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How do students who fund MA's with a career loan pay it back during PHD?! Watch

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    I'm soon to graduate from my undergrad and am looking at postgrad study. The thing is I'll never be able to afford an MA course. I simply will not be able to save up the funds for it in any reasonable length of time. I know the funding for MA courses is very short- especially in the humanities (Philosophy). The other option is getting a career development loan.

    But is this really an option for someone aiming at doing a PhD? As I understand it, CDL's want you to start making repayments one month after the Masters course finishes. But after finishing a masters, how can you make the repayments if your going on to do a PhD which will involve funding from other funding bodies?

    Surely after finishing an MA, when a person applies for a PhD and goes on to study for one, they have no means of paying back at the repayment rate expected by the loans..?

    Yet people seem to be managing it all the time. Can anyone advice me? How is it being done?

    Please and thanks!
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    Presumably such students have funded PhDs, and are diverting part of their PhD funding to repay the CDL? You're not likely to be self-funding a PhD if you've had to take out a CDL to complete the Masters.

    Either that, or they're managing to work to service the debt, at the same time as their PhD.
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    They will use their PhD stipend or work a few hours a week during the PhD or work full-time for a couple of years before the PhD and save up to pay off most of the CDL.
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    (Original post by maskofsanity)
    They will use their PhD stipend or work a few hours a week during the PhD or work full-time for a couple of years before the PhD and save up to pay off most of the CDL.
    Do you really get enough of a stipend to contribute to paying the CDL? (In general)

    Thanks to both of you for your quick responses.
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    (Original post by Lightman123)
    Do you really get enough of a stipend to contribute to paying the CDL? (In general)

    Thanks to both of you for your quick responses.
    If fully-funded, yes, you would have enough as it would be no different to having a low-paid graduate job. If you then did some work on top like teaching, invigilating, tutoring, casual jobs, etc. then it would be more comfortable.

    It seems wisest to take a year out after your Master's to work and to complete PhD applications. If you lived with your parents, spent very little, and got a well-paid graduate job, you could pay off the debt in that one year.
 
 
 
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