How to Finance Your Studies in the US: A Guide for UK Students
Published 10th of February 2014·Updated 2 April 2026
Reviewed by: Reviewed for accuracy April 2026
Studying in the United States costs significantly more than studying in the UK. Annual tuition fees at US universities range from around $15,000 at public universities to over $55,000 at private institutions such as Harvard or NYU, before living costs. Planning your funding well in advance is essential: most students combine scholarships, loans, part-time work and careful budgeting to make it work.
Short Summary
Most UK students studying in the US use a combination of sources to cover costs. Scholarships reduce the amount you need to borrow. Part-time work on a student visa provides income during term time.
UK student loans from the Student Loans Company do not cover study at US institutions. You will need to arrange private finance or institutional funding separately.
Apply for scholarships as early as possible. Many US universities offer merit-based awards to international students, but competition is fierce and application deadlines fall months before enrolment.
Track every expense from day one. Students who arrive without a detailed budget regularly run out of money mid-term, which forces difficult decisions about accommodation and food.
What scholarships are available for UK students studying in the US?
Several well-established scholarship programmes fund UK students at US universities.
| Scholarship | Who it covers | Value |
|---|---|---|
| Fulbright Scholarship | Postgraduate students and researchers | Tuition, living costs and return flights |
| Marshall Scholarship | Postgraduate study at US universities | Tuition, living costs and travel |
| Rhodes Scholarship | Postgraduate study at Oxford, but with US connections | Varies |
| Gates Cambridge Scholarship | Study at Cambridge (US-funded, not US-based) | Full cost |
| University-specific merit awards | Varies by institution | Partial to full tuition |
Individual universities often offer their own international student scholarships. Contact the financial aid office of each university you are applying to directly. Some awards are not widely advertised; you need to ask.
Can UK students get loans to study in the US?
The UK Student Loans Company does not fund study at overseas institutions for most undergraduate courses. You will need to explore alternative borrowing options.
Some UK high-street banks offer private student loans for overseas study, though terms vary and interest rates are typically higher than domestic student loan rates. Prodigy Finance and MPOWER Financing are specialist lenders that provide loans to international students at US universities, assessed on future earning potential rather than credit history.
Borrowing to fund US study is a serious financial commitment. Before taking out any loan, calculate the total repayment cost, including interest, and consider whether the qualification and career prospects justify it.
How much can you work on a US student visa?
International students on an F-1 visa (the standard student visa for academic study) are permitted to work on campus for up to 20 hours per week during term time, and full-time during holidays. Off-campus work is generally not permitted in the first year of study without specific authorisation.
On-campus roles include library work, cafeteria and administrative positions. Pay rates vary by state and institution, but most on-campus jobs pay at or slightly above the state minimum wage. US federal minimum wage is $7.25 per hour (as of 2025), though many states set higher rates. New York state minimum wage, for example, is significantly higher.
After graduation, the Optional Practical Training (OPT) programme allows most F-1 students to work in the US for up to 12 months (36 months for STEM graduates) in a role related to their degree.
How to budget effectively as a student in the US
Living costs vary dramatically by location. New York City and San Francisco are among the most expensive cities in the world. Smaller college towns and Midwestern cities are far more affordable.
Accommodation: University halls of residence are often cheaper than private rental for the first year and the application process is simpler. Compare on-campus and off-campus costs before deciding.
Food: Cooking at home rather than eating out saves a significant amount. US supermarkets such as Trader Joe's, Aldi and Costco offer good value. A university meal plan can be convenient but is not always the cheapest option.
Transport: Many university towns are walkable or have good public transport. Avoiding the need to run a car saves thousands of dollars per year.
Student discounts: Your university student ID card gives access to discounts across many retailers, cinemas, software products and transport. Always ask whether a student discount is available before paying full price.
What other costs should UK students budget for?
Health insurance is compulsory for most US universities and is typically charged as part of your student fees. Make sure you understand what is and is not covered, as US healthcare costs can be extremely high without adequate insurance.
You will also need to factor in the cost of return flights to the UK, visa application fees (around $350 for an F-1 visa), and the SEVIS fee (currently $350). These upfront costs should be included in your financial plan before you apply.
Frequently asked questions
Can I use UK student finance to study in the US?
In most cases, no. The Student Loans Company funds study at institutions in the UK and some European countries, but not at US universities for standard undergraduate courses. Some postgraduate and research programmes may be eligible for specific awards, but you should confirm this directly with the SLC before relying on it.
What is the Fulbright Scholarship and how do I apply?
The Fulbright Scholarship is a prestigious award funded by the US government that supports postgraduate students and researchers from the UK to study in the US. It covers tuition, a monthly living stipend and return flights. Applications open annually, typically around April for awards starting the following academic year. The UK Fulbright Commission manages the process in Britain.
Is it cheaper to study at a public or private US university?
Public universities (also called state universities) are generally cheaper for in-state residents. International students typically pay out-of-state tuition, which narrows the gap with private universities. However, many elite private universities have large endowments and offer generous need-based financial aid that can make them more affordable in practice than their headline tuition fees suggest.
Do I need to declare my US income to HMRC?
If you remain a UK tax resident while studying abroad, you may need to declare foreign income to HMRC. The rules depend on your residency status and the type of income. HMRC's statutory residence test determines your status. If you earn meaningful income in the US and are unsure of your obligations, seek advice from a tax adviser before your tax return is due.
What happens to my NHS entitlement while I am studying in the US?
UK citizens retain their NHS entitlement regardless of time spent abroad, provided they return to the UK as a resident. However, the NHS cannot treat you while you are in the US. You must have health insurance in place. Most US universities require international students to enrol in the university's health insurance plan.
How do I open a US bank account as a UK student? You will typically need your passport, your F-1 visa, your university enrolment confirmation, and a US address. Most major US banks including Bank of America, Chase and Wells Fargo allow international students to open a basic current account. Some universities have partnership arrangements with local banks to simplify the process. Opening an account promptly after arrival makes managing your money and receiving wages from on-campus work much easier.