Hey there! Sign in to join this conversationNew here? Join for free
    • Thread Starter
    Offline

    0
    ReputationRep:
    Hey guys,

    I am considering a masters and was wondering what options are there in the UK for someone with a European passport in terms of funding postgrad?

    Unis I am considering go up to oxford, which is around £50k alltogether per year. I only have about 1/5 saved and didn't take out a loan for my undergrad.

    Could someone point me in the direction of relevant services / governmental websites that explain more about loan options?

    Thanks a million!!
    Offline

    19
    ReputationRep:
    (Original post by johnwinthlow)
    Hey guys,

    I am considering a masters and was wondering what options are there in the UK for someone with a European passport in terms of funding postgrad?

    Unis I am considering go up to oxford, which is around £50k alltogether per year. I only have about 1/5 saved and didn't take out a loan for my undergrad.

    Could someone point me in the direction of relevant services / governmental websites that explain more about loan options?

    Thanks a million!!
    Even for UK students the funding options for postgrad are limited. In short the three main ones are:

    -Uni scholarships, getting rarer for MA's although as I understand it Oxford do offer more than most. Intensely competitive.
    -Career development loan- must have lived in the UK for 3 years before the course start date, must have good credit record (as opposed to none or missed payments/going overdrawn), can only borrow up to £10k
    -Self fund
    Offline

    16
    ReputationRep:
    (Original post by jelly1000)
    Even for UK students the funding options for postgrad are limited. In short the three main ones are:

    -Uni scholarships, getting rarer for MA's although as I understand it Oxford do offer more than most. Intensely competitive.
    -Career development loan- must have lived in the UK for 3 years before the course start date, must have good credit record (as opposed to none or missed payments/going overdrawn), can only borrow up to £10k
    -Self fund
    Or, as what happened in my case, a personal loan (rather than a career development loan). But you will need an even better credit record than to get a career development loan, plus they will need to deem you trustworthy - I went into branch and the lady asked her manager if she could give me the loan because it was for educational purposes (so they don't give them out willy nilly for such purposes because it's higher risk). But you need to be able to start paying it back immediately. On the plus side, you could potentially borrow more than £10k if you need to, and if you have a good credit score you might even be able to get a better interest rate than on the career development loan. Also, because you start paying it back immediately rather than after you have finished your course, you will theoretically pay it off sooner (I couldn't think of anything more horrific than still paying a bank loan into my 30s when I want to think about getting a mortgage and having children).

    I took 2 years out and worked full-time, saved something like £6000 (would've been more but I decided to move in with my boyfriend, and buying furniture + putting down a deposit is not cheap!), and then got a personal loan for £9000. Interest rate 7.2%. Plus I work part-time for my general living expenses such as bills, rent etc.
    • Thread Starter
    Offline

    0
    ReputationRep:
    (Original post by Sazzy890)
    Or, as what happened in my case, a personal loan (rather than a career development loan). But you will need an even better credit record than to get a career development loan, plus they will need to deem you trustworthy - I went into branch and the lady asked her manager if she could give me the loan because it was for educational purposes (so they don't give them out willy nilly for such purposes because it's higher risk). But you need to be able to start paying it back immediately. On the plus side, you could potentially borrow more than £10k if you need to, and if you have a good credit score you might even be able to get a better interest rate than on the career development loan. Also, because you start paying it back immediately rather than after you have finished your course, you will theoretically pay it off sooner (I couldn't think of anything more horrific than still paying a bank loan into my 30s when I want to think about getting a mortgage and having children).

    I took 2 years out and worked full-time, saved something like £6000 (would've been more but I decided to move in with my boyfriend, and buying furniture + putting down a deposit is not cheap!), and then got a personal loan for £9000. Interest rate 7.2%. Plus I work part-time for my general living expenses such as bills, rent etc.

    Hey and thanks a lot for your reply!
    I haven'd looked into personal loans yet but it sounds like an idea. I will definitely check it out.

    Is there anything else at all I should look at except for uni grants / career loans / personal loans? Even silly ideas - throw anything at me haha

    Thanks so much
 
 
 
  • See more of what you like on The Student Room

    You can personalise what you see on TSR. Tell us a little about yourself to get started.

  • Poll
    What newspaper do you read/prefer?
    Useful resources
    How much money do you spend a week?The ultimate guide to tax!Guide to student bank accounts

    Sponsored features:

    Web Legend

    Win a Macbook Air!

    Blog about setting up a website for a chance to win in our Web Legend competition.

    Quick link:

    Unanswered money and finance threads

    Groups associated with this forum:

    View associated groups
  • See more of what you like on The Student Room

    You can personalise what you see on TSR. Tell us a little about yourself to get started.

  • The Student Room, Get Revising and Marked by Teachers are trading names of The Student Room Group Ltd.

    Register Number: 04666380 (England and Wales), VAT No. 806 8067 22 Registered Office: International House, Queens Road, Brighton, BN1 3XE

    Quick reply
    Reputation gems: You get these gems as you gain rep from other members for making good contributions and giving helpful advice.