If only everything in life were free. Unfortunately, like your undergraduate degree, a postgraduate degree incurs costs in terms of tuition and living expenses.

Financial concerns about further education can be significant, but there are numerous funding sources available, including Postgraduate Loans, university aid, and corporate sponsorship. But where should you start looking, and what amounts can you expect? We’ll guide you through your options here.

Still debating whether a master's or PhD is right for you? Our guide on the pros and cons of postgraduate study can help you decide.

 

What's in this Guide?

→ Postgraduate student loans

→ Loans for Master's students

→ Loans for PhD students

→ Research grants (studentships)

→ University postgraduate funding

→ Bursaries and scholarships

→ Graduate teaching assistantships

→ Scholarships and awards

→ Hardship fund

→ Charities, foundations, and trusts

→ Employer sponsorship

→ Part-time jobs

→ Family and savings

→ Crowdfunding

 

Postgraduate Student Loans

Your primary funding source may be government-issued Student Loans.

While master's loans are available throughout the UK, PhD loans are limited to England and Wales. If you’re ineligible for a Student Loan, don't worry—there are other options listed below.

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Loans for Master's Students

For the 2024/25 academic year, the maximum loans available are:

- England: £12,471 (for tuition and living costs)

- Northern Ireland: £6,500 (tuition only)

- Scotland: £13,900 (£7,000 for tuition and £6,900 for living costs)

- Wales: £18,950 (for tuition and living costs).

 

Loans for PhD Students

For PhD students in England and Wales, the available Postgraduate Doctoral Loans vary:

England:

- Up to £29,390 if your course starts on or after 1st August 2024

- Up to £28,673 for courses starting on or after 1st August 2023

- Up to £27,892 for courses started between 1st August 2022 and 31st July 2023.

Wales:

- Up to £28,655 for courses starting on or after 1st August 2024

- Up to £28,395 for courses starting on or after 1st August 2023

- Up to £27,880 for courses started between 1st August 2022 and 31st July 2023.

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Research Grants (Studentships)

Research Councils fund research in various disciplines in the UK. Typically, a 2:1 undergraduate degree is required, but relevant experience might also qualify you. For autumn courses, start applying for grants in spring. Studentships often cover fees and may provide living cost grants. Check UK Research and Innovation (UKRI) and jobs.ac.uk for more details.

 

University Postgraduate Funding

University funding options vary widely and can include studentships, scholarships, bursaries, or fee discounts for alumni. Some universities offer funding for specific courses or research.

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Bursaries and Scholarships

High-achieving students can receive bursaries and scholarships from universities, learning funds, or Teaching Assistantships. Opportunities are greater in some fields than others, so research your specific area. Competition can be tough.

 

Graduate Teaching Assistantships

Some universities allow graduates to teach while completing their studies through Teaching Assistantships. These roles, which might include teaching seminars or grading, often come with fee waivers and living cost payments.

 

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Scholarships and Awards

Outstanding students may receive scholarships or awards from universities or funding bodies. Funding amounts vary by university and study field.

 

Hardship Fund

Universities often have hardship funds for students in financial difficulty. Consult your university’s financial advisors for emergency financial support.

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Charities, Foundations, and Trusts

Various charities, foundations, and trusts provide funding for students in specific fields. Examples include Funds for Women Graduates, The Royal Society, and the Wellcome Trust. Research online and talk to university support services and tutors for more options.

 

Employer Sponsorship

Some graduate schemes and jobs include employer-sponsored postgraduate study. If your employer doesn’t have a scheme, you might need to propose how further study benefits your job and the company. Be sure to understand any repayment terms if you leave the employer.

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Part-time Jobs

A part-time job can help cover living costs, though it may not be feasible with all study schedules. Flexible and understanding employers are a plus.

 

Family and Savings

Family support can significantly ease financial pressure. Consider saving money by working full-time for a year before starting your postgraduate degree.

 Photo by Roberto Nickson on Unsplash

 

Crowdfunding

Though challenging, crowdfunding your degree is possible. Many students have successfully funded their studies this way. Check our guide on crowdfunding for more information.