As you will come to find out, studying in a prestigious university in the UK is a costly affair. Students who have enrolled for courses in either Oxford or Cambridge may pay between… and just to attend one academic year in their respective colleges. These prohibitive fees not only discourage students from enrolling for the degree courses of their choice, but also lock out many students who want to pursue higher education.
The respective tuition fees of these two universities and others in their league are among the highest in the world. This means it only the well-off who can pay for the tuition fees without feeling the pinch. Anyway, how many students or parents can commit substantive amounts of money for 3 years without putting a dent into their financial health?
If you intend to enroll in such prestigious universities, then you will have to pay colossal amounts for tuition fees in the entire stay in college. However majority of students do not have the economic muscles to cater for the exorbitant costs of education. It is for this reason that they opt to apply for student loans so that they can sail through the university academic calendar with ease.
The difficult economic times and diminishing prospects makes things harder for students and it almost becomes impossible for them to fully fund tuition costs. The fact that university students can hardly sponsor themselves because of not being employed coupled by the high costs of living makes it difficult to sail through college. However, the school loans offer much respite to students.
It is very rare to find students who pay their tuition fees directly from their pockets, and even if there are, some will feel the pinch as they progress form one year to the next. Therefore, it is not unusual to find self-sponsored who resort to borrowing student loans to cater for their education needs. This option enables those students who were thinking of either discontinuing their studies or deferring to progress to the next level.
Just like in all universities in the UK, students who enroll to prestigious universities in the UK will find the school loans a lifeline. Apart from catering for tuition and book expenses, these loans also extend to cater for upkeep, accommodation, and travel expenses. These costs are certainly higher in prestigious universities than in mid-level or ordinary universities all over the UK.
Most banks and lenders know this and that is why they normally award students in prestigious universities large amounts of school loans to match the high costs of education. A student who has enrolled in a prestigious university in UK will most likely get more funding than a student who has enrolled at a public university. So if you intend to enroll in such as university, your only respite and cushion against high tuition fees would ultimately be university loans.