Masters funding from scholarships, grants, bursaries, loans and more
If you are a student from the UK there are different potential sources of Masters funding available that you could be eligible for.
Postgraduate Loan scheme
Postgraduate students are now able to apply for a loan from the government, allowing you to borrow up to £11,570 for your Masters programme. The loan scheme is available for all subjects and for full, part-time and distance learning. The loans will be open to UK nationals. If your course is 2, 3 or 4 years, the payments will be spread equally across each year of your course.
The repayment terms of these loans differ from the undergraduate loans in that you will repay 6% of your income over £25,000 on graduation (undergraduate loans are repaid at 9% of your income over £25,000). Interest will be charged at RPI +3%. Repayments will be made concurrently with any undergraduate loan you have which means that if you have both and are earning over £25,000 you will be repaying 15% of your income.
For example, if you earn £26,000 and you have an undergraduate and postgraduate loan, you will pay 15% of £1,000 or £150 a year. If you earn £30,000 you will pay 15% of £5,000, which makes an annual repayment of £750. Divide these figures by 12 and you will get the amount you will have to pay back each month.
Alumni Discounts & Scholarships
Whilst doing your research about where to study, it is worth noting that many universities offer incentives to their undergraduates to return to study at postgraduate level. Discounts vary from 10% of tuition fees up to 50% or even full tuition fees at some universities. You will also find some offering similar offers if your parents are graduates of the university, so worth checking out those you have a connection with.
Scholarships and Bursaries
There are also many scholarships and bursaries available which offer money towards your Masters funding, which does not have to be paid back. You can search for relevant scholarships and bursaries on the funding hub.
Different types of scholarships available include:
• Scholarships offered by your university: these can either be related to the subject you wish to study, for personal or financial reasons. Sports and music scholarships are also generally open to postgraduates as well.
• General scholarships open to all students: there are scholarships which are not tied to a specific university or subject and often require an essay submission by way of an application. Whilst they are not offered specifically to fund a Masters, why not apply for them and see if you can get some additional financial support? To find these, enter “Open to any subject” and “Open to any University” as your search criteria.
Grants from charities and trusts
There are literally thousands of smaller charities and trusts in the UK which offer grants either for educational or welfare purposes. Each one will have its own specific criteria and you will need to identify those for which you might be eligible.
Easyfunding
Easyfundraising allows students to raise funds for their studies at both undergraduate and postgraduate levels without charging their supporters a penny.
Retailers make free donations to support your education every time one of your supporters – family and friends – shops online via easyfunding. This scheme can save towards your university expenses, help relieve some of the costs while you are there, or pay towards your loans once you’ve finished. Find out more and sign up here.
Crowdfunding
Crowdfunding is a way of raising money online by setting up a fundraising page and asking people to donate to your education. You will need a compelling reason for people to support you, but many students have been successful in raising significant amounts for their studies.
Find out more about crowdfunding here.
Sponsorship from your employer
If you are already in employment and fancy doing a Master’s degree that will enhance your career, don’t be afraid to ask your employer to support your studies. Many companies have funds for employee development, and as long as the course is relevant to your job, you might be in with a chance.
Additional grants from the government
There are many grants still available to students at both undergraduate and postgraduate levels for specific needs such as a disability or if you have dependents. Ensure you know what is available if you are eligible for anything specific.
