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How To Fund Your Online Postgraduate Program

Online fundingFunding postgraduate online studies isn’t easy, and depending on where you are based and where your online postgraduate course is based will impact on your funding options. A little bit of careful financial planning will help you concentrate on your postgraduate online program rather than worry about money.

Government funding

The types of funding options available to postgraduate students will vary depending on the country they are living in and studying in. Many countries offer government-backed loans or even grants to online postgraduate students and some offer special loans for certain subjects such as teaching. However, you will probably find that your government is only going to fund online studies at universities that are also based in the same country as you, for example the UK Government only offers postgraduate loans for students attending online universities that are based in the UK. For US postgraduate students it is interesting to note that each state offers slightly different government funding options, for example New York State has both federal and state level loans. The Australian Government offers student funding for online postgraduate courses in Australia as well. If you are studying an online course from a university in another country, then you are probably going to have to find another funding source.


Private loans

Private postgraduate loans are a popular way of funding online studies and this is the way many postgraduate students fund their studies for on-campus courses as well. Postgraduate studies should be viewed as an investment in your career, so you are borrowing against your future potential salary. Networking with other professionals and doing a little research will allow you to find out what your potential salary might be before you complete the course – and some private loans companies offer loans with payment schemes based on potential earnings. 

Working & studying

The big advantage of online postgraduate study is that you can complete your studies part time at your own pace and to this end many postgraduate students combine this with full-time work. This will mean that you might be able to pay for your tuition fees and course costs as you go along without having to borrow money. Working in a field related to your studying with also give you an amazing source of information to draw on during your studies.

Personal savings

In an ideal world you won't have to borrow any money nor have your monthly budget interrupted by paying for tuition fees, as you will have saved the money in advance of your postgraduate studies. Planning your studies will make it easier to save for and you can get a good idea of what your tuition fees may be in advance. But remember that tuition fees can often go up a little every year, so plan accordingly.

Scholarships & bursaries

Check when you apply if there are any scholarships and bursaries available to help you fund your PG studies, and keep looking throughout your studies in case any new opportunities crop up whilst you are studying. Most online universities will advertise scholarships and bursaries just as on-campus ones do. There are websites devoted to searching for scholarships, so sign up for a few of these and see if you can get some funding while your study. Once you have been accepted on an online postgraduate program you will be eligible for a Postgrad Solutions Study Bursary worth £500.

Speak to your employer

This is a great option if you are studying for career advancement, have a chat with your employer and see if they are interested in helping with your funding. You'll find any financial support offered by your employer will probably come with you agreeing to work for a few years for them, but you might also get an agreed salary increase when you have completed your course.

Consequences of not sorting out your funding

Spending time on getting your finances sorted before you start your course will pay dividends, as you will be able to fully concentrate on what you are studying. This table shows the results of a survey of students in the UK who ran out of funds whilst studying, and the areas of their lives that were impacted by this lack of funding.

Funding crisis


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