2023-08-15 11:10:47
Not sure how to finance your graduate studies? Let’s take a look at what your options are, from scholarships to employer financing.
If only all things in life were free. Unfortunately, just like your undergraduate degree, a graduate degree comes at a price in the form of tuition fees and costs of living.
There is no doubt that the financial aspects of additional studies are probably weighing heavily on your mind.
Fortunately, though, there are many options to help you along the way, whether it’s a graduate loan, help from your university, or even sponsorship from a company. But where do you start when looking for them and how much can you get? We explore your options here.
Graduate Student Loans
The first port of call for your graduate funding will likely be government student loans.
While there are Masters student loans in every part of the UK, PhD loans are only available in England and Wales. But if you’re not eligible for a student loan, don’t worry, we’ve got plenty more financing options below.
Master’s Student Loans
Here are the maximum Loans available for Masters students from England, Northern Ireland, Scotland and Wales in 2023/24:
England: £12,167 (for tuition fees and living costs) Northern Ireland: £6,500 (for tuition fees only) Scotland: £11,500 (£7,000 for tuition fees and £4,500 for living costs) Wales: £18,770 (for tuition fees and living costs).
Click on the links above for more information on master’s degree loans in your part of the UK.
Loans for doctoral students
If you’re doing a PhD and you’re from England or Wales, it’s worth applying for a postgraduate PhD loan.
These are the maximum Amounts you could receive as a Doctoral Loan, depending on when you started your career:
If your course starts on or after August 1, 2023, you can get up to £28,673
If your course started on or after August 1, 2022 and July 31, 2023, you can get up to £27,892
For courses that started between August 1, 2021 and July 31, 2022, you can get up to £27,265.
Research Grants (Scholarships)
Research Councils are the UK’s leading public investors in research, providing funding in a number of different subject areas.
To be eligible for a scholarship you will usually need to have a 2:1 at the undergraduate level, but relevant work experience can sometimes make you the exception. For courses starting in the fall, we recommend searching for and applying for research grants around spring.
So how much can you get? Students who are successful in obtaining a scholarship will have their fees paid and may also be awarded a cost of living grant.
Visit the UK Research and Innovation (UKRI) website for more information, as well as jobs.ac.uk, which lists scholarship opportunities for Masters and PhD students.
Financing of university postgraduate courses
When it comes to funding college graduate courses, your options vary wildly from institution to institution. There are a wide variety of student grants, scholarships and fellowships (see below) or possibly discounted fees for alumni.
Some universities even offer funding for specific courses in the form of field trip funding or research assistance.
Here are some of the most common forms of university funding for master’s and doctoral students:
scholarships and fellowships
Grants and scholarships are often awarded to high-potential students in their respective fields, either through university, apprenticeship funds, or teaching fellowships (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 you want to dabble in. Note that competition is high.
Graduate Teaching Assistantships
Some universities offer the opportunity for graduates to teach at the same time as they complete their graduate course to help with their costs; this is known as Teaching Assistantship.
Required hours for scholarships differ greatly between universities – check the job description of your chosen university for more information. The role is likely to be quite varied, possibly requiring you to teach seminars and tutorials, as well as proofread essays and assignments.
In exchange for the work, most students with teaching assistantships will receive the same type of funding as a scholarship in the form of fee waivers and additional payments to cover living costs.
Faculty vacancies are often advertised on university websites.
scholarships and awards
If you excel in your field of research, your university or funding body may offer you a scholarship or award.
The amount of funding will vary, largely depending on the chosen university and field of study.
hardship background
If you really have difficulty getting money during your course, contact your university’s financial advisers. They will have some money set aside to help students with financial difficulties, so they may be able to help you.
Universities offer students money from their hardship fund on a case-by-case basis, so funding is not guaranteed. But it’s definitely worth at least talking to them about it if you need emergency cash.
Charities, foundations and trusts
There are a growing number of charities, foundations and trusts that help students who are studying in their field of interest.
Some examples include Funds for Women Graduates, The Royal Society and the Wellcome Trust.
To find out more about other organizations you could approach for funding, take a look online and chat with people at your university, such as student support services and your tutor.
Employer Sponsorship
Some postgraduate schemes and jobs require you to do some postgraduate study, and many times, this could be funded by sponsorship from an employer.
This would be the perfect opportunity to continue your studies and increase your employability while receiving the funds you need to cover costs.
If your employer doesn’t have additional curriculum, you may need to build a strong business case explaining how it would help you do your job and add more value to the business.
Always make sure you fully understand the terms of any agreement, as sometimes you will be required to pay the money back if you leave the employer within a certain period of time.
part time jobs
In addition to applying for the other financing options on this list, you might also consider working part-time to help with living costs.
However, some courses will require more study hours each week than others, so a part-time job will not always be feasible. However, if you think you could handle it, it might be worth it (and our tips for balancing work and study should help).
Having a manager who is flexible and understanding also makes a very big difference.
family and savings
If your family is willing and able to help finance your education, then it can really help to receive financial support from them.
In addition to this, we also recommend trying to save a little money before starting your postgraduate degree.
One option is to take a year off, get a full-time job, and maybe live at home for little or no rent. We know it’s not ideal if you’re interested in jumping right into your studies, but you could save a fair amount of money by doing this, which would make things easier when you start your graduate degree.
Crowdfund your graduate
Crowdfunding your degree isn’t easy, but it is possible.
We have heard of many students who have run successful crowdfunding campaigns and have been able to get the funds they need to cover their graduate degrees.
If all else fails and you’re really willing to put the time and energy into your campaign, crowdfunding could be a great option for you. Our guide to crowdfunding a title has all the information you need to get started.
You may also have come across ads from companies like Future Finance, which promote private student loans. While these loans may seem tempting, we strongly recommend that they be tried as a last resort, after first trying other lower-risk alternatives, like the ones on this list.
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