Written by Guest blogger
You have made the important decision to take your education to the next level or you are just trying to figure it out, regardless, there is one burning question that eats you up at night- “How am I going to afford it?”. Luckily, today there are a lot of options for postgraduates to fund their studies and I am going to guide you through the main ones. So let’s go!
Student loans once used to be available just for undergraduate students, however, for a couple of years now the UK government has made it possible for UK, EU and Swiss postgraduates to take advantage of this opportunity as well.
Taking out a loan can seem a little intimidating, however, it should be noted that this type of loan is different. Postgraduates can borrow up to £10,609 and the loan is paid directly to the student, which means that he or she can use it for both tuition fees and living expenses. What is even better, once you’ve finished your course you are not required to start repaying it until you reach an income threshold of £21,000. Above that threshold, 6% of your income is automatically deducted from your account on account of the Student Loan Company, so you do not have to deal with payments separately unless you want to repay greater amounts at a time. It should be noted that income thresholds vary depending on the country you are living and working in after graduation. You can find more information on that on the Student Loan Company website.
Many universities provide good scholarships that can significantly shrink the payable tuition fees. Bournemouth University, for example, provides an extensive list of scholarships for both UK/EU and international students.
Some universities offer fee reductions if you meet certain criteria. A 10% discount is available (for each year of study) for any student who has an immediate family member who is currently studying at or has graduated from BU. A 20% loyalty discount is also available if you studied your undergrad at BU. See website for details.
Charities, Trusts and Foundations
Charities and trusts often provide financial help to poorer students who have expressed academic excellence. Information about charitable opportunities can be found in the local libraries.
The Alternative Guide to Postgraduate Funding offers BU students the opportunity to search for additional funding through charities, trusts and foundations. It also provides tools on how to apply for funding and guidance written by students who have successfully gained funding. Prospective students can access this for free by using a personal email address and using the PIN: 6199.
Studentships for Research study
Studentships are funded postgraduate positions. The funding associated to the positions can be for fees, living expenses or both. They are mostly funded by Research Councils UK.