Not sure where to start

I'm strongly considering going back to uni to study a postgraduate degree (in something that will actually get me a job, hah...).

I'm wondering if I'm too late to apply for this year? And also wondering how loans etc. work at the postgraduate level as I have no money to fund it myself.

I'm speaking to a career advisor from my old uni in a week about this but just wanted some info before hand so I'm not left disappointed/gutted if I'm too late or can't get funding.

Reply 1

hellodave5

There is now government funding :smile:

Reply 2

davidsafc

Original post by hellodave5

There is now government funding :smile:

Is it covered in full along with a maintenance loan for living costs?

Reply 3

davidsafc

Original post by hellodave5

There is now government funding :smile:

Just looking into this, seems that it's only for students from 2016-17 or if you've paid the higher uni fees since they went up a few years back but neither would apply to me :frown:

Reply 4

hellodave5

Original post by davidsafc

Just looking into this, seems that it's only for students from 2016-17 or if you've paid the higher uni fees since they went up a few years back but neither would apply to me :frown:

Sorry I can't really elucidate mate, and that they seem to not be applicable to you. It's quite new and didn't use it myself.

I am currently doing an MSc self funded, part time work alongside part time course.

The other option is to get a 'professional development loan' from either Barclays or the Co-op.

Reply 5

Klix88

The new Masters sudent funding doesn't start until the 2016-17 academic year and if the current ideas remain, will be a maximum of £10,000 (i.e. still probably not enough for tuition fees + living costs), available to under-30s only and may be limited to the first 10,000 applicants. Details have yet to be confirmed as they'll be set by whoever wins the election. However the loans had cross-party support when first agreed, so they should go ahead in some form.

There's the Professional and Career Development Loan available from Barclays or the Co-Op Bank at the moment, but again, that's a maximum of £10,000. The major downsides are that - unlike Student Finance - it's credit-checked and you can be completely declined or get less than you applied for, plus it has commercial-style fixed repayments which kick in on a set date whether you can afford them or not.

More on next year's postgrad loan plans:
http://www.bbc.co.uk/news/education-30293964
http://www.telegraph.co.uk/finance/personalfinance/borrowing/loans/11270687/Meet-the-students-helped-by-10000-postgraduate-loans-and-the-unlucky-ones-who-miss-out.html

Reply 6

davidsafc

Original post by Klix88

Sounds like you're financially screwed either way. Maybe this is not such a good idea after all...

Reply 7

Klix88

Original post by davidsafc

Sounds like you're financyially screwed either way. Maybe this is not such a good idea after all...

You could study part-time and work part-time? It would take two years rather than one, but it might be a better option to help keep the bills paid.

Bear in mind that Masters degrees aren't often directly vocational. You rarely see a job ad which asks for one, so research your chosen career first. It could be that there are alternative (and cheaper) ways in.

(edited 9 years ago)

Reply 8

PhenolphthaleinX

I believe applications for postgraduate study are still open for most universities at the moment, but surely the sooner you apply the better. regarding funding I believe some universities set funding application deadlines in December or January, so I'm afraid it's too late for that now. looks like you should apply for 2016 entry. good luck!

Reply 9

k3ro

Original post by davidsafc

Just looking into this, seems that it's only for students from 2016-17 or if you've paid the higher uni fees since they went up a few years back but neither would apply to me :frown:

Hey man,

I'm in same situation. I paid the £3k/yr fees and so I can't apply for any scholarships or bursaries. In this case, the only form of funding left is the PCDL (already mentioned). You can borrow up to £10,000 from Barclays or Co-op and you pay no interest while studying. It is a bank loan however, and you do have to start paying it back as soon as you graduate, so bear that in mind. Depending on your tuition fees £10,000 should be enough to cover a large amount of your tuition + accommodation costs, and you can get a student overdraft for living costs (Natwest gives me £2k free overdraft).

Other than that, you're going to have to study part time while working. It's not an ideal situation, I know.

Applications are still open at most universities so perhaps send a few to the courses you were interested in.