The Truth about Master’s funding for Home Students
Hi everyone! I’m a current Master’s student and I wanted to talk about my experience of masters funding as a home student.
The Postgraduate Master’s Loan (Student Finance England)
You still receive student finance from the government, however, this is awarded different to the undergraduate student finance. It is not means tested, which means it does not depend on your parents income. You get it paid directly to your account and it is your choice whether you use this for your tuition or accommodation fee. The max amount changes every year, but in my experience, it does not cover everything. Think of it as your foundation layer, not your whole plan.
Working while studying
Most Master’s students work and I do too. It’s doable, but the key is flexibility. I have to work as my loan does not cover my accommodation fees. If I could turn back time, I would have taken some more time to save some more money so I did not have to work as much! If you do work, I recommend: on-campus roles, student ambassador work, library shifts, research assistant work with your department, or flexible hospitality.
Scholarships, bursaries & charity grants
This part is key and is where many students make up the difference. Universities offer different bursaries, specific departments award their own bursaries too so check your school pages for this information. University of Reading offers excellence grants, sustainability, alumni discounts, school of psychology specific grant too. There is also bursaries that can be awarded like placement bursaries, commuter, hardship etc. There are also charities & trusts that can offer £200–£2,000 grants based on subject, background, location or personal circumstances.
These awards rarely cover everything individually, but stacking them can cover the costs or support with this.
Tips I would recommend:
In summary, plan ahead and do not rely only on grants and bursaries alone, although they can be a huge help.
- Hibah, a MSc Psychology student.
The Postgraduate Master’s Loan (Student Finance England)
You still receive student finance from the government, however, this is awarded different to the undergraduate student finance. It is not means tested, which means it does not depend on your parents income. You get it paid directly to your account and it is your choice whether you use this for your tuition or accommodation fee. The max amount changes every year, but in my experience, it does not cover everything. Think of it as your foundation layer, not your whole plan.
Working while studying
Most Master’s students work and I do too. It’s doable, but the key is flexibility. I have to work as my loan does not cover my accommodation fees. If I could turn back time, I would have taken some more time to save some more money so I did not have to work as much! If you do work, I recommend: on-campus roles, student ambassador work, library shifts, research assistant work with your department, or flexible hospitality.
Scholarships, bursaries & charity grants
This part is key and is where many students make up the difference. Universities offer different bursaries, specific departments award their own bursaries too so check your school pages for this information. University of Reading offers excellence grants, sustainability, alumni discounts, school of psychology specific grant too. There is also bursaries that can be awarded like placement bursaries, commuter, hardship etc. There are also charities & trusts that can offer £200–£2,000 grants based on subject, background, location or personal circumstances.
These awards rarely cover everything individually, but stacking them can cover the costs or support with this.
Tips I would recommend:
•
1)Apply for the SFE Master’s Loan early
•
2)Check your uni’s funding pages for every bursary/grant you qualify for BUT do not plan your finances around getting these as you may not necessarily get these too
•
3)Check your university for flexible part time work
In summary, plan ahead and do not rely only on grants and bursaries alone, although they can be a huge help.
- Hibah, a MSc Psychology student.
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