Paying for UAE higher education takes smart planning

While UAE citizens can attend government institutions free of charge – including UAE University, Zayed University and Higher Colleges of Technology – international students often shoulder a substantial cost.

The first thing many prospective students – and parents – consider when it comes to higher education is the cost.

From tuition fees and accommodation to insurance, books and equipment, the financial requirements of any UAE university student can run into hundreds of thousands of dirhams. While UAE citizens can attend government institutions free of charge – including UAE University, Zayed University and Higher Colleges of Technology (HCT) – international students often shoulder a substantial cost.

For undergraduates at the University of Wollongong, for example, tuition fees vary between Dh217,600 and Dh257,000, while for postgraduates, tuition fees can reach up to Dh17,000 per term (it costs Dh8,370 per subject and the recommended subjects for the term are two). So the full course can cost between Dh80,000 and Dh150,000; this is without factoring in foundation courses, books, transportation, certificate and graduation fees. It’s a similar story at American University of Dubai. With tuition around Dh41,000 per term, a four-year course could cost more than Dh400,000.

Then there’s accommodation. While some students are able to stay in the family home, others require student accommodation. At AUD, fees start from Dh8,500 for shared accommodation per term, and Dh12,500 for single occupancy.

How to pay

Before applying for any financial support, work out how much you need. Most UAE university websites list their fee structure online and there are ways to save.

At the University of Wollongong, for example, you receive a discount for paying in cash. Some universities even offer additional incentives, like a free iPad for paying fees in full at the beginning of the term. If paying in full isn’t an option, you can pay by cheque in instalments. Usually it’s one cheque per month for three months, but this usually comes with an extra Dh200 charge for post-dated cheques, and a Dh500 fine if the cheque bounces.

For those without ready funds, education loans are an option. Many UAE banks, including ADCB, ADIB and SimplyLife offer education loans with competitive rate options. Amounts vary depending on the bank. One may offer a minimum amount of Dh10,000 and a maximum of Dh150,000. The sanctioned loan amount will depend on the parents or students’ eligibility and the rate depends on the salary of the customer and whether or not it’s transferred to the lender. While ADCB, for example, requires no salary transfer, it does require a minimum salary of Dh8,000 and charges a flat rate starting from 5.51 per cent and a reducing rate from 10 per cent.

Get a part-time job

Ease the burden by part-funding your studies with a weekend job. As a student, you are allowed to work weekends or weekdays as long as it doesn’t clash with your class schedule. The university can provide a letter to the organisation/company stating that you would like to join as an intern and your sponsor will also be required to provide a NOC letter.

Most universities have their own career centre and career advisers. This department can help the students find part-time jobs and internships as well as provide career advice for them.

Access to finance

A student bank account is a natural first step. Accounts worth noting include National Bank of Abu Dhabi’s Student Savings Account, which requires no minimum balance to maintain, an overdraft facility subject to approval, various dining offers in the UAE and complimentary lounge access across the Middle East. ADCB’s Banking on Education solution offers a range of savings, investment and insurance products. Beware of any charges on an overdraft facility though, and remember that the number of instalments and interest rates on loans will vary, so compare the market.

Financial grants

A number of UAE institutions have funds designated for undergraduate students with limited financial resources. Providing applicants meet the requirements set by the university, students can receive support for tuition fees and residential hall fees. Some universities, such as the American University of Sharjah, extend the benefit of the grant to a student’s family. AUS offers families with more than one child enrolled simultaneously as full-time undergraduates, a tuition discount of 25 per cent to each sibling.

Remember, grants and application deadlines vary between universities, so check each institution’s website.

Read more: http://www.thenational.ae/business/personal-finance/paying-for-uae-higher-education-takes-smart-planning