If you’re not in the ideal situation of having already saved up enough money to cover the costs of your postgraduate course, there are some alternative ways to fund your studies.
Postgraduate study is not cheap, in fact the average postgraduate student in the US spends $24,812 on their studies, and they pay for it using several methods as detailed in the table below.
On average a US Grad student covers their costs by…
In this blog we’re going to take a look at some fabulous ways to fund your PG program.
Speak to the Government
The first step to finding funding for lots of students is to speak with the local, regional or national government. Lots of governments offer either low-cost loans or grants to fund tuition fees and for some lucky students, they might fund that their living costs are funded as well. Governments tend to be more likely to financially help students who are studying full time, rather than part time, but whatever your study mode, it’s always worth looking into. Check with the university that you are considering for your PG studies, as they will have plenty of information about how their local students fund their studies.
When it comes to postgraduate funding, the options of ‘beg’ and ‘borrow’ immediately spring to mind – although definitely don’t consider ‘steal’! In fact, borrowing the money can be an excellent option, especially if you pick the right place to borrow from and are fully aware of the repayment terms. Start by speaking to your bank – especially if you’ve been a long-term customer – to see if they can offer you any low-interest loans. There are also some great private companies that have been created to lend specifically to students, such as Prodigy Finance, and this is an excellent option for students who don’t have access to the funds to complete their studies. This type of specific student lender has terms and conditions that suit students better than other financial institutions, with tailor-made loans and student-friendly repayment terms. And don’t forget, international lenders like Prodigy Finance can assist you whether you are studying at home or abroad.
Talk to your family
Having a chat with your family about your funding options is an option that lots of students choose. You will have to be careful about how you approach the subject and consider a written contract if you are paying the money back, as the last thing you want to do is fall out with your family over money. Make sure you all know where you stand and what the repayment terms are. Getting legal advice is important if you are signing anything, even if it's with your family.
Study part time
Studying whilst you work is never going to be an easy option, particularly if you have other responsibilities in your life, but it is worth considering especially of you are doing a part-time program. As well as giving you more free time so you can work around your course, part-time study will also spread the cost of your postgraduate course over the duration of the course, which is likely to be a couple of years or more. Plus, if the course is related to your work, then you might find that your boss is willing to contribute to the fees. It may mean that you'll have to work for them for a few years after the courses, but it won't be forever.
Scholarships & bursaries
It’s also worthwhile looking what scholarships and bursaries are available from your university in the first place and checking with other institutions and organisations. Most universities will publish lists of charities and funds that offer scholarships to their students, so do plenty of research online. And don’t forget that there are also x20 Postgrad Solutions Study Bursaries worth £500 each that are available for any postgraduate student who has been accepted onto a postgraduate program at any university worldwide.
There is always the option of setting up an attractive pitch for others to fund you. It's not an easy option as there is lots of competition, but you never know your luck – even the occasional celebrity with plenty of cash has been known to answer crowd-funding requests.
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.