Postgraduate Study: Funding Options In The UK
The cost of postgraduate study has been rising steadily over the past 10 to 20 years. According to UCAS, the average postgraduate tuition fee in the UK is £11,000. With living costs to take into account too, studying for a Master’s or doctorate is a big financial commitment.
The good news is you don’t have to be rich to become a postgraduate student, or at least, not anymore!
Postgraduate Master’s Loan
In 2016, the government introduced the Postgraduate Master’s Loan which has helped thousands of students pursue their academic aspirations. The amount you may be eligible for varies across the UK. As explained in a previous blog, if you live in Scotland, Wales, or Northern Ireland.
In England, students are currently eligible to borrow up to £11,570 [1]. This means if your tuition fees and maintenance expenses are less than this, you won’t have to spend your own money. This is because the loan is paid in directly into your bank account at the start of every term.
So, for example, if you are studying for a one-year master’s it will be paid in three instalments. For two-year courses, it will be divided into six equal payments.
Postgraduate Doctoral Loan
Meanwhile, there is also funding available from Student Finance England if you’re starting a full postgraduate Doctoral degree. With a Postgraduate Doctoral Loan, you could get up to £27,265 [2]. If your course started after 1 August 2020, however again there are differences for different parts of the UK.
The loan payments are spread out across all the academic years of the course, so if it’s four years you will receive three equal payments every year as long as it is not more than £11,570 [3] in any one year.
Grants, bursaries and sponsorship
There are also so grants and bursaries available. These are often reserved for students from poorer backgrounds, for those who have achieved academic excellence, or for applicants to courses relevant to a charitable cause. The Grants Register (available at local and academic libraries) and the Alternative Guide to Postgraduate Funding are two annual publications that list details of these.
If you’re keen on postgraduate study as a full-time employee, it’s worth speaking to your employer about fees. They may be willing to cover either the full or part of the fee. This could come as a loan, gift, or a clause. Although, it’s also noted you may have to repay the contributions if you do not re-join after completing the course.
If you work in a profession where it’s a natural next step in your professional development, then there is a clear benefit from investing in your education.
Private loans
Despite the introduction of the Postgraduate Master’s Loan and the provision of other government funding, there remains a significant ‘gap’ for many people to bridge when it comes to the cost of postgraduate study. The consequence of this is that ambitious individuals who have the desire to study further are unable to enrol. Thus making it impossible to achieve the positive outcomes of salary enhancement and career progression from the degree.
This is why at Lendwise, we are very proud to cater specifically for this audience with our affordable and flexible student loans.
If you would like to understand more about private student loans by Lendwise you can find out more here.
Representative Example: Assumed borrowing of £30,825 over 120 months at 12.73% APR representative. Monthly cost of £509.26. Total amount repayable of £61,199.65. Interest rate of 11.62% p.a.(fixed) and total fees of £925.00. Available for loan amounts between £5,000 – £100,000.
(Representative Example date: October 2024)
[1] For courses starting on or after 1 August 2021
[2] For courses starting on or after 1 August 2021
[3] Limit for courses starting on or after 1 August 2021