Is it financially feasible to continue pursuing obtaining a degree in London after Brexit?

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Question: 

I am an Amerian citizen and have been considering applying to graduate school in London for a while now, and have finally found multiple programs of interest and have a plan in motion to raise enough money to be a financially stable unemployed student. Due to recent events (Brexit) I am trying to determine if it is financially feasible to continue pursuing obtaining a degree in London. Would school become more affordable for someone like me being an international student there? What about the cost of living? Or is it too early to determine all of this?

Answer: 

It’s hard to answer your question since the situation in Britain is in flux. I can only mention a few considerations that may be relevant.

One is the exchange rate.  The British Pound has fallen in response to the Brexit vote.  Hence, as of right now, your US dollars are worth more there than they were before.  The devaluation of the Pound may raise the price of imported goods purchased in the UK.  This will raise the cost of living for those whose income and savings are denominated in British Pounds.  However, your cost of living will be somewhat lower if your income/savings are in dollars.  Also, your tuition cost should be lower.

Regarding how Brexit will affect the costs of education in the UK and your ability to get financial aid, it’s anyone’s guess.  I do expect Brexit to adversely affect financial aid offered to EU citizens.  If so, more aid may become available for Americans.  However, this is speculation.

Finally, I would expect that the UK will be relying on its relationships with its non-EU trading partners and allies, such as the US.  Hence, from a social point of view, you might find the British more accepting of an American student than prior to Brexit.  This is important as the British have harbored some anti-American sentiment since the “rebellion” of 1776.

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Last updated on February 2, 2017