Completely unaffordable to do a masters

[sergeantmajor]

DS wants to become an economist. It seems he would need a masters (which he'd love to do) to pursue this line of work. He is in his final year of his Economics BSc, doing very well. I just can't believe that tuition fees alone are c.£25k for one year, while the government loan is c.£11k. He seems to be priced out before he's even begun.

There don't appear to be any scholarships for a masters in this subject. We saw one job ad that mentioned sponsoring their trainees for a masters which would be a dream come true, but only one.

He has some savings from bar work but this doesn't come close to enough. Our own income has taken a massive hit this year, so we can't close the gap.

Is there something that I'm missing???

As someone who also worked in the public sector I know others worked harder in the city! It’s not that the DS has not worked at university but he didn’t want the pace of a city job. I see many who work silly hours, especially silly for American companies. It’s brutal.

I didn't work at all hard in the City (merchant bank/ Magic Circle).

I probably should have done, in retrospect.

It seems to be a bit more brutal these days as you say TizerorFizz.

I can't for the life of me see why people need to get uptight about which is 'better', Oxford or Imperial.

Agree. They are at best proxy measures, at worst extortion rackets run by private organisations preying on universities' insecurities and student indecision.

I get confused about whether you are a banker, lawyer or engineer. Now it appears you work in the public sector.

People choose careers for different reasons. For money, job satisfaction, to make a difference. I have known plenty of people in the public sector, in my case in central government but also those in research or academia, who work very hard indeed. The salary was not great compared with banking, but the job satisfaction made it worthwhile. I would struggle to agree to such a broad generalisation. And odd that someone would undertake ten years of study to avoid working too hard.

Hi @TizerorFizz no, nothing like. About half that, but she was able to live at home so didn't have cost of living expenses on top of cost of course.

@TeaPleaseNoLemon to an extent you're right. But for DD2's particular subject, Oxford is ranked 2 in the world and where DD2 studied is ranked 4 (1st and 3rd places are taken by American universities). So for DD2's Masters her alma mater is more highly thought of than the equivalent course at Cambridge or any other British university.

@thing47
I think what you, as a person, brings to a job is vital. It’s not all about university in the end. Who you are means something eventually.

My PhD fees are about 4.5k a year.

It is unfair, actually. The name on your degree matters. When you charge these eye-wateringly high fees and don't fund students, you increase inequality in a field that's already under scrutiny for it. It's not simply about whether an individual deserves to go to Oxford or not.

Oxford is charging £52k for their economics masters! Bloomin' cheek. I know DS could take other paths, and frankly might have to, but I can't help thinking that I must be missing something, that there must be a funding system that makes this route viable for students for whom it would otherwise be prohibitive.

Supply and demand. (I gather that’s an economist’s term.)

Government funding (via the Research Councils) for Masters degrees was withdrawn some years ago. There is sometimes research council funding for a 3 + 1 - Masters + PhD. But mostly in the applied and pure sciences. And only for those who are set on PhD studies.

It’s government policy, particularly in the last couple of year, to cut state funding and instead load the costs on the student. In addition, this current government wants to weed out what they call “high cost, low value” courses.

www.lse.ac.uk/study-at-lse/Graduate/fees-and-funding/secure/graduate-support-scheme

LSE do a grad scheme highly competitive but worth a shot

Also when I did my masters (fees £11k at the time) I wrote to a company and received £5k for fees. Happy to discuss in a pm. There is money out there OP. Your son needs to ask

It is unfair, actually. The name on your degree matters. When you charge these eye-wateringly high fees and don't fund students, you increase inequality in a field that's already under scrutiny for it. It's not simply about whether an individual deserves to go to Oxford or not.

All undergrad degrees in public universities have the same fees which are covered by the student loan system. This thread is about a non-essential masters. Some universities can charge a lot for certain postgraduate degrees precisely because they know their graduates will be able to earn more than others. That's not unfair, it's a market economy.

DS worked and saved during the holidays and no works during term time plus we help him out with his rent.

@MrsPelligrinoPetrichor
Are his fees £50,000?

As PP’s have said, it might be worth getting a job, saving , and then applying. He should also contact the universities directly regarding financial aid and any other loan options.

My American DH did his MBA at a prestigious university and I agree with others that the name on his CV has opened doors for him as it’s a highly ranked institution. Plus he had an amazing educational experience. He was given a merit scholarship that partially paid the fees…but I won’t tell you the full costs…they run into six figures. 🥹

@Cameleongirl
I do think people in the USA back themselves and pay up. Or borrow. Or parents save! Here we seem to think Masters are all about research and HE lecturing or research science. We don’t have the culture of backing yourself to the tune of £50,000 plus. We expect employers to do it. You wouldn’t back yourself if you didn’t expect high earnings and wanted this route above all else.

£32.5k home fees for MSc Ecomonics at LSE?

info.lse.ac.uk/staff/divisions/Planning-Division/Assets/Documents/ToF-2023-24-Combined-23Sept2022.pdf

One thing to arch out for with part-time options is to check that you’re taught by the same/similarly qualified faculty as full-time students. You want to get the same experience.

*watch out

It's all very well saying that you take time out and work for a bit and then go back in- and this may be possible before a masters, tbf, but I know a few people who took time away from academia before going back to do a PhD (both humanities and STEM) and have really struggled to get a place on a PhD. It is harder when you're not immersed in academia/your research. And it obviously does limit perspectives within academia, yes.

OP, I hope there is a suitable route open to your DS, and you're not being unreasonable in saying that there ought to be funding available for the less well off but academically able. However, of course, those with money want to keep it a closed shop as much as possible.

Is there definitely no other route into the career he wants?