plan a journey. Most of them struggle to arrange and manage funds to study for an MBA in UK. Therefore, they get help from study abroad consultants. They guide them to the different types of expenses, such as the tuition fees and the cost of student accommodation in UK. Moreover, they advise the best ways to arrange funds and manage them. Thus, let us know all about it in this article.
Breaking Down the Cost of a UK MBA
UK is the dream study destination for many students. It is globally known for its welcoming environment and course curriculum. Most students choose to study for an MBA in this country because it offers short-term courses. They complete their degrees within 12-18 months. It helps them to enter the MBA job market early and get several benefits. However, it is not easy for them to plan a journey because of the overall cost of studying at a top institute. Thus, let us break down the total cost of a UK MBA below.
Tuition Fees
Firstly, the majority of studying for an MBA in UK is spent on the annual tuition fee. It costs between £25,000 to £80,000 or more per annum. Well, the exact amount depends on the institution and specialization. Therefore, aspiring students should contact the best study abroad experts or visit the official website of the institute to know the tuition fee.
Accommodation
Secondly, accommodation is another area where students need to spend money. There are two types of living options in the UK. The rent amount depends on the type that the student chooses. Therefore, let us discuss both the types below.
- On-campus- This student accommodation in UK is offered by the colleges. These are commercial living spaces built on the college campus or in nearby areas. They consist of a bedroom, a kitchen, washing area, and a common living area. However, the rent for this option is between £450 to £650 per month, or £120 to £214.83 per week and includes utility bills. Thus, they are the best arrangements for international students.
- Off-campus- These are private living spaces arranged by the students. They offer more privacy and amenities to live a comfortable life abroad. However, students must note that the weekly cost for this option is £120 and £700 and does not include utility bills. But it offers an independent living experience.
Other Expenses
Students who choose to study for an MBA in UK need to spend money on some other areas such as life and health insurance, entertainment, food, daily essentials, travel, and more. However, it is not easy to figure out the exact amount because it depends on the lifestyle of the student. But on average, it costs nearly £1,000 to £2,000 per month.
This was all about the overall cost of studying for an MBA in the United Kingdom. Many students struggle to arrange this amount for a reliable study abroad journey. Well, the best study abroad experts advise them on some of the best ways to arrange funds. Thus, let us look at the tips in the next part.
Expert Ways to Arrange and Manage Funds to Study in UK
A journey to study MBA at a top business school in the UK is way too expensive for an average student. However, there are ample ways to arrange a sufficient amount of funds and manage them for a successful journey. Many students connect to study abroad experts in the market to get the solution. Thus, they guide them with the best tips explained below.
Apply for Education Loan
Education loan is the best way to arrange funds for overseas education. Many banks sanction loans for an MBA in UK. However, students should evaluate the total amount they need for their journey and request the bank for the loan. It will cover the maximum cost of their journey.
Seek Scholarships
The UK Government and top colleges in this country support education for every individual. They know that it is not easy for international students to manage the total cost. So, assist them with scholarships. It helps them to get relief in the overall tuition fees. Due to this, they can budget their journey easily.
Work Part Time
Lastly, the UK government allows students to work part-time for 20 hours per week. However, students should look for jobs. It will help them to gain some working experience and earn some money to manage their living expenses for a reliable study abroad journey.
Conclusion
Many students choose to study in London because it is the capital city of the UK and home to top-notch institutes like University College London and Imperial College London. However, study abroad aspirants must know that it is the most expensive city in the country. They have to pay a lot of money for their accommodation.
Well, some online platforms like graddinghomes.com have solutions to this problem. They offer ample options for student accommodation in London and other cities of the UK. Moreover, they guide the best tips for arranging funds for studying abroad. Thus, it helps them to save money on their housing and get a strong funding source for a successful journey.
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