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Talk to other parents whose children are preparing for university on our Higher Education forum.

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Talk to other parents whose children are preparing for university on our Higher Education forum.

Higher education

Funding for masters degree?

32 replies

FruitCider · 28/04/2017 20:35

Hello, I've found a masters that is really relevant to my field of study, is delivered online, and can be done over 3 years. However it costs around £25000 for 180 credits! I know there is a postgraduate loan available for £10k but that will barely scratch the surface and I don't have a spare £15'000. Has anyone got experience of applying for educational grants? If so can they talk me through the process?

OP posts:

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Becca19962014 · 28/04/2017 22:50

The postgraduate loan is for England students, it isn't uk wide and it's based on where you live not where you are studying - just so you don't get caught out by that loophole!

Depending on the institution you may be eligible for a loan with them. Have you heard of prospects.ac.uk ? they have a good funding sedition. It's difficult to get funding though. The assumption is usually that you fund by the salary from working if doing a distance learning course.

FruitCider · 29/04/2017 00:28

It's actually an international programme ran by universities in 3 different countries as distance learning but I'm uk based. I just can't afford £5/£8k a year dependant on PG loan,

OP posts:

LRDtheFeministDragon · 29/04/2017 22:39

Any idea why it costs so much? That seems a lot to me and would worry me. Is that what they estimate it'd cost you to do the course and pay living expenses meantime? The way you put it in the OP - 25k for 180 credits (whatever credits are in this context) - makes it sound as if the 25k might be the fee just for the course - but surely not?

Leatherboundanddown · 29/04/2017 22:47

I do have experience of this so may have advice how you can get some of the money but 25k is HUGE. Are you female? Where do you live? How old are you?

LRDtheFeministDragon · 29/04/2017 22:49

What on earth does being female have to do with it?

Becca19962014 · 29/04/2017 22:55

I assumed it was a professional masters hence being so expensive. Though that was assumption based on cost - I've no idea. OP
it sounds like you need to look into how others have funded the course, and, look at what others think of the course as well.

The postgrad loan isn't as simple as it sounds so be careful about that just in case the course, or you don't qualify.

Becca19962014 · 29/04/2017 22:57

X-post

Being female could mean there are grants available for some courses e.g. There were some postgrad grants available for the professional engineering course I taught for women, simply as an incentive to try and get more women to apply.

There are very small grants for all kinds of reasons, including if female (as odd as that might sound).

RJnomore1 · 29/04/2017 23:01

Is it an MBA?

LRDtheFeministDragon · 29/04/2017 23:08

Oh, I'm sorry!

That was stupid of me - I hadn't thought it could be that and read the question wrongly.

Becca19962014 · 29/04/2017 23:10

Don't worry, it's likely something others will misunderstand too that's why I explained.

theresamustgo · 29/04/2017 23:19

What on earth is it at that cost? Online too??!

Becca19962014 · 29/04/2017 23:23

MBAs online are easily that, some can be more.

There are other professional masters which are very expensive as well.

RJnomore1 · 29/04/2017 23:36

That's what puts me off an mba.

Leatherboundanddown · 30/04/2017 07:50

Because there are certain grants and fund that only women can apply to LRD, gosh.

FruitCider · 30/04/2017 09:54

I am female yes.

It's the International Programme in Addiction Studies, ran by Kings College London, University of Adelaide and Virginia Commonwealth University. The fees alone are $32400. This is because it is internationally recognised as the best masters degree in my field.

www.kcl.ac.uk/study/postgraduate/taught-courses/international-programme-in-addiction-studies-msc.aspx

OP posts:

FruitCider · 30/04/2017 09:55

Oh, I live in the UK, I'm in my 30s.

OP posts:

titchy · 30/04/2017 10:01

I'd imagine most students on that programme would be employer sponsored - is that an option?

GreyVelvet · 30/04/2017 10:01

Have you had a look here www.kcl.ac.uk/study/postgraduate/fees-and-funding/student-funding/index.aspx for the scholarship / funding opportunities? Some may not be relevant but you might fit the criteria for one?

FruitCider · 30/04/2017 10:08

Employment funding is not an option - I might be switching jobs soon anyway.

There is one grant for 50% fees that I can apply for, but I'm not sure that I would get it.

I think I need to wait until next year and think about funding properly!

OP posts:

Becca19962014 · 30/04/2017 11:03

You can't use a postgrad loan unfortunately as you're a student of all three universities and the other two aren't in the uk - that's also why fees are so high because you're paying each institution, you're not allowed to study it over three years either only two maximum for the loan.

I'd definitely wait and look into funding.

Leatherboundanddown · 30/04/2017 11:07

Are you under 35? Living in England, which area? Are you currently in employment?

As far as I know you can only borrow the 10k in one go for a full time masters so if part time over 3 yrs you will be able to borrow a little bit per year towards it but it depends on when your course fees are due. When I did an Msc last year I had to pay the whole lot in one go at the start, no installments, which was a pain.

Becca19962014 · 30/04/2017 11:14

You can't get the loan for more than two years for part time or distance learning.

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pownall · 30/04/2017 11:14

You can get a career development loan (through banks) for up to £10k. If you are able to access the SLC postgrad loan with it that will bring it up to £20k. But it looks like you wouldn't be able to get the SLC loan anyway. You might be able to get a graduate loan for the full cost - APR as an example is 3.3% at HSBC which is actually lower than the new student loan interest rates.

I got MSc funding via educational grants many years ago from a charity - I trawled through the educational grants directory and wrote off to lots of charities where I fit the criteria. I managed to get the bulk of funding from one charity where I met several different criteria - being female, ethnic minority, a single parent and from a disadvantaged background. I expect it's more difficult to get grant funding these days as the information is more easily accessible so they get far more applicants.

pownall · 30/04/2017 11:20

Becca you can get a postgrad student loan for courses up to 4 years, but the loan will only be paid over two years. So you'll have received the £10k by the end of the second year.

But I think the issue with the OP's course is that applications are dealt with by VCU so it might not be counted as being provided by a UK university.

Becca19962014 · 30/04/2017 12:02

pownall thanks for that. I'd misunderstood!

I had a CDL once for a full time masters. The two month payment holiday began when lectures stopped and I needed to start repaying eight weeks later, it could be deferred but only for a couple of months more then must be repaid - there was no learning threshold so even if unemployed must repay and it was set at 60 repayments. It was a nightmare. Though it might be different now - check the terms and conditions carefully! I thought end of course was the course end date but it wasn't, it's end of teaching.

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