New 10K Postgraduate Masters Student Loan Watch

Poll: Will you now do a masters from 2016?
Yes (5)
83.33%
No (1)
16.67%
Hollywood Hogan
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#1
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About bloody time! This Masters student loan is due to start from 2016. But why did it take so long for some bright spark to realise it was just what was needed? Or is this just a through the back door means for the Government to help fund cash-strapped universities?
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Hollywood Hogan
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gemmam
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#3
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Great news

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username848676
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Great news overall! I'm sure there's implications, though; such as the only under-30's rule, and there only being 40,000 available for the poorest students? A step in the right direction, nonetheless
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gemmam
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(Original post by Himynameskiefer)
Great news overall! I'm sure there's implications, though; such as the only under-30's rule, and there only being 40,000 available for the poorest students? A step in the right direction, nonetheless
I read more about it and apparently the student has to start paying it back as soon as they graduate whether they're working or not. So not much different to a Career Development Loan really. I'd be over 30 by then so it wouldn't be much good for me anyway.

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Manitude
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I'm hesitant to welcome it without universities ensuring that not everyone can get a masters degree. If anyone can get a masters then bachelor degrees become worthless and master degrees are also less valuable. I wouldn't want to see a USA style system where everyone has to get into huge amounts of debt just to be on a level playing field with their peers. I think masters degrees should only be available to the very best students and the loans be available to anyone good enough to get on the course.

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Pseudocode
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(Original post by gemmam)
I read more about it and apparently the student has to start paying it back as soon as they graduate whether they're working or not. So not much different to a Career Development Loan really. I'd be over 30 by then so it wouldn't be much good for me anyway.
This is very unlikely.

And the Treasury also says that while it will “consult” on the detail of the plans, “one way” to structure the postgraduate loans would be to have an interest rate of RPI plus 3 per cent, repayable at 9 per cent of earnings above £21,000.


I will be doing a Masters in 2016.
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Tomsta
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#8
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Even though i'm not doing a Master (didn't get good enough grades) i think this is a really good idea, many job fields require Masters or a PhD (Law, Medicine and Psychology to name three)
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Hollywood Hogan
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(Original post by Manitude)
I'm hesitant to welcome it without universities ensuring that not everyone can get a masters degree. If anyone can get a masters then bachelor degrees become worthless and master degrees are also less valuable. I wouldn't want to see a USA style system where everyone has to get into huge amounts of debt just to be on a level playing field with their peers. I think masters degrees should only be available to the very best students and the loans be available to anyone good enough to get on the course.

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I don't think we are quite moving down that route yet. A masters degree is still considered by most people as the icing on the cake, or a means to better oneself. If you have a 2.1 or better from a good university, you don't need a masters to prove yourself again. Those that get a 2.2 may want to address their shortcomings through a masters, however. I'm doing mine to get access onto a PhD.
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username848676
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(Original post by gemmam)
I read more about it and apparently the student has to start paying it back as soon as they graduate whether they're working or not. So not much different to a Career Development Loan really. I'd be over 30 by then so it wouldn't be much good for me anyway.

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Ah, really? That's quite disappointing if that's true. I don't see why they'd bring it in if that were the case with there already being the Career Development Loan then?
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Zenomorph
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(Original post by Manitude)
I'm hesitant to welcome it without universities ensuring that not everyone can get a masters degree. If anyone can get a masters then bachelor degrees become worthless and master degrees are also less valuable. I wouldn't want to see a USA style system where everyone has to get into huge amounts of debt just to be on a level playing field with their peers. I think masters degrees should only be available to the very best students and the loans be available to anyone good enough to get on the course.

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No, won't be.

Almost anyone can get onto a Masters as it stands so that would get worse once funding comes into play
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gemmam
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(Original post by Himynameskiefer)
Ah, really? That's quite disappointing if that's true. I don't see why they'd bring it in if that were the case with there already being the Career Development Loan then?
Opps re-read the article again and this isn't the case. They were actually talking about the Career Development Loan in the same article as this new loan and I got mixed up as I was tired when I read it the first time. My bad
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username848676
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#13
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(Original post by gemmam)
Opps re-read the article again and this isn't the case. They were actually talking about the Career Development Loan in the same article as this new loan and I got mixed up as I was tired when I read it the first time. My bad
Haha, it's fine - I'm glad it was a misread! It diminished my hopes for a second. Ironic that I'll be graduating the year this comes into practice.
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Manitude
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(Original post by Hollywood Hogan)
I don't think we are quite moving down that route yet. A masters degree is still considered by most people as the icing on the cake, or a means to better oneself. If you have a 2.1 or better from a good university, you don't need a masters to prove yourself again. Those that get a 2.2 may want to address their shortcomings through a masters, however. I'm doing mine to get access onto a PhD.
If I may rephrase what you've said:
"If you have a 2.1 or better from a good university, you shouldn't need a masters to prove yourself again"

As it currently stands people like ourselves who have studied masters degrees without government funding are doing it for good reasons - to act as stepping stones to further study. There are other good reasons to do postgraduate qualifications but I do not believe that "because everyone else is doing it" is one of them. Getting a 2:2 is not the end of the world, but I don't think the solution is to do another degree designed to demonstrate academic excellence.

A 2:1 is a good grade which should land you whatever job you want unless the employer can afford to be extremely selective. My worry is that if too many people do masters degreed people will feel the need to do one just to prove their competence.
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Juichiro
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#15
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#15
(Original post by Pseudocode)



I will be doing a Masters in 2016. [/FONT][/COLOR]
Assuming you get the loan. Remember, there are only 40K loans.
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