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Will My Postgraduate Loan Be Enough

Will My Postgraduate Loan Be Enough?

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Will My Postgraduate Loan Be Enough?

Government loans for postgraduate study differ across the four countries of the UK, but one thing true of all of them is that they aren’t usually enough to fund your studies on their own.

To help you calculate the amount of money you might need to find from elsewhere, we’ll detail some of the costs involved in doing a master’s degree, and the funding options available to you:

Postgraduate study costs

Tuition fees

Whether or not a government postgraduate loan will cover your tuition fees will depend on what degree you do, and what university you attend.

In England, for example, you can get up to £11,222 from the government Master’s Loan, while the average price of the postgraduate course tends to come between £10,000 and £12,000.

The cost of an MBA can be even higher2, with fees being anywhere upwards of £16,000 to an eye-watering £88,000 at the most prestigious institutions.

Your rent

This will vary a lot according to where you decide to study.

The cheapest university city for renting in England is Hull, according to the NatWest Student Living Index 2019, with students there sending their landlord an average of £403.04 a month.

The most expensive properties meanwhile can be found in Greater London, where the median monthly payment is a much higher £700.

If you’re yet to sort accommodation, you should look at the range of rent prices that you can find through university accommodation or student lettings websites.

Your living costs

‘Living costs’ include your spending on utility bills, council tax (if you’re a part-time student), broadband, food, entertainment and transport.

Often university websites have a page where they list figures relevant to their area, like this one provided by this one provided by Goldsmiths University4 in London.

Tailor these numbers to your own spending habits, and from this, you should have a pretty good estimate of your living costs.

Any additional study costs

If you’re doing a course that requires lots of travel, or specialist hardware or software, don’t forget to note how much this could be, too.

Postgraduate study funding options

Scholarships

Scholarships are funding packages that help pay your fees and living costs. These are commonly structured either as performance-based scholarships. They are awarded according to past academic or personal achievement, or need-based scholarships, therefore will typically be means-tested according to your financial situation.

The best place to begin looking for these is through your university. With competitive spaces, it’s best to try to start applying at least half a year before you start.5

Charitable grants

Some charities offer funding to postgrads of particular socio-economic backgrounds, or to those studying a subject relevant to their 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.

Employer sponsorships

It’s worth asking your employer whether they’d be willing to contribute towards your fees. It’s worth noting down all the skills and knowledge the course teaches that can be beneficial to your company. This has the potential to be a very shrewd investment for a boss who values their employees!

A student job

Whether in a part-time or full-time studying capacity, being employed doesn’t have to be a distraction. Truthfully, it can be very helpful. If you’re looking for ideas on how to earn and learn, check out our list of the top five best part-time jobs for students.

Private student loans

There’s also the option of taking out a private student loan before or during your course. We have put together a short guide to understanding private student loans.

Some of the private student loans that Lendwise offers include:

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)

Endnotes

1.  The Scholarship Hub. 2020. How Much Does A Masters Degree Cost In The UK? – The Scholarship Hub.

2.  Thecompleteuniversityguide.co.uk. 2020. How Will Studying For An MBA Benefit You?.

3.   UCAS. 2020. Postgraduate Loans.

4.  Goldsmiths, University of London. 2020. Study Costs.

5.  Complete University Guide. 2020. University Bursaries And Scholarships.

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