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Funding for a Masters

(10 Posts)
MANATEEequineOHARA Sat 30-May-09 11:39:23

How does it work? Can you get any loans/grants etc? How do people do it!?

I am starting to think that is really what I want to do when I finish my BA. I have tried to look around on the internet but there is nothing that reassures me it will be financially possible. I would consider part time, would maybe even prefer part time, but really want to know how it works so I can plan how I want my life to go for the next few years! Any advice appreciated!

sunnylabsmum Sat 30-May-09 16:48:55

did mine part time and funded it myself and then did a doctorate the same way. You may find that some professions will sponsor you if its linked to something business but if not then self funding seems to be the norm

MANATEEequineOHARA Sat 30-May-09 17:53:09

Arse! Self funding simply wont work for me, I am single and have no means to live without student loans and grants, well, I have a part time job that does not pay much, and get tax credits, but if I was not getting my student income I would have to work more hours just to afford to live, and would still not be able to afford to be a student, or have any time left anyway

Molesworth Sun 31-May-09 22:37:22

I think you can get 1+3 funding to do a Masters then PhD, but assume places are limited and the competition is hot. What are you studying?

clemette Sun 31-May-09 22:39:39

Most banks offer professional / career development loans but the interest isn't always great.
I looked at Lloyds this week - they will lend £10k at 11.9 APR.
this might help

clemette Sun 31-May-09 22:40:37

If it reassures you though, I did both my masters and my doctorate part-time whilst working full time.

thumbwitch Sun 31-May-09 22:49:21

I got a post-graduate loan from HSBC (admittedly 10 years ago now) that was charging interest at around 6.5%, with no repayment for the first year.

Have a look at this article for more info - it's a couple of years out of date but is a good starting point.

here is the HSBC info - offering a rate of 8.9% now.

madwomanintheattic Mon 01-Jun-09 13:08:56

you can apply for Career Development Loan, but they are quite tricky - barclays blew me off for a really bizarre reason, so i self funded part time whilst working for the first year, then quit work.
if it helps, i still owe uni £1200 for my third instalment and it's overdue...

a 1+3 would be a good way to go if you think you will get a first and stand a good chance in the application melee (and want to commit to that long)... i wish i had known before really. not that it would have been an option here, but it's a nice thought...

lynniep Mon 01-Jun-09 13:14:08

I thought that some universities offered a certain amount of funded masters. But this may have changed since I went (to Aston) and may depend on the type of masters (I did IT). I didnt manage to get one myself, but I think there were 8 places funded.

I took out a career development loan, which was pretty horrendous. I wish I'd have asked my dad to take out a loan for me as the interest rate would have been far lower. To be honest it never occured to me to ask him and I'm not sure if he could have afforded to make the repayments anyway whilst I did the degree as there would have been no delay on it. I could maybe have done it part time and paid him back that way. I have a lovely dad though who would have gladly helped me out (again - if it had occured to me to ask!)

I basically took out 8k loan with Barclays and paid them back 4k on top.

MANATEEequineOHARA Mon 01-Jun-09 16:30:05

Thanks, that is all really helpful. My uni has ONE fully funded place for a 1+3! It does sound like a good route, but I am on course for a 2.1 rather than a first so have to really count that out. Shame though.

I am starting to think part time and self fund will be the way to go. (Dependent on getting a decent enough job to self fund!) The geography department at Exeter Uni (where I am) offers a 25% discount on taught masters for students within the department getting a 2.1 at undergraduate, which would be helpful.

CDLs sound sort of hellish! But I have bad credit rating so probably would not get one anyway.

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