can i get a loan if i do a masters?

Once i graduate with a degree at uni can i get a loan to do my masters? ( including money for living out).

will anywhere give it for e.g. government/bank etc? or so you have to completly fund it yourself?

(edited 13 years ago)

Reply 1

Princess Bubbles

Original post by a112

Once i graduate with a degree at uni can i get a loan to do my masters? ( including money for living out).

No. SLC will not fund a masters.

Reply 2

Bax-man

Are you asking whether Student Finance England provide a tuition and maintenance loan as they do at undergraduate level?

Reply 3

Baula

I could be wrong but I'm sure I read somewhere that the government only gives loans for your first degree and don't give loans for masters. If you were to do something related to medicine or teaching, they do pay a bit towards it. You can of course get a loan from a bank though.

Reply 4

a112

Original post by Seham

No. SLC will not fund a masters.

someone told me banks give a graduate loan is this true and is it any different to the loan provided by SLC

Reply 5

a112

Original post by Baula

so if banks are willing to give a loan for masters than that means there is a way to get a loan, why do people say there isnt a way? also what is the difference between teh type of loan/reayment of a bank and of SLC?

Reply 6

Princess Bubbles

Original post by a112

someone told me banks give a graduate loan is this true and is it any different to the loan provided by SLC

You can get a career development loan from the bank. This is different from SLC as you are not guaranteed to be accepted for the loan and the interest will be much higher.

http://www.direct.gov.uk/en/EducationAndLearning/AdultLearning/FinancialHelpForAdultLearners/CareerDevelopmentLoans/DG_10033237

Reply 7

the_alba

There is government funding, either from the AHRC or the ERSC, but it's difficult to get; you have to be a top student to be in with a chance. Otherwise, you might look around to see if any individual universities offer Master's scholarships (also rare and hard to get), or go for a bank loan.

Reply 8

Baula

Original post by a112

Original post by Seham

I haven't looked into it too much yet because I'm only in my first year of uni but I think people say you can't get a loan because they assume you're referring to the Student Finance loan? As Seham says above, not everyone can get a bank loan and you have more to pay back than with Student Finance. Another thing to point out, you have to pay the bank loan back, whereas the government loan disappears if you don't earn enough.

Reply 9

Ice_Queen

The SLC is what gave you your loan as an undergraduate. These people will NOT give you a loan.

However, you can go into a bank (Co-op or Barclays) and ask about a PCDL (Professional & Career Development Loan). You have to get a pack from direct.gov to apply. This loan can be up to £10,000 and you don't start repayments until one month after your course ends. Other than that, it doesn't differ from a normal bank loan - you have to pay it no matter what you're earning, and you will pay interest. You may be rejected for this loan if you don't have a good credit history.

If you do certain courses, you may be eligible for grants - you'd have to research those yourself though.