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Education and learning
Financing your postgraduate course
Whether you choose a taught postgraduate course or a research opportunity, you'll need to think about how to finance your studies. There are some grants available but you may need to fund your studies yourself.
Financing yourself
The tuition fees for postgraduate study vary from institution to institution and course to course, but usually run to several thousand pounds.
Postgraduate prospectuses give up-to-date fees. You also need to consider accommodation and living costs.
Some students work for a year between a first degree and postgraduate course, to help finance their studies. Another option is to study part time while working in a full-time job, although you need to make sure you can juggle the working week with your coursework.
If your proposed course is related to your job, you could ask your employer to sponsor you. If they are unable to help you with course fees, you could ask about time off to study for exams or write assignments.
Some employers offer work-based learning schemes as a flexible option to help you progress in your career.
Applying for funding
Many postgraduate students apply for funding for their course. Some courses are advertised in the national press complete with funding.
Sometimes you get financial support from the university that's running the postgraduate course; sometimes you need to apply to an external organisation. Awards are available for a range of subjects, both for taught courses and research programmes.
Awards vary greatly. You will need to check:
- the duration
- the amount
- whether the award covers fees
- whether it covers part-time or full-time study
- whether it covers Masters degrees or Doctorates
There are strict eligibility rules, deadlines for application, and competition for funding is fierce.
Searching for an award
There are various organisations that offer funding for postgraduate study.
- Research Councils such as the Arts and Humanities Research Council and the Medical Research Council offer grants and studentships
- institutions such as the Royal Society, Royal Academy of Engineering and the British Academy offer awards
- some government departments offer funding for postgraduate studies in a specific area, for example research into town planning
- if you're doing a postgraduate course of Initial Teacher Training such as a Postgraduate Certificate of Education (PGCE), you may be able to get Student Loans and grants from the government and a bursary from the Training and Development Agency for Schools
- charities and charitable trusts such as the Wellcome Trust provide support for medical research
Aside from looking at the websites of individual awarding bodies, you can search for postgraduate scholarships across the UK on the Hot Courses website. You may find directories on postgraduate funding in your local reference library.
If you are still at college, your careers service will be able to offer advice on funding. Another option is to subscribe to the Times Higher Education Supplement's database of funding opportunities.
Loans
You could consider a Career Development Loan (CDL), which is a deferred bank loan. It provides financial help for vocational education or training. You can borrow up to 80 per cent of course fees plus other related costs. Alternatively, you could apply for a study loan at your local high street bank.
If you're doing an MBA, the Association of Masters in Business Administration can arrange loans.
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