Unsure how to fund your postgraduate studies? Let’s take a look at what your alternatives are, from fellowships to employer funding.
If simply all things in live are free of charge. Unfortunately, just like your undergraduate degree, a postgraduate degree comes at a price in the form of tuition fees and living costs.
There’s no doubt that the financial aspects of further study are likely to be weighing heavy on your mind.
Thankfully though, there are plenty of options out there to help you along the way, whether it’s a Postgraduate Loan, the assistance of your university or even sponsorship from a company. But where do you even start when looking forward to them, and how much can you get? We explore your options here.
Still not sure if a master’s or PhD is right for you? Our guide on the pros and cons of postgraduate study will help. How to fund a master’s or PhD
These are the best ways to get funding for a postgraduate degree 😛 TAGEND
Postgraduate Student Loans
The first port of call for your postgraduate fund will probably be bureaucratic Student Loans.
While there are Master’s Loans for students in each part of the UK, PhD credits are only available in England and Wales. But, if you’re not eligible for a Student Loan, don’t worry- we have plenty more funding options below.
Loan for master’s students
Here are the maximum credits available for master’s students in England, Northern Ireland, Scotland and Wales in 2020/21 😛 TAGEND
England– PS11, 222( for tuition fees and living expenses) Northern Ireland– PS5, 500( for tuition fees simply) Scotland– PS10, 000( PS5, 500 for tuition fees and PS4, 500 for living payments) Wales– PS17, 489( for tuition fees and living costs ).
Click the links above to find out more about Master’s Loans in your part of the UK.
Credit for PhD students
If you’re make a PhD and you’re from England or Wales, it’s worth applying for a Postgraduate Doctoral Loan.
These are the maximum amounts you could receive as a Doctoral Loan, will vary depending on when your track started 😛 TAGEND
If your trend started on or after 1st August 2020- PS26, 445 If your track started between 1st August 2019 and 31 st July 2020- PS25, 700 If your track started between 1st August 2018 and 31 st July 2019- PS25, 000.
Research gifts( studentships)
Research Councils are the main public investors in research in the UK, and provide funding in several different subject areas.
To be eligible for a studentship, you’ll generally need to have a 2:1 at undergraduate tier but relevant work experience can sometimes clear you certain exceptions. For tracks starting in autumn, we recommend examining and applying for research grants around spring.
So, how much can you get? Students who are successful in getting a studentship will have their rewards paid under them, and are also welcome to be given a living expenditure grant.
When it comes to university funding for postgrad tracks, the options vary enormously from one institution to the next. There is a wide choice of studentships, fellowships& bursaries( see below) or perhaps fee discounts for alumni.
Some universities even offer finances for specific courses in the form of field trip funding or assist with research.
Here are some of the most common forms of university funding for master’s and doctoral students 😛 TAGEND Bursaries and scholarships
Bursaries and awards are usually given out to high-potential students in their respective fields either via the university, learning stores or through Teaching Assistantships( which we’ll explain in more detail shortly ).
Some areas, such as scientific research, have more opportunities than others, so it’s important to do your own research based on the area that you want to go into. Please note that competition is high!
Graduate Teaching Assistantships
Some universities give the opportunity for grads to teach at the same time as completing their postgraduate course to help with their costs- this is known as a Teaching Assistantship.
The necessary hours for studentships differ a great deal between universities- check the job description of your select uni for more info. The capacity would likely be pretty motley, possibly requiring you to teach meetings and tutorials, as well as assessment essays and assignments.
In return for the production, most students with Teaching Assistantships will receive the same type of funding as a Studentship in the form of a cost waiver and added pays to cover living costs.
Teaching vacancies are usually advertised on universities’ websites.
Scholarships and awards
If you excel in your province of studies, you may be offered a grant or gift from your university or a fund body.
The funding amount will differ, chiefly depending on your choose university and field of study.
If you’re truly struggling for money during your trend, get in touch with the financial advisors at your uni- they’ll have some money set aside to help students in financial calamity, so they may be able to help you out.
Universities furnish students money from their hardship money on a case-by-case basis, so the funding isn’t guaranteed, but it’s emphatically worth at least talking to them about it if you’re in need of emergency cash.
Charity, organizations and confidence
There is a ripening number of philanthropies, foundations and trusts that help out students who are studying in their field of interest.
To find out about more organisations you could approach for funding, have a look online and chat with beings at uni like student support services and your mentor.
Some graduate schemes and jobs require you to do some postgraduate study, and a lot of the time, this could be funded for you with an employer sponsorship.
This would be the perfect opportunity to further your studies and increase your employability, while receiving the funding required you need to cover the costs.
If your supervisor doesn’t have a further-study scheme in place, you may have to put together a strong business case explaining how it would help you to do your work and add further ethic to the business.
Always made to ensure that you fully understand the terms of any agreement, as you’ll sometimes be required to pay the money back if you leave the employer within a certain period of time.
As well as applying for the other funding options in this list, you could also consider working part-time to help with living costs.
But, bear in mind that some routes will involve more hours of study each week than others so a part-time job might not always be feasible. If you do think you could oversee it, though, it would be worth it- and our tips for offsetting undertaking and study should help.
Having a manager that’s adaptable and understanding too makes a very big difference.
Family and savings
If your family’s eager and able to help fund your education, then it can really help to receive financial support from them.
As well as this, we likewise recommend trying to save up a bit of money before starting your postgraduate degree.
One option is to take a year out, get a full-time job, and perhaps live at home for no or little rent. We know it’s not model if you’re keen to get straight into your studies, but you could save a exhibition amount of money by doing this, representing it easier to get by when you do start your postgrad.
Crowdfund your postgraduate degree
Crowdfunding your position is by no means easy- but it is possible.
We’ve heard of plenty of students who have run successful crowdfunding safaruss, and managed to secure the funding they need to cover their postgraduate degrees.
If all else fails, and you’re really willing to devote time and intensity into your campaign, crowdfunding could be a great option for you. Our guide to crowdfunding a degree has all the info you need to get started.
You might also have come across adverts for private loans aimed at providing students from companies such as Future Finance. However, while these credits can emerge tempting, we would strongly advise that they should be treated as a last resort, after trying the other lower-risk alternatives first- like the ones in this list.
Looking to make a bit of extra money alongside your studies? Working as a private mentor could be ideal.
Read more: savethestudent.org