Fund your Masters degree with scholarships, grants, bursaries and loans for UK/EU students
If you are a student from the UK or EU, there are different potential sources of funding available for your Masters.
Postgraduate Loan scheme
From 2016, postgraduate students are now able to apply for a loan from the government, allowing you to borrow up to £10,000 for your Masters programme. The loan scheme is available for all subjects and for full, part-time and distance learning. The loans will be open to UK and EU nationals.
The repayment terms of these loans differ from the undergraduate loans in that you will repay 6% of your income over £21,000 on graduation (undergraduate loans are repaid at 9% of your income over £21,000). Interest will be charged at RPI +3%. Repayments will be made concurrently with any undergraduate loan you have which means that if you have both and are earning over £21,000 you will be repaying 15% of your income.
For example, if you earn £22,000 and you have an undergraduate and postgraduate loan, you will pay 15% of £1,000 or £150 a year. If you earn £30,000 you will pay 15% of £9,000, which makes an annual repayment of £1,350. Divide these figures by 12 and you will get the amount you will have to pay back each month.
Alumni Discounts & Scholarships
Whilst doing your research, it is worth nothing that many universities offer incentives to their undergraduates to return to study at postgraduate level. Discounts vary from 10% of tuition fees up to 50% or more at some universities. You will also find some offering similar offers if your parents are graduates of the university, so worth checking out those you have a connection with.
Other Scholarships and Bursaries
There are also many scholarships and bursaries available which offer money towards the cost of your Masters, which does not have to be paid back. You can search for relevant scholarships and bursaries on our database.
Grants from charities and trusts.
There are literally thousands of smaller charities and trusts in the UK which offer grants either for educational or welfare purposes. Each one will have its own specific criteria and you will need to identify those for which you might be eligible. As part of our member benefits package, you can access an external database of over 3,500 charities and trusts which offer educational related grants.
Professional and Career Development Loans
Some students finance their studies by applying for a Professional and Career Development Loan. These are different from undergraduate loans in that they are bank loans with stricter payment conditions. You can take out between £300 and £10,000. Loans are usually offered at a reduced rate and the government pays interest while you study. Further information is available here.