31st August 2017
How to get funding for your Master’s Degree
Autumn time is a key period for students of all ages across the United Kingdom. From GCSE students learning if they have achieved the required grades to do their chosen A-levels to Bachelor’s students looking push on and either enter the world of work or maybe study for a Master’s; this will be a stressful time for young people and some mature students. That transition from Bachelor’s to Master’s is perhaps one of the toughest as many students will not only be anxiously awaiting their results, but they will also be looking at the financial implications of such a decision to see if it is indeed viable for them, or not.
That transition from Bachelor’s to Master’s is perhaps one of the toughest as many students will not only be anxiously awaiting their results, but they will also be looking at the financial implications of such a decision to see if it is indeed viable for them, or not.
Many career paths require or are strongly boosted by the successful negotiation of a Master’s Degree, really making this decision all the more integral to the future of thousands of students. So, just what are these financial implications and how easy is it to get the funding you need to continue your studies and achieve the degree you desire?
In our latest instalment of the Almero Student Mansions blog, we take a look at the options available to you in terms of postgraduate funding, and master’s scholarships.
What Postgraduate Funding Is Available?
When looking for funding for master’s degrees across the UK, a lot has changed in recent years and it is well worth taking a look at official sources such as the UCAS site on a regular basis to see what the latest state of play is, and when such a time comes as you have to make the big decision.
However, as of this year, one can look to get a government backed loan worth up to £10,280 from the current academic year. This will help you to pay the tuition fees at the university you choose to study you master’s with and also help towards your rent and other living costs.
As with any other degree course, the likelihood is that you will have to supplement any money borrowed with a part time job or perhaps help from your family, but this funding is available for your postgraduate activities.
Pretty much all of the recognised postgraduate courses are covered and eligible for funding, but we have added an at a glance list of all the courses we could find that offer such funding options for your perusal.
Eligible Masters qualifications include (but could be subject to change):
- LLM (Master of Laws)
- MA (Master of Arts)
- MEd (Master of Education)
- MFA (Master of Fine Art)
- MLitt (Master of Letters)
- MMus (Master of Music)
- MPhil (Master of Philosophy), unless it leads directly to a PhD
- MRes (Master of Research), unless it leads directly to a PhD
- MSc (Master of Science)
- MSt (Master of Studies)
What About Scholarships for Graduate Students
If adding to mounting debt is just too scary an option for you but you are determined to bolster your qualification, then another option is to gain on of the selected masters scholarships that are available around the UK. Although this has traditionally been more of an American concept, this is a viable option should you be able to find a scheme or employer willing to invest in your degree and therefore career.
This means, you won’t really require funding for your masters as such but will need to impress whoever will be funding your degree suitably.
The sites linked above really go into a great amount of detail about this option and it could be that your sector lends itself well to such a choice, and not only could this enhance your CV and give you an added edge over your competition, it could dramatically reduce the amount of debt you find yourself in come the end of your studies.
Which Postgraduate Funding Option Should I Choose?
Like many topics we discuss here at the Almero Student Mansions blog, this is a decision that will vary a great deal from student to student and course to course; and each situation should really be judged on its merits.
The first decision you need to make is whether or not you really need a Master’s degree to succeed in your chosen industry. It could be that you already have all the practical skills you need and the best bet is to just get out there and gain some experience. In other sectors, this will simply not be the case at all.
Once you have made the all-important decision, you will need to weigh up the numbers and decide whether government funding is the best idea, or going for a scholarship. Both are excellent options and your careers advisors, lecturers and family will be able to guide you in the right direction.
Above are your funding options and the Almero team wish you all the very best when making this crucial decision for your academic career.