Financing Postgraduate Course

byb3

Hi,

I posted this earlier today on the loans board but it seems to be getting little interest. I have reposted it on here as I feel it falls in between both subjects, but perhaps with more relevance to this board.

I'm writing this on behalf of my girlfriend, who's just been offered a place on a fairly prestigious course at City University in London in September. However she is quite concerned with the costs associated with commuting to London and the tuition fees involved.

A quick run down of the costs...

Tuition fees: £6,000 (9mths) perhaps rising to £7,500 (12mths) if she decides to do masters.
Commuting from Suburbs: £2,400 for a 12 month season ticket.

We looked into the alternative of living near the University, but the cheapest alternatives were £4,000-£5,000 so out of the question.

She has already begun applying for bursaries to help her afford the tuition fees. Obviously we don't know the outcome of these yet.

We've also looked into CDL (Career Development Loans) as mentioned on this website, and she is hoping to apply for the full £8,000 but we don't know what the outcome is either.

So before living costs are included, we already have an estimated £8,500 - £10,000 debt. Assume living costs of roughly £1,500 for a year (as she would be living with her mother) this means a yearly spend of £11,500 for an unwaged student.

She expects to be looking for part-time work to fund part of this debt, and hopefully work full time in the upcoming summer to put a dent in it.

However at the moment the whole process seems quite daunting, and the amounts of money are ridiculous. We have New Labour to thank for this absolute monstrosity.

I mentioned to her that this board would give her some good advice on what to expect and told her not to worry about finances. The government would get an absolute gutting if stories like this are published by the press. Exactly the type of scenario they are claiming isn't happening, but it obviously is.

Thanks for any advice anyone provides, or any personal experiences. Would make my girlfriend feel a lot happier.

Regards,

melancholly

i had to self-fund a masters - the fees were "only" £3300 then, but there weren't really any options.... I did temping work whenever I could, did demonstrating and marking in my department to get money, and lots of people had evening jobs in a bar. Taking part in experiments also gave me cash (about £5 an hour) which helped. I couldn't live with family where I was going so just had to borrow money from my parents and max out my interest free overdraft, which is now almost paid off. I was lucky to have some savings before I started (which were entirely wiped out - and still not fully replenished!).

it's possible - some people with no parental support coped with it. funding postgrad courses has always been tough! if your girlfriend can really get going over the summer and save a lot, it'll take the pressure off. banks are usually quite friendly about you being put back on a student account and being given a large overdraft because they think you have a high earning potential after you finish.

there's no easy, magic answer - apart from taking a year to work to save for the masters (which is what i did), it won't be easy - it's possible but with doing uni work and a job, it can be tiring. I don't want to sound negative because with budgeting and earning extra money wherever possible, it can be done, but there is no quick fix for postgrads. and i can understand why there isn't so much money around for postgrad courses - we've all been heavily subsidised for our undergrad courses (less now with fees than 10 years ago) and there simply isn't enough money to do the same for postgrad courses.

liz24

I'm doing a master's, although it's in history so I don't know how relevant any of this will be, but I really empathise with your girlfriend's predicament, I was in the same one this time last year.

Other things she could do: she should see if City have any funding available or know of any possibilities, they should have a section their website giving advice. She should also try Prospects (https://www.prospects.ac.uk I think) as they have a scholarship finder which might be of use. Maybe she should also try looking for other scholarship finding websites, I know they exist but can't really remember where they are. Also, depending on what subject your girlfriend will be doing, it might be worth seeing if any of the research councils can be of help, although she'll have to be quick as the deadlines are all coming up.

Other than that, it looks like you've covered all the bases (CDL, part-time job, saving for a year - check what City have to say about deferring entry, it might be possible), plus melancholly gave you some ace advice.

Postgraduate study is not easy, especially with the inherent financial problems, but if your girlfriend is doing something she really wants to do she'll find a way to work it, and I'm afraid that the debt may just be a necessary evil. But look on the bright side, and think of how potentially more employable she'll be after she's done the course. Also be glad she's not an international student; UK postgrad fees, while huge amounts, are basically topped up by the even huger amounts international students pay (here at Cambridge it's over £10,000 a year).

[Deleted User]

Beware the interest rate on a CDL - when i looked barcleys said it was 12.9% APR. I'm lucky as I managed to get an interest free loan from my parents, but otherwise i still would have tried to avoid a CDL.

byb3

Cheers for the advice and experiences guys. Is always nice to know there are people in the same boat as yourself.

Unforunately, her mum is a single parent so she can't help her out with an interest-free loan. Unless circumstances change this is unlikely.

On the CDL page it does say they charge quite high APR rates after the interest free honeymoon period is finished, but does recommend to pay this off immediately with a lower interest loan from Moneybank of somewhere around 5.7%.

This would be the backup plan if no bursaries or other funding is available.

Thanks very much for the advice guys.

Adam