Deciding to carry on with university after you finish your undergraduate degree is a big step. There is so much to consider, from what to study, which university to attend, and how you will afford it. The finance and loan system can be confusing at first, and it seems as though there isn’t much information on how it all works. If you are wondering: How does funding for a Master’s degree work, we’ve got you covered.
How does it work?
The student loan you receive for a Master’s degree differs from that of an undergraduate degree. At undergraduate, you receive two loans, a tuition loan and maintenance loan. The tuition loan is sent directly to your university by Student Finance England, and funds your course, whilst your maintenance loan is sent directly to you to cover living costs, and the amount varies dependent on your household income.
The student loan for your Master’s degree is just one loan. It is no longer dependent on your household income and is one set amount for every student.
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How much does it cost?
Currently, the Master’s degree loan is £11,836, but typically increases every year. The entire loan is sent directly to you and is designed to cover both your course and living costs. Similar to undergraduate, you receive the loan in three payments, one payment each term. If you choose to study part-time over two years, your loan will be spit across this time.
Currently, Master’s degrees massively range in price and can cost anywhere from £6000 to £15,000, with the average being around £10,000. The price depends on both the course you choose and the university you choose to study at. Typically, higher ranking universities will charge much more for their Master’s courses.
Other financial help
The majority of your loan will be used to cover your tuition fees and any excess can be used to help fund living costs. If your tuition fees are more expensive than your loan, it is your responsibility to make up the difference. Remember to check university websites as they may offer bursaries or scholarships.
Some universities also offer an alumni discount, for those who choose to study their Master’s degree at the same university as their undergraduate. If you are worried about costs, it is best to contact your chosen university and see if they are able to help.
If you have been wondering, how does funding for a Masters’ degree work, we hope you now feel a lot more confident.
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