Other Sources of Finance
Learning how to manage your money is a crucial part of University life. Even if you think you are good with money, being at University and coping with how your student funding is paid brings different challenges.
If you are an International student some of the answers below may not be relevant to you, however. If you are worried about your finances please contact us.
Cost of Living in UK
According to research by The UK Council For International Student Affairs (UKCISA), student finance is the number one concern for international students. Almost a quarter (23%) of them said they didn’t have enough money to live on. Of those who had experienced hardship, 72% said they underestimated the cost of living. Only 25% of students took out possessions insurance, which is concerning as students are often targeted. Also, many have unrealistic expectations of how much time they can spend working.
StudyingInUK have information related to funding your education as well as living expenses during your time in the UK. Visit their website to find more information on:
- Council Tax
- Television Licence
- Travel Costs
- Mobile Phone Plans
Working and Studying
On campus: The University has on-campus work through the Richmond Student Employment Program in departments such as the Admissions and Student Affairs. About 100 students take part in university employment to help them pay for their studies. These jobs provide students with an excellent introduction to the world of work and allow them to develop useful skills.
Richmond provides student hourly employment during the academic year. The student work force is incorporated into all phases of the university. The variety of jobs is extensive. Student Employment is available to new and continuing students.
Off-campus: All full-time students in the UK can work for up to 20 hours per week during term-time and full-time (35 hours) during vacations.
Students can usually earn between £80 to £100 per week in term-time. Most jobs are hourly paid at around 6.08 per hour. Annual earnings of around £5000 are typical. Students with particular skill, for example in computing, or those having good secretarial skills, may be able to earn substantially more.
You could investigate all sources of funding within your own country including government scholarships and loans and the help that might be available from private foundations and organisations. You will need to be determined and creative. It is rare for lists giving details of such aid to be easily available. Look for organisations that concentrate on the area in which you wish to study. If, for example, you wish to study psychology, look for professional associations of psychologists or related organisations.
Organisations such as The United Nations and The World Bank offer some scholarships as well.
The US Agency for International Development does not provide scholarships for individual students but its site at www.usaid.org provides a useful list of other organisations. Applying for Scholarships and Financial Aid.