By Serena Reidy
- Funding a postgraduate degree can be expensive, and many students cannot afford to spend thousands of pounds on their education. Fortunately, there are several loans and scholarships to choose from. To make your life easier, we have listed some of these below:
Postgraduate Loan for Masters degrees
The government offers the Postgraduate Loan for anyone studying a Masters degree. You can borrow up to £10,000 to help with tuition and living costs. To qualify for this loan, you need to be under 60 and have lived in England for at least 3 years. The loan is paid directly to you in three equal installments, through the Student Loans Company, and it is not based on your household income, unlike undergraduate loans. Repayments start once you earn £21,000 and are deducted straight from your income.
Universities offer scholarships to students who have outstanding results in their Bachelor’s degree and have a lot to offer. Scholarships are usually in the range of £20 to £3,000, depending on the university. For example, the University of Bath offers a number of scholarships, such as the Faculty of Science: Graduate School Taught Scholarships and The Frank Wallace Scholarship. The Faculty of Science: Graduate School Taught Scholarships is open internationally and is awarded to 20 students. It is worth £3,000. The Frank Wallace Scholarship is available for applicants from China who want to study MSc Automotive Engineering. The students will receive £2,500.
There are a number of charities, trusts and professional bodies that provide financial support for students doing postgraduate or postdoctoral research. Competition for these awards are intense, but you don’t need to repay them, and there isn’t a limit to the number of funds you can receive. The awards are typically worth between £100 and £1,000. You can apply if you’re from a low-income family or have a disability, or you intend to conduct research about your local community or a disadvantaged country. You can find out more at www.trustfunding.co.uk or www.turn2us.org.uk/Find-Benefits-Grants.