How do Masters work?
10
Hi, I was wondering how do you get a Master degree.
Like do you pay upfront? Can you do a Masters straight after your bachelor, what about finances?
Im considering a masters after my Bachelor's, but somewhere outside of London. So I won't be working and i was wondering how do people manage finances considering I'd have to pay accommodation costs.
Like do you pay upfront? Can you do a Masters straight after your bachelor, what about finances?
Im considering a masters after my Bachelor's, but somewhere outside of London. So I won't be working and i was wondering how do people manage finances considering I'd have to pay accommodation costs.
Reply 1
12
See: Postgraduate funding - understand fees & finance
Generally: yes you do pay up front. Most master's degrees last one year and I think you are charged a year at a time, although many universities let you pay in instalments.
You can start a master's in the same year as you finish your bachelor's, if you have applied in time for entry in that year.
Most people self fund their master's degrees - they work, they get money from their family, or both. You can get a master's loan (see link) but this will only cover your tuition fees at most; it won't cover your living costs. You can also often do a master's part time.
So it's a big financial commitment and you should be clear in your head about why you're doing it and what you'll get out of it.
Scholarships for master's degrees are unfortunately very rare these days. Where are you studying, what are you studying and what class of degree are you aiming for?
Generally: yes you do pay up front. Most master's degrees last one year and I think you are charged a year at a time, although many universities let you pay in instalments.
You can start a master's in the same year as you finish your bachelor's, if you have applied in time for entry in that year.
Most people self fund their master's degrees - they work, they get money from their family, or both. You can get a master's loan (see link) but this will only cover your tuition fees at most; it won't cover your living costs. You can also often do a master's part time.
So it's a big financial commitment and you should be clear in your head about why you're doing it and what you'll get out of it.
Scholarships for master's degrees are unfortunately very rare these days. Where are you studying, what are you studying and what class of degree are you aiming for?
Reply 2
Fxrzana
OP
10
Original post
by Mu-tronSee: Postgraduate funding - understand fees & finance
Generally: yes you do pay up front. Most master's degrees last one year and I think you are charged a year at a time, although many universities let you pay in instalments.
You can start a master's in the same year as you finish your bachelor's, if you have applied in time for entry in that year.
Most people self fund their master's degrees - they work, they get money from their family, or both. You can get a master's loan (see link) but this will only cover your tuition fees at most; it won't cover your living costs. You can also often do a master's part time.
So it's a big financial commitment and you should be clear in your head about why you're doing it and what you'll get out of it.
Scholarships for master's degrees are unfortunately very rare these days. Where are you studying, what are you studying and what class of degree are you aiming for?
Generally: yes you do pay up front. Most master's degrees last one year and I think you are charged a year at a time, although many universities let you pay in instalments.
You can start a master's in the same year as you finish your bachelor's, if you have applied in time for entry in that year.
Most people self fund their master's degrees - they work, they get money from their family, or both. You can get a master's loan (see link) but this will only cover your tuition fees at most; it won't cover your living costs. You can also often do a master's part time.
So it's a big financial commitment and you should be clear in your head about why you're doing it and what you'll get out of it.
Scholarships for master's degrees are unfortunately very rare these days. Where are you studying, what are you studying and what class of degree are you aiming for?
Im still in year 13 now, part of me is thinking of a masters and potentially a PhD in the future. So I was a bit confused on how funding worked as I believe I can just do a Masters straight after my Bachelor's. Realistically I'll have to work a bit and save up to fund it. Thanks
Reply 3
12
Original post
by FxrzanaIm still in year 13 now, part of me is thinking of a masters and potentially a PhD in the future. So I was a bit confused on how funding worked as I believe I can just do a Masters straight after my Bachelor's. Realistically I'll have to work a bit and save up to fund it. Thanks
You've got plenty of time to decide then! You won't know until you are doing your bachelor's degree whether you like university enough to stay there longer.
Reply 4
Original post
by FxrzanaHi, I was wondering how do you get a Master degree.
Like do you pay upfront? Can you do a Masters straight after your bachelor, what about finances?
Im considering a masters after my Bachelor's, but somewhere outside of London. So I won't be working and i was wondering how do people manage finances considering I'd have to pay accommodation costs.
Like do you pay upfront? Can you do a Masters straight after your bachelor, what about finances?
Im considering a masters after my Bachelor's, but somewhere outside of London. So I won't be working and i was wondering how do people manage finances considering I'd have to pay accommodation costs.
Hi @Fxrzana
I'm currently studying a masters in Sustainable water management at Lancaster University so I will try to answer your questions however they may be specific to what happens at my university.
In terms of paying for a masters, I pay my course fees to the university in 3 equal installments each term, however there are scholarships available to masters students based on academic performance.
Yes, you can do your masters straight after your undergraduate bachelors as that's what i've done. Alternatively, there is the option to do an integrated masters at some universities where you do your bachelors and masters degrees all in one.
If you have anymore questions, feel free to ask!
-Jasmine (Lancaster Student Ambassador)
Reply 5
12
Original post
by Lancaster Student AmbassadorHi @Fxrzana
I'm currently studying a masters in Sustainable water management at Lancaster University so I will try to answer your questions however they may be specific to what happens at my university.
In terms of paying for a masters, I pay my course fees to the university in 3 equal installments each term, however there are scholarships available to masters students based on academic performance.
Yes, you can do your masters straight after your undergraduate bachelors as that's what i've done. Alternatively, there is the option to do an integrated masters at some universities where you do your bachelors and masters degrees all in one.
If you have anymore questions, feel free to ask!
-Jasmine (Lancaster Student Ambassador)
I'm currently studying a masters in Sustainable water management at Lancaster University so I will try to answer your questions however they may be specific to what happens at my university.
In terms of paying for a masters, I pay my course fees to the university in 3 equal installments each term, however there are scholarships available to masters students based on academic performance.
Yes, you can do your masters straight after your undergraduate bachelors as that's what i've done. Alternatively, there is the option to do an integrated masters at some universities where you do your bachelors and masters degrees all in one.
If you have anymore questions, feel free to ask!
-Jasmine (Lancaster Student Ambassador)
Having looked at that university's website, I should clarify that most of the scholarships on offer only cover part of the cost (no more than 50%, and usually less than that) of tuition fees, which still leaves living costs. The exception is the scholarship for black British students, which covers all fees and some living costs (two available per year).
Most universities that offer scholarships to master's students are only offering to pay some or at most all of their tuition fees. You can find out more about those scholarships by searching for them. But for now you should concentrate on where you want to do a bachelor's degree and in what.
Reply 6
Hey!
Would you consider a part-time masters degree perhaps? That way you could also work alongside your study's and also earn money to help pay for your accommodation!
A part-time masters is generally 2 years in length rather than 1 year, you would be in the same classes as the full-time students although you wont undertake every module in the one year, so it is split up a lot more across the 2 years.
Additionally, you can pay for your accommodation and masters degree in equal instalments. For example, at LJMU, I have set up a personal payment plan where I pay x amount of money in September, January & April, which coincides with payments from student finance England.
Most accommodations are the same, and seem to be quite lenient if you are relying on your student loan to help pay for accommodation and it happened to come in later than expected, they always take these things into consideration.
You could go straight into your masters or take some time off after your undergraduate degree. I took 2 years off to get experience and also save up for the expenses. So you have a lot of ways to go about this!
Hope that helps
Gemma
LJMU Official Rep
Would you consider a part-time masters degree perhaps? That way you could also work alongside your study's and also earn money to help pay for your accommodation!
A part-time masters is generally 2 years in length rather than 1 year, you would be in the same classes as the full-time students although you wont undertake every module in the one year, so it is split up a lot more across the 2 years.
Additionally, you can pay for your accommodation and masters degree in equal instalments. For example, at LJMU, I have set up a personal payment plan where I pay x amount of money in September, January & April, which coincides with payments from student finance England.
Most accommodations are the same, and seem to be quite lenient if you are relying on your student loan to help pay for accommodation and it happened to come in later than expected, they always take these things into consideration.
You could go straight into your masters or take some time off after your undergraduate degree. I took 2 years off to get experience and also save up for the expenses. So you have a lot of ways to go about this!
Hope that helps
Gemma
LJMU Official Rep
Reply 7
12
Original post
by FxrzanaHi, I was wondering how do you get a Master degree.
Like do you pay upfront? Can you do a Masters straight after your bachelor, what about finances?
Im considering a masters after my Bachelor's, but somewhere outside of London. So I won't be working and i was wondering how do people manage finances considering I'd have to pay accommodation costs.
Like do you pay upfront? Can you do a Masters straight after your bachelor, what about finances?
Im considering a masters after my Bachelor's, but somewhere outside of London. So I won't be working and i was wondering how do people manage finances considering I'd have to pay accommodation costs.
You may be wondering why you're getting replies from official representatives of universities so quickly. I'll tell you. Master's degrees make money for universities - more money than undergraduate degrees do, because they cost more per year. Master's students subsidise undergraduate students, effectively.
Even if you do a master's part time, you'll still probably need to take out a master's loan to pay for the tuition costs.
None of this is to say that you shouldn't do a master's. But you should think carefully about it and do your own research to go beyond what universities tell you about themselves.
Reply 8
Fxrzana
OP
10
Original post
by Lancaster Student AmbassadorHi @Fxrzana
I'm currently studying a masters in Sustainable water management at Lancaster University so I will try to answer your questions however they may be specific to what happens at my university.
In terms of paying for a masters, I pay my course fees to the university in 3 equal installments each term, however there are scholarships available to masters students based on academic performance.
Yes, you can do your masters straight after your undergraduate bachelors as that's what i've done. Alternatively, there is the option to do an integrated masters at some universities where you do your bachelors and masters degrees all in one.
If you have anymore questions, feel free to ask!
-Jasmine (Lancaster Student Ambassador)
I'm currently studying a masters in Sustainable water management at Lancaster University so I will try to answer your questions however they may be specific to what happens at my university.
In terms of paying for a masters, I pay my course fees to the university in 3 equal installments each term, however there are scholarships available to masters students based on academic performance.
Yes, you can do your masters straight after your undergraduate bachelors as that's what i've done. Alternatively, there is the option to do an integrated masters at some universities where you do your bachelors and masters degrees all in one.
If you have anymore questions, feel free to ask!
-Jasmine (Lancaster Student Ambassador)
How did you manage to fund your masters right after your bachelors? I know some people take time off and work to save up as they may not necessarily be getting support from elsewhere such as home. And did you find it difficult, if so if you could go back in time would you have taken a gap after your bachelors to earn a little, so when you do your masters you're more financially stable?
Reply 9
Original post
by FxrzanaHi, I was wondering how do you get a Master degree.
Like do you pay upfront? Can you do a Masters straight after your bachelor, what about finances?
Im considering a masters after my Bachelor's, but somewhere outside of London. So I won't be working and i was wondering how do people manage finances considering I'd have to pay accommodation costs.
Like do you pay upfront? Can you do a Masters straight after your bachelor, what about finances?
Im considering a masters after my Bachelor's, but somewhere outside of London. So I won't be working and i was wondering how do people manage finances considering I'd have to pay accommodation costs.
Hi! I'm doing my master's at the moment and went onto it straight from undergrad so I'll try to break down my journey and experiences. Apologies for the walls of text! 😅
Student Finance
Master's courses are super expensive! Student finance does give you a loan for a master's which you can see here, but it's often not enough to cover the cost of your course (excluding accommodation). Some universities give you a discount on master's costs if you get a certain grade, so I stayed on at UEA for mine and got a 10% discount. I will therefore have leftover loan once I finish my course, while my friend (who didn't do her undergrad at UEA) has had to get a job to fund her master's.
Your SFE master's loan is paid in three installments, but it's up to you how you want to pay the uni. I do three termly installments to coincide with my SFE loan, but I could pay it whenever if I had the money for it.
Getting a job
Both myself and my friends do our master's and work part-time to fund it. My sister actually does her master's part-time and works full-time. This is mostly because things like accommodation, food, travel ect., really adds up so I highly recommend you start saving for your masters as early as possible, unless you are able to get a loan from family, for example.
I am very lucky; I had excess loan at undergrad and master's, I live at home and have done since year 2 of my undergrad, and I have a couple of jobs to pay for bills and car expenses (parking, petrol, car maintenance) because I commute to uni. Without living at home I would have had to choose between doing a master's and buying a car, even with the 10% discount. And my car gets me to my current job and got me my placement, so basically: saving early is super important!
The good thing is that you don't have as many contact hours at master's level depending on your course. I do economics and have around 14 hours of teaching a week, so I work 10 hours at my part-time job and around 5 hours for the uni each week. The rest of my time is spent studying. I know people who work hospitality jobs or for their student union so if you can't save before you reach uni, you can always get a job when you are there!
Would I have done anything differently?
Overall I don't think I'd have done anything differently. I went from psychology to economics so if I had taken a gap year I would have been worried about losing my 'university brain', but that's just me. If I did it all over again perhaps I would have studied harder to get a 1st so I would have gotten a 30% discount instead of 10%, but honestly I'm just so grateful to be doing a master's because it's going to open so many doors for me.
My biggest tip would just be to save, save, save. Of course, if you want to go on trips and enjoy your youth, definitely do it! But I recommend saving any excess loan or money you come across, because master's aren't cheap and it can be really daunting to watch your savings disappear as you may for the course, accomodation, etc...
Hope this helps! Sorry for rambling but do let me know if you have any other questions. I think it's really cool you're thinking about your master's so early- and a PhD too!
Reply 10
12
Original post
by FxrzanaHow did you manage to fund your masters right after your bachelors? I know some people take time off and work to save up as they may not necessarily be getting support from elsewhere such as home. And did you find it difficult, if so if you could go back in time would you have taken a gap after your bachelors to earn a little, so when you do your masters you're more financially stable?
The fact is that a lot of people who do a master's have rich parents who can subsidise them. It may not be good for social mobility but it's true. Other people work and try to cut costs as described above. However, I should clarify what Grace said: you should NOT assume that you will find work after you begin a master's course, for example working for the university or the students' union. There will be lots of other students also chasing after those jobs. Also, in university towns, there is a lot of competition among students for jobs generally. It's safer to find work in advance of starting the course.
Anyway - in my humble opinion the best thing for you for now is to focus on getting into your preferred university for undergrad. Most people don't start thinking about a master's until the final year of uni, and with good reason: you don't really know until then if you want to do it. By the time you get there, your perspective may have changed. You may be focused on a professional career, or you may just decide you don't enjoy being a student. Plus, the conditions for doing a master's may have changed by then, which could also influence your decision.
Getting good grades and preparing a good uni application requires all your hard work and concentration, and if I were you I would focus on that and park master's ideas until later.
(edited 10 months ago)
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