Posted Nov. 8, 2021
If you are looking to become a postgraduate student, but concerned about the costs, try not to worry as there are plenty of places to go to for financial help.
There are scholarships and grants available for students of all financial backgrounds to help fund your masters degree, and this blog post provides information on some of the most common funding opportunities that exist for those in need of some funding assistance.
Postgraduate students often struggle with the question of how to fund their studies. There are many ways to get financial support, including government grants and student loans. Some universities offer scholarships for high achievers who have graduated from a bachelors program at that institution. Alternatively, it may be possible to agree with a company where you work part time for them in return for their financial support.
Here are some ways to fund your postgraduate program.
1. Private loans from Prodigy and Lendwise
Prodigy Finance and Lendwise are student loan providers that offer loans to students in need financial help for their postgraduate studies. Applying for loans from these private lenders as a postgraduate student can be a good alternative to traditional bank loans, which require good credit history and a verifiable source of income, as they specifically aimed at students. The private loan companies assess your base requirements, meaning you don’t have to provide lots of the tricker information and paperwork, and in many cases there is no need for a co-signer or collateral. Always make sure you are aware of the repayment terms and investigate other options before signing on the dotted line.
2. Bank loans
Many banks offer loans for students. Some of these will require a student to have graduated from a UK university or college, while others are open to international students as well. In some cases, you may need a letter of acceptance from the institution where you plan to pursue your postgraduate degree before being eligible for a bank loan. To be eligible for a bank loan you will need a good credit history.
3. UK Government funding
The UK government offers masters loans to students from the home nations – and these are quite different to the undergraduate loans. There are different amounts available and different repayment terms, depending on whether you are from England, Scotland, Wales or Northern Ireland – read this article to see how much you qualify and to get more information on how to apply.
4. Scholarships and bursaries
There are many types of scholarships available for students who are unable to afford expensive tertiary education. Money can be awarded from universities – such as the University of Cambridge – based on merit, academics, financial need, or many other reasons. Some bursaries exist for specific sectors or fields of study. Take some time to do some research on the internet and read up about your field of interest, and you could be surprised to find that there are funds available to you. Don’t forget you can also apply for one of our Postgrad Solutions Study Bursaries worth £500 towards your tuition fees as soon as you have been accepted onto a postgraduate program.
5. Part-time working while studying
Many students choose to work part time while studying. This is an excellent source of income and also has the benefit of allowing the student to get valuable work experience before entering their field of interest. It can be hard balancing work and study, but it is possible, especially if the working hours are flexible. Many companies offer internship opportunities for students, these include temporary positions where students work at trade shows, marketing companies, and many other organisations.
6. Affordable online courses
Many online courses can be used to pursue advanced studies. However, they are not only for the internet savvy students who prefer reading textbooks on their laptops. Many universities are now offering MOOCs – Massive Open Online Courses – covering various niche and not-so-niche topics such as agriculture, accounting, business, and more. These courses are often available at a fraction of the cost of an on-campus course – and in some cases are even free. In many cases studying a full masters degree or PhD online can also come at a more reasonable cost than studying on campus, so it is worth investigating this option.
7. Company sponsorship
Some companies offer scholarships or may be willing to cover the cost of your studies if you enter an agreement with them. For example, they could agree to pay for a percentage of your tuition fees in exchange for some form of service, such as working for them after graduation. This is a great opportunity and provides students access to better education while also receiving some income.
There are many options that you can consider to help pay for your postgraduate studies. Whilst many of these will require you to have a good credit history, there are still options available for those struggling to meet the criteria required by financial institutions. There is also funding available from governments and other organisations that can help students achieve their goals. Education has always been a valuable asset and many companies do recognise this – so research your options thoroughly and try not be put off by the initially daunting costs.
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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