Sources of money available to fund Postgraduate study (Starting September 2008)

Conscientia

Thank you for letting me know about the LEA holding a list of other charities. I'll be sure to get in contact with them as soon as possible.

I believe that I'll be able to make it through the year through loans - I'm not scared of getting in debt, as I feel that the course is definitely worth it. But I just want to make sure that I make the right decisions regarding which loan(s) I take out and which bank account I choose.

Little_Chicken

Not sure on the best loans - you could possibly get 0% if you do an egg card stooze and move the money to your current account - but I'm not sure what kind of limit you'll get if you're not currently working.

Conscientia

The Egg card would be 0% for the first year and then 16.9% there after. I'm hoping to complete a PhD after my Masters, so I'm not sure if that would be the best bet for me... as at the end of the initial 0% window I won't have any money to repay what I have borrowed... so I can see my debt increasing tenfold with me having very little to do about the situation.

I think that I may be able to take out a loan with my bank, explaining the situation I am in, and then agree to a timeframe in which I have to pay it back after I finish my course. I'm not entirely sure though... if only I had done a Finance degree

Titch89

Are there any scholarships that your uni offers for post grad students?

melancholly

the short answer is that there isn't much funding available for postgrad studies, especially a masters course where you haven't got a set of 1+3 funding....

usually, a year out with working and saving is the way (i did that!), or some people go for a career development loan. you should be able to work while you study (ok, you say goodbye to most of your social life, but it's doable!), to keep some money coming in. you may be able to get some limited teaching work in your department, but apply early as this is usually popular.

Swirlywurly

I'm having a similar problem. I went to see the student advice people at my current university and they let me use a program called a "fund finder" where you input information about yourself and the course etc and it weeds out funding bodies that you can apply to. I may get nothing, but it doesn't hurt to try. Maybe that could be something you would consider? As far as I know you can only access it in libraries and places like universities. I'm lucky in that I only need to find £2000 because i am taking a year out of my undergrad degree to do a masters (long story) so i will still be entitled to a maintenance bursary from the NHS.

Good luck with the funding! The course sounds really interesting.

dmg24

RachelRa wrote: »

This worries me about going onto postgrad myself (not that I've started my BA yet). I know this isn't what you want, but can you defer a year and save like crazy?

You can defer for as many years as you wish! x

Conscientia

Just a little update. I phoned my LEA this morning, they can offer no help at all (I already knew this...) and the links they gave me I had already looked at and had no success.

I phoned up about a Career Development Loan and was told as my course would not be leading to a work (immediately) that I would not be eligible for a loan

Halifax seem to have the best interest free overdraft at the moment, £2750. Would it be possible to have both a Graduate Account (with Natwest, as I have that already) AND a Student account at Halifax? Or is this against the terms of service?

There is a loan 'sale' on in a number of branches at the moment... so I'll take a look through the offers available. If I were to borrow £10000, would I be able to borrow it in instalments? £2500 every 3 months? Or would I need to take it all in one lump sum (and therefore incur interest for the entire amount...).

I'm going to contact the Educational Support team at the University and ask if there is any way that I could pay my fees of in instalments, minimising the amount of money I'd need to borrow in one go... and also enquire as to whether or not there is any money available for people in my situation.

Thank you all for your help, it's very much appreciated.

Voyager2002

Conscientia wrote: »

The Egg card would be 0% for the first year and then 16.9% there after. I'm hoping to complete a PhD after my Masters, so I'm not sure if that would be the best bet for me... as at the end of the initial 0% window I won't have any money to repay what I have borrowed... so I can see my debt increasing tenfold with me having very little to do about the situation.

I think that I may be able to take out a loan with my bank, explaining the situation I am in, and then agree to a timeframe in which I have to pay it back after I finish my course. I'm not entirely sure though... if only I had done a Finance degree

Well, if your plan is to do a PhD that is closely related to this course, 3+1 is exactly what you need. It sounds as if you asked the right question, and were given a very strange answer by the admissions tutor.

In most departments, the staff member likely to supervise a postgraduate would get to know him/her, and then decide whether or not to support an application for 3+1 funding. Perhaps you applied at a funny time, when this process was not possible? In which case it might be worth deferring for a year so that you have time to plan a four-year programme of study, working together with someone in the department who could support you.

Otherwise, they may have decided that while they are willing to take nearly ten grand (!) off you for a place on the MSc, they don't want you as a research student. In which case they ought to let you know, and why, and if that is they thing you might prefer to study somewhere else.

melancholly

that's really good advice from voyager!

as far as 1+3 funding with the ESRC goes, it is too late now. if the department isn't allocated any studentships, then they can support one student's application to a nationwide competition. this means you have to be the best applicant that year and if no-one there knows much about you, i can understand that they are more likely to pick someone else....

is it worth you waiting and applying for named phd studentships next year? that way you are only applying to a place with funding. it's a much easier route than getting a place and then getting funding separately.