5 Ways To Fund Your Postgraduate Degree

The majority of undergraduates fund their degree through the Student Loans Company. In a short period of time they can enter details of their university and course accompanied by their parents financial situation and boom - they had funding. Using the Student Loans Company also made it that little bit easier, as it allowed you to decide whether you wanted the SLC to share your information with your university making it easier to obtain extra funding in the form of grants and bursaries.

Oh, how easy it was.

When you come to consider studying at postgraduate level you will quickly come to realise that there is no longer a SLC that makes obtaining funding so easy. But you should not let this prevent you from pursuing a postgraduate degree in a field that you are so passionate about. Because if you read on you will find out 5 easy ways you can fund your postgraduate degree.

Studentships Studentships are funding that come with certain postgraduate positions, which can cover both your tuition fees and living expenses. You should check the details of the course you wish to study to find out whether a studentship is available if you choose to study that particular course. You will find that studentships are more common in science subjects and for research based courses rather than taught degrees. The reason for this is that they are mainly funded by the seven UK research councils. However some studentships are funded by universities, colleges and companies themselves. To acquire a studentship you don't need to apply through the research councils but to where the position itself is based.

Government Funding Some postgraduate courses still receive government funding the same as undergraduate studies. The types of postgraduate courses that receive this sort of funding tend to be teacher training, social work, medical and healthcare courses.

If you intend to study Initial Teacher Training (ITT) you will be able to apply for the same student loans, grants and bursaries as undergraduate students. Also you can apply for a training bursary from the Training and Development Agency for Schools (TDA). Those who wish to study a medical, social work or healthcare degree may be eligible for funding from the NHS in the form of a bursary or grant. Or they can apply for a maintenance grant from Student Finance England.

Professional and Career Development Loans You can negotiate with a bank that participates in the Professional and Career Development Loan scheme to borrow an amount of up to £10,000. It isn't just a normal loan: you pay no interest on the loan whilst you are studying. Instead the Skills Funding Agency pays the interest on your loan until one month after you finish studying. After that month you will pay the interest at the rate fixed you agreed to when you originally took out the loan.

Consider Part-time Study This way you can combine studying with work. At first the idea may sound like a bad one as you would have to balance work-life and studying, which may lead to unnecessary stress. However it may be one of the best ideas because not only will working whilst you study provide you with money to fund your postgraduate course but at the same time you can acquire vital work experience that will give you an edge over others once you have finished studying. Also it may in fact reduce the stress of studying as your workload will be spread out across a prolonged period of time which could actually lead to better overall results. It's a no brainer really.

Funding From An Employer Many people considering postgraduate study are unaware that employers may actually fund their postgraduate course. Employers often want the best out of their employees and want to ensure that they are the best in the field as this is what will give their company an edge over their competitors. Because of this many employers actually offer schemes so that employees can work and study at the same time. So if you are considering postgraduate study it is always wise to ask your employer of potential employer what learning schemes are available.

Just because at postgraduate level there is no longer a Student Loans Company doesn't mean that funding cannot be achieved. There are many ways to fund your postgraduate study, so you should not let the idea of getting funding put you off pursuing your education further.
 

2 comments

Patrick Aug. 3, 2018, 10:49 p.m.

Hi There,

I would like to find out when would the result of the bursary awards be out?

Charlotte King Aug. 6, 2018, 11:07 a.m.

Hi Patrick,

The bursaries applications for this year close on 14th September. We will then let the successful applicants know by 20th September. You still have time to apply here:

https://www.postgrad.com/fees_and_funding/postgrad_solutions_study_bursaries/information/

Good luck,

Charlotte

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