How much $ loan do I need to study in the UK (American here)?

I have $16,000 in savings.

I plan to study for a bachelor's degree. How much of a loan would I need if the cost of the university is $15k a yr?

Accommodation is $100 a month, food probably a few hundred a month, transportation and then sight seeing and money for my phone bill. I'm sure there are other costs too that I can't think of right now. 

Is that how people study abroad they take out large loans? Because it looks like I'll need $80-85k to be on the safe side. Does that sound correct? I'm putting 1k a month for three years which is 36K and then the university itself which is 45k.. comes out to 81k.

Is this a loan people typically take out when they study abroad? Thanks for any help. 

3 Answers

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  • drip
    Lv 7
    1 month ago

    Beside your figures being way off, you are not going to be able to get a student loan to study overseas, 

  • 1 month ago

    Where are you getting your numbers? NOWHERE in US can you get any accommodations for only $100/month. Your phone bill can run close to $100/month. Room & board contracts typically run $11,000-15,000. Which university are you applying to, as $15,000/yr is quite low, and would not include all other mandatory school expenses such as fees, books, equipment & supplies, health insurance, etc. Any foreign student coming to US should be prepared to prove they (& their parents) have at least USD50,000/year for the 4 years to apply for a student visa - and plan on spending at least that. 

    You cannot borrow in UK since you plan to leave for an extended period. You cannot borrow in US since you are only a temporary guest in US, strictly prohibited from working, no credit history, etc. Your parents might be able to borrow or get a mortgage on their house & give you the money, but you cannot borrow anything anywhere.

    Bachelor's degrees in US are FOUR years, not 3, and can often take students 5 years to complete if they do not take full course loads (15-16 credits per semester), or mess up their scheduling on prerequisite courses.

  • 1 month ago

    Expect university fees to be more than $15k if you're an international student. Also there's no chance accommodation will be that cheap (expect at least a few hundred if you're outside London). You'll need £20-30k at least a year. 

    Most people who study abroad have rich parents. It's a luxury.

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