Postgraduate Finances Explained

Many universities have a number of scholarships or bursaries available for postgraduate applicants. These awards can vary in amount and most universities will have a range of awards available. Some may be set one-off payment amounts, like £1,000. Sometimes, others could cover the cost of your tuition fees, while a few will be large enough to cover both your tuition fees and some of your living costs. These awards are often limited in number, so make sure you give time and consideration to your application, and that many scholarships may have an early application deadline.

Scholarships are usually either application based or awarded based on academic excellence, although some may also specify other criteria such as working for a specific company after you graduate or taking on extra responsibilities at the university while you study. These are often competitive to apply for.

Bursaries are lump sums or annual funds available to any student who qualifies. There are a variety of qualifying measures, so look to see if you are eligible for any.

If applying for a scholarship or bursary, please read any criteria carefully to make sure you are a suitable candidate. You may need a specific degree, come from a certain region or country, or belong to a minority group. Others will be open to all applicants. And make sure you fully understand what funding you are applying for, and which one you would most like to take. 

Where do I look?

• Check the university’s webpages of the course you’re interested in, as they may have information on there about relevant scholarships, bursaries or funding from the university.

• If you are studying your undergraduate degree still, talk to your current teaching staff. They might have information about relevant funding, or be able to talk about how previous students have funded their studies.

• Check for alumni discounts with your current/previous university. Many offer a discount for alumni – UEA offer a 10% reduction in tuition fees scholarship to any UEA alumni applying for and attending postgraduate study back at UEA, and those who have just graduated with a 1st class degree could get a 50% tuition fee reduction, if they continue onto their course within 6 months of graduating!

• Contact the department you want to study with and ask what funding is available for your chosen course. Not only does it show your seriousness in your application, but they may also know about lesser-known funding options.

• Consider funding from charities and trusts.

Remember:

• Apply as early as you can.

• Most schemes will have specific deadlines, so check them carefully.

• Check carefully the terms of the scholarship, such as how you need to apply and at what point during the stage of your Master’s application you need to apply for the scholarship.

• The spring term is peak time for applications (January-April of the academic year before the course starts), but some will be available outside of this timeframe.

• Do not underestimate how long the application will take. Get organised early – sort academic references, write your statement, get copies of degree certificates, do your research, and gather all the forms and details.

• It’s a competitive environment, so double-check your applications and get them as perfect as you can. It’s worth applying for a few different ones to increase your chances.

• You can only be awarded one scholarship. If you apply for more than one award you will be granted the scholarship of higher value.

Postgraduate Master’s Loan

If you’re starting a Master’s degree, you could get a Postgraduate Master’s Loan to help with course fees and living costs, if you meet eligibility requirements. You can get up to £11,836 if your course starts on or after 1 August 2022. You will repay this loan alongside any undergraduate loan you have.

• The postgraduate loan will be repaid based on your income at a rate of 6% of earnings over £21,000

• Repayments will usually start in the April after you graduate

• Any unpaid debt will be cancelled after 30 years.

Please check all eligibility requirements carefully. In particular to note ‘nationality and residency status’. You can apply for the Postgraduate Master’s Loan if all of the following are true:

• you’re a UK national, or have EU settled status or indefinite leave to remain, so there are no restrictions on how long you can stay

• you normally live in England, and did not move there just to study

• you’ve been living in the UK, the Channel Islands or the Isle of Man for 3 years before starting your course

Charities and trusts sometimes provide repayable and non-repayable grants, often for students with financial difficulties or those who’ve achieved academic excellence. You can find out more information online Prospects: Funding from charities and trusts, or visit The Alternative Guide to Postgraduate Funding.

Alternatively, there are a number of offline publications that might be able to help – check out a local library to find them:

• the Educational Grants Directory

• the Charities Digest

• the Grants Register

• the Directory of Grant Making Trusts

Professional organisations, charities and other bodies also offer funding to people who are studying certain courses in certain subject areas. One useful website with a search facility that fits this criteria is Charity Choice UK.

Self-funding is also a viable option, and one students on taught Master’s courses may consider. There are a number of ways you could fund yourself rather than applying for grants or support:

• save up prior to starting the course

• gain a loan or gift from family

• work a small number of hours during your study

• study part-time and work part-time or full-time hours while you study

• if you are an international student, you can work part-time during your study – however you cannot use proposed part-time work as proof of funds for visa purposes. If you’re on a Student Visa you’re permitted to work up to 20 hours per week during term time and 40 hours outside of term time.

If you want to self-fund your course, you need to consider all your options. Make sure you know roughly how much you would need for living costs and tuition fees each year. Also take into account the location you choose to study and live, and your family circumstances.

You will also need to look into any restrictions the university has on working hours. And make sure you’re prepared to be able to work and study, and how they will affect each other. If working to support your studies is your chosen route, it is worth considering whether you study full or part-time.

If you are currently working and want to do postgraduate study in an area connected to your work, which will benefit your professional development, then your employer may help to fund your studies. Talk to the relevant people at your workplace and see if they can help you, and if they can, find out how to apply directly with them.

Certain study areas such as teacher training, social work, and medical and healthcare courses, may have specific funding and bursary options. Look into what support you could get if you want to apply to any of these courses. For example, you can apply for funding:

• for Initial Teacher Training (including PGCE) with a variety of UK government training bursaries, scholarships and loans

• for social work courses with a social work bursary

• for some medical or healthcare courses with an NHS bursary

Please check all eligibility requirements carefully. In particular to note ‘nationality and residency status’. You can apply for the Postgraduate Master’s Loan if all of the following are true:

• you’re a UK national, or have EU settled status or indefinite leave to remain, so there are no restrictions on how long you can stay
• you normally live in England, and did not move there just to study
• you’ve been living in the UK, the Channel Islands or the Isle of Man for 3 years before starting your course

There are other ways you could also get support or funding for your studies. For example, you might be able to:

• get help from an individual – sometimes people donate awards that are offered via the university

• apply for a Disabled Students’ Allowance for support to cover the study-related costs you have because of a disability.

• look into crowdfunding your study – it’s becoming a more popular option.