The Student Room Group

How to fund a 2 year masters

Hi all, I am applying to masters programmes this year and the one I want to get onto the most is the one offered by Oxford. Unfortunately for my wallet, this is a 2 year course. Given that Oxford fees are already higher than most universities a 1 year course would be challenging enough to finance, now I have to figure out how to finance the second year should I be accepted. Anyone have any advice for me in this regard? I don't want to make a concession on my education purely because I cant afford it.
Original post by StSpaidan
Hi all, I am applying to masters programmes this year and the one I want to get onto the most is the one offered by Oxford. Unfortunately for my wallet, this is a 2 year course. Given that Oxford fees are already higher than most universities a 1 year course would be challenging enough to finance, now I have to figure out how to finance the second year should I be accepted. Anyone have any advice for me in this regard? I don't want to make a concession on my education purely because I cant afford it.


You can get a master's loan to help with some of the costs if you are eligible for student finance:

https://www.gov.uk/masters-loan/what-youll-get
Reply 2
Original post by normaw
You can get a master's loan to help with some of the costs if you are eligible for student finance:

https://www.gov.uk/masters-loan/what-youll-get

Trouble is that it does not even cover fees let alone living costs.🤔
Reply 3
Original post by Scotney
Trouble is that it does not even cover fees let alone living costs.🤔

Right? The loan doesn't even cover fees for 1 year let alone 2, then I have to factor in living costs for 2 years too, it's like I'll have to contribute nearly £30,000 of my own money just to scrape by studying there, its ridiculous.
Reply 4
Original post by normaw
You can get a master's loan to help with some of the costs if you are eligible for student finance:

https://www.gov.uk/masters-loan/what-youll-get

Thanks, I'm aware of this but like the other responder said this loan doesn't even cover course fees for 1 year of study, I still need to find a way to finance the second year of study as well as 2 years of living in the city. Seems like an impossible task currently.
Reply 5
Original post by StSpaidan
Right? The loan doesn't even cover fees for 1 year let alone 2, then I have to factor in living costs for 2 years too, it's like I'll have to contribute nearly £30,000 of my own money just to scrape by studying there, its ridiculous.

Your other option is to work and save for a year or two.Son did a research PhD in Biology at York after attending Oxford because it was cheaper and he had a couple of thousand saved.This is the hidden barrier to further academic study for poorer students that is not discussed enough in my opinion.It is also why I advise students to opt for a 4 yr course which includes a masters at 18.
Reply 6
Original post by Scotney
Your other option is to work and save for a year or two.Son did a research PhD in Biology at York after attending Oxford because it was cheaper and he had a couple of thousand saved.This is the hidden barrier to further academic study for poorer students that is not discussed enough in my opinion.It is also why I advise students to opt for a 4 yr course which includes a masters at 18.

That's the reality currently. Taking a year off after my undergrad currently to work full-time for a year until October in hopes that I'll have enough saved to potentially attend Oxford. If I still can't by the end of this year I may have to defer studies by another year to work even more. I'd been hearing constantly that institutions like Oxford are trying to move away from their aristocratic reputation and accept more students from normal backgrounds but I honestly don't see how anyone from a similar background to mine could afford to study there without taking years out of studies to save.
Reply 7
Original post by StSpaidan
That's the reality currently. Taking a year off after my undergrad currently to work full-time for a year until October in hopes that I'll have enough saved to potentially attend Oxford. If I still can't by the end of this year I may have to defer studies by another year to work even more. I'd been hearing constantly that institutions like Oxford are trying to move away from their aristocratic reputation and accept more students from normal backgrounds but I honestly don't see how anyone from a similar background to mine could afford to study there without taking years out of studies to save.

Well I think you have summed up the problem very nicely but it is not only Oxford.Most UK Masters courses are the same.Once you get to PhD level you can compete for a funded place which pays a stipend but the Masters is a stumbling block for less well off students for sure.
Original post by StSpaidan
Thanks, I'm aware of this but like the other responder said this loan doesn't even cover course fees for 1 year of study, I still need to find a way to finance the second year of study as well as 2 years of living in the city. Seems like an impossible task currently.


I had to raise student finance masters funding as it wasn't clear from your OP if you were aware of it and if you were eligible (ie a home or international student). But yes, I am aware that the loans are woefully inadequate. :frown:

Have you seen the following page on the Oxford website regarding graduate funding? There is a long list of possible scholarships and research council funding:

https://www.ox.ac.uk/admissions/graduate/fees-and-funding/oxford-funding

The other thing to consider is is it worth the extra cost for doing the masters at Oxford if it is a more expensive option? Are there masters courses elsewhere that you are interested in that would have cheaper fees and living costs?

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