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Posted June 18, 2019

Don’t Let Your Finances Put You Off PG Study

Postgraduate FundingWe all know that postgraduate study doesn’t come cheap, however it is a great investment in your future career, as well as your general wellbeing and happiness – so try not to let your finances put you off taking the PG plunge!

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There are plenty lots of funding guides to how much it will all cost and there are plenty of funding sources, scholarships, bursaries and tailor-made student loans – such as those offered by Prodigy Finance – to help you fund your studies.

So, let’s take a look at what financial help you could get.

Support from UK Government

If you are a UK resident then you are in luck, as it is likely you will qualify for one of their postgraduate loans. Students who completed their undergraduate degree in the UK will already be familiar with the application process and student loans system. The UK Government offers postgraduate students £10,609 for the entire length of their postgraduate course, so it's the same amount regardless of whether the course is one year or four, but simply divided up equally across each year of your course.

Your university might help

No university wants an academically able student to be unable to attend because of their financial position. Because of this, there are plenty of scholarships and bursaries available to outstanding PG students, like those at Bournemouth University. Start with your university department as they will often have a list of funding options for their students. Your university's Students’ Union will have information about financing, as will the Finance Department where you will find funding opportunities that are available to all students. If you've studied your undergraduate degree at the same institution as you're planning on studying your postgraduate course, then you might find that you qualify for an alumni tuition fee discount. 

Don't forget private loans

Prodigy FinanceA career development loan from a high street bank is a choice that some students consider to fund their postgraduate studies. Others take loans from companies like Prodigy Finance who offer loans specifically to students. This means they better understand the constraints and difficulties of student life so their terms and conditions are better suited to students. Prodigy Finance offers lots of support that traditional banks are not able to, like accommodation advice and a careers advice service. Since they are a global company if you move internationally to continue your postgraduate studies you can continue to borrow from Prodigy Finance – find out more. 

Get paid to study/research 

Is your postgraduate study in aid of furthering your current career? If so, then have you considered speaking with your employer about funding your studies? Alternatively, if you are thinking about undertaking a PhD, you could take a paid research position if you can find a research project that interests you. 

Have you saved anything? 

This is the ideal scenario for postgraduate funding – so well done you if this is an option that you can consider. Alternatively, if you have a good relationship with relatives, you could carefully consider asking them for help with funding. However, be warned that it could make life complicated, especially if both parties’ expectations are not made clear from the start, so make sure it is approached properly from the start. 

Consider part-time study

You don't necessarily need to take time away from paid employment to be a postgraduate student, as there are lots of part-time study options and distance learning is becoming more popular. This way you can earn while you learn and (hopefully) cover your costs.

Postgrad Solutions Study Bursaries

And don’t forget – as soon as you have been offered a place on a postgraduate program you are eligible to apply for one of our 15 Postgrad Solutions Study Bursaries worth £500 each.

Find out more here.

Sources of funding for full-time taught postgraduate students

Sources of PG Funding
Source 

Please note that the information here does not constitute financial advice. Prodigy Finance is one of many potential funding options for international postgraduate students. Other student funding options are available and Postgrad.com advises you to research all your options thoroughly before making such a commitment. Postgrad.com accepts no responsibility for your choice of loan and does not endorse or support Prodigy Finance. Prodigy Finance Ltd is authorised and regulated by the Financial Conduct Authority, and entered on the Financial Services Register under firm registration number 612713.

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