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Funding Postgraduate Study
Chris Rea
Graduate Prospects
Why do postgraduate study?
GOOD REASONS
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Improve your employment prospects
Acquire new skills
Personal pleasure/love of subject
BAD REASONS
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You want to remain a student
Your partner/friends are in the same city
TERRIBLE REASON
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You don’t know what else to do
Funding issues
THE BAD NEWS
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No mandatory funding (except for PGCE students)
Fees are higher than for undergraduate study
Student Loans Company doesn’t support postgraduates
Most postgraduates won’t receive financial support
THE GOOD NEWS
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There are more PG students than ever before (over 500,000)
There is an incredible variety of programmes and modes of study
Most PG students can and do manage even in the absence of formal
funding
Research Councils
The most important formal sources of PG funding:
• Arts & Humanities Research Council (AHRC)
• Biotechnology and Biological Sciences Research Council
(BBSRC)
• Economic and Social Research Council (ESRC)
• Engineering and Physical Sciences Research Council (EPSRC)
• Medical Research Council (MRC)
• Natural Environment Research Council (NERC)
• Particle Physics and Astronomy Research Council (PPARC)
Research Councils - applying
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Competition is intense but varies between subjects
Awards normally require a minimum 2:1
You must be ‘ordinarily resident’ in the UK for a full award
Applications are usually made through the department, not the RC
Application deadlines vary. The earlier you find out about them, the
better
Refer to individual RC websites for the most up-to-date information
Charities, foundations and trusts
An important component of your funding package
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They are usually dedicated to a specific purpose – e.g. subject of study
They rarely provide full funding (e.g. tuition fees and cost of living)
There are no standard rules on eligibility criteria and applications
There is no central application process
Key information source: The Grants Register (published by Palgrave). This
should be available in your careers service
Additional information source: The Directory of Grant-making Trusts
(published by the Charities Aid Foundation)
Institutional funding
There are funding opportunities right under your nose:
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Graduate teaching and research assistantships
Studentships, scholarships and prizes
Access to Learning funds
Part-time campus work
Hall tutorships
Fee flexibility
Loans
CAREER DEVELOPMENT LOANS
• Run by three High Street banks and DfES
• You can borrow between £300 - £8,000
• CDLs account for a small but growing percentage of PG funding
• They are always awarded for vocational courses only
• Repayment begins as soon as you graduate
• APRs are very high
PROFESSIONAL LOANS
• Association of MBAs Loan Scheme
• Loan schemes for Law students
PERSONAL LOANS/OVERDRAFTS
• Negotiate with your bank
Think carefully before taking on more debt
Working and studying
The reality for the vast majority of PG students
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Most PG students study part time
It’s possible to work part time (or even full time) and study –
demanding but it can be done
Many PG students have their fees paid for by their employer. This may
be part of Continuing Professional Development (CPD)
Flexible study modes such as credit transfer, modular study and
distance learning make working and studying a realistic possibility
Portfolio funding
You are the biggest source of PG funding
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Most PG students put together a funding package drawn from a variety of
sources
This requires strong personal skills: tenacity, imagination, perseverance,
ingenuity
Sorting your finances out may be the most demanding part of your PG
experience
According to research, most students say that the PG experience was
worth the sacrifices they may have had to make to complete it
Your next steps
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Start your information search as soon as possible. If you put in the spadework now, you will reap the harvest in the long run
Read Prospects Postgraduate Funding Guide – available here today, at
your careers service and at www.prospects.ac.uk/funding
Talk to current and former postgraduate students
Ask the department you are applying to how their students fund
themselves
Check your eligibility criteria for Research Council funding
Search for relevant charities, foundations and trusts
Get control of your personal finances – run yourself like a small business
REMEMBER – MOST PG STUDENTS CAN AND DO MAKE ENDS MEET
Funding for international students
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If you are an international student you need to get hold of a copy of
Prospects Postgrad UK Applications and Funding Guide, which provides
an excellent starting point for information on applying for postgraduate
study in the UK – and paying for it. The Guide is available from British
Council offices and at higher education institutions in some countries and
you can access it online at www.prospects.ac.uk/postgraduk
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Fees for international students vary from institution to institution.
Generally, arts, social science and science Masters courses begin at
£6,500. An MBA can cost as much as £29,000.
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Cost of living varies. As a rule, budget £9,200 a year for living in London
and £7,200 elsewhere.
Funding for international students
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British Chevening Scholarships
British Marshall Scholarships
Marshall Sherfield Fellowships
Fulbright Awards Programme
Commonwealth Scholarship and Fellowship Plan
Commonwealth Shared Scholarship Scheme
Overseas Research Students Awards Scheme
For a detailed overview of the above sources visit:
http://www.prospects.ac.uk/cms/ShowPage/Home_page/Funding_my_further_study/F
unding_for_international_students/p!eaLdigf
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Many universities provide scholarships and awards for students
international students. When you have identified a university you wish to
study at, it is essential that you ask about funding provision when you
make your initial enquiries as funding deadlines are often well in advance
of the course start date.
Funding issues
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As an international student it is possible to work for up to 20 hours a week
during term time and full time during vacations. You need to be very clear
about your eligibility for work when you apply for your visa. Advice and
guidance on such matters is available from the British Council
(www.educationuk.org) and from UKCOSA (www.ukcosa.org).
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You need to be prepared for the fact that you may have to work before or
during your course, and support yourself with savings and loans.