Posted Feb. 8, 2021
Before you start your masters program or embark on a PhD you will want to know how you are going to fund your studies.
There are lots of funding options available, including student loans, if you know where to look and some of them depend on what you are going to study and at what level.
Private student loans
There are plenty of private student loan providers and some of them have different approaches to how they choose which students they loan to. Prodigy Finance is the first choice for lots of international students. They don't require the same level of guarantors or collateral as traditional banks, but as a traditional financial institution, they offer loans to students who are accepted into a recognised institution. For international postgraduate students, Prodigy Finance’s global representation means they can transfer to other universities around the world as they progress in their studies. Unlike government loans and some other private student loans, funds that are borrowed from Prodigy Finance can be used for tuition fees and living costs.
Another great option when it comes to funding your postgraduate studies is student loan providers Lendwise, who also offer loans to postgraduate students but involve a different method. Lendwise have investors who wish to invest in postgraduate students with potential. The application process is quick and easy, and Lendwise also do not need co-signers, however they do tend to invest in students who are concentrating on certain subjects – such as STEM subject areas – that Lendwise feels have potential to give their investors a return on their investments. Applications are made online and a decision is made quickly so you don't have to wait very long to see what they will offer you.
Government student loans
Many state and national governments offer loans to postgraduate students. For example, the Australian Government funds the tuition fees for all home postgraduate students completing their first masters level course, and this is the case for most government-sponsored student loan programs around the world. In the UK, the Scottish and Northern Irish Governments only offer student loans to masters level students, but the English and Welsh Governments also offer loans to PhD students as well. In the US students have many options for student loans, including those from the Federal- and State-level governments and they offer loans up to the PhD level. For local residents who are studying in their home countries, government-backed loans are often the first place that students look for funding. International students may find that they do not qualify for government loans in the country they are studying in.
Scholarships & bursaries
Depending on who you are, where you are studying and what you are studying, you may find some excellent bursaries and scholarships that you are eligible to apply for. Often universities have bursaries specifically for students from a particular country or region. Or maybe they have just launched a new postgraduate program and are keen to encourage students in a particular field. Make sure you do some research around your area of interest, in case there are some scholarship or bursary opportunities tailor-made for you. And don’t forget that whatever you are studying and wherever you are from, once you have been offered a place on a postgraduate program anywhere in the world you are eligible to apply for one of our Postgrad Solutions Study Bursaries worth £500 towards your tuition fees – find out more.
In a perfect world, a student would be able to work a little or have saved up the money before they start their postgraduate study. Alternatively, postgraduate students might find that their parents or another kindly relative or friend may offer some funding. There are plenty of scholarships, bursaries and grants available for postgraduate students. These take time to apply for, so if you have your study plans set in advance you can spend some time arranging your funding.
As a postgraduate student it is really important to budget carefully and work out how much money you need to complete your postgraduate studies with the minimal amount of stress. However, things don’t always work out as predicted, and if an unexpected expense comes up here are the top five ways that students in the UK found emergency funding according to Save The Student.
Disclaimer: Prodigy Finance and Lendwise are two of many potential funding options for postgraduate students. Other student funding options are available; research all your options thoroughly before making a commitment. Please be aware that Postgrad Solutions Ltd receives a commission from both parties for any successful loan applications taken out by Postgrad.com and LLMstudy.com users. Postgrad Solutions accepts no responsibility for your choice of loan and does not endorse or support Prodigy Finance or Lendwise. Prodigy Finance Ltd is authorised and regulated by the Financial Conduct Authority, and entered on the Financial Services Register under firm registration number 612713. Lendwise Ltd is authorised and regulated by the Financial Conduct Authority under firm registration number 782496.
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