For postgraduate students, there are some excellent ways in which you might be able to cover your costs. If you’re pursuing a course that is related to your career, your employer may be able to pay for some or all of your tuition as part of your continuing professional development.
In some subject areas, you can apply to research councils for funding via studentships. This is extremely competitive – particularly at the level of a master’s. In some fields of study, industry bursaries are available – for example, if you’re pursuing an NHS-accredited course, studying for a teaching qualification, or planning to go into social work. Ask your institution if there are any bursaries you can apply for, or search the internet for charities and trusts who offer grants for students. These are often dependent on financial need or academic excellence – and sometimes both.
If none of these options work for you – and you don’t have the savings in the bank to draw upon – then it’s worth applying for a postgraduate loan. From this year, any student taking a full-time or part-time master’s degree will be eligible to access up to £10,000 over the duration of the course to pay fees and help with living costs, if you’re under 60, living in England, about to study at a UK university or college, and don’t already have a postgraduate qualification. Whether it’s a taught programme, research-based, or delivered by distance learning, you are entitled to apply for the loan. It’s also reassuring to know that this money isn’t dependent on your household income, although it might affect any benefits you or your family receive. You’ll only start repaying when your income is over £21,000 per year.
If the prospect of taking another loan deters you from study, then it’s worth knowing that working full-time alongside part-time master’s study is challenging but possible. Katy Harrison took her master’s in English literature with the Open University while working as a sales executive with Volkswagen and raising a young family.
“That gave me the best of both worlds,” she says. “I came out of uni with the normal student loans – for my master’s I was able to work to pay the amount to do this course.”
