There are plenty of options for funding your postgraduate study in the UK in 2019 and it might be the right time for you to consider a postgraduate course in the UK, whether you are from the UK or travelling in from abroad.
From postgraduate loans and self-funding, to applying for bursaries and scholarships, here are our top funding tips for postgraduate students in 2019.
Where To Search?
As always the first place to look for funding is with your university, department or school. Almost all universities offering postgraduate courses will have scholarships and bursaries available for students to apply for and most are online, like at the University of Dundee. Chatting with your tutors and lecturers will keep you up to date with any new funding sources that are becoming available, but look through related industry publications – for example if you’re an Engineering student this Engineering publication could be useful – and with future potential employers before you start your course for funding opportunities. Think about approaching your current employer if your course is relevant to your employment, or even consider approaching family members, keeping in the forefront of your mind your relationship before borrowing money from family.
There are plenty of postgraduate loan options out there. For those students who call the UK home there are government loans available for postgraduate study at favourable rates. It depends which part of the UK you are resident in, but if you did your undergraduate degree in the UK you are probably familiar with the government loans scheme. If you did not study in the UK, then speak to your university if you think you qualify for a government loan on a residency basis. The next option is a private loan. There are a number of career development loans that you can get from different banks or you can choose to go with a private student financing company, such as Prodigy Finance. Companies like Prodigy Finance specialise in lending only to students, so you might find their rates and repayment schedules are more favourable than a high street bank. And as their funding is tailor-made for each postgraduate student they should have a limited impact on you.
Bursaries & Scholarships
There are plenty of organisations that offer scholarships and bursaries to students. Think about any organisation or charity that you have been actively involved in as many offer scholarships or bursaries to their current members. Consider your local community as you may find that there are scholarships for students tied to your local area. There are lots of other companies that offer scholarships and bursaries, such as our own Postgrad Solutions Study Bursaries, which has 15 bursaries worth £500 each to postgraduate students from all over the world.
Working while you study is an attractive option, but consider the impact on your studies and speak with your tutors and students who have completed your postgraduate program as to the best course of action for you. Some courses allow you the time to work a little each week and others are more intensive. If you need to work, then perhaps part-time study is a better option rather than committing every hour each week to studying.
If you have been planning on your postgraduate course for a few years, then you may be in the lucky position of not needing any additional funding. Make sure you transfer your savings in good time if you have them in a special bank account or investment so you're not short of cash at any point.
Sources of Taught PG Funding
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.