Funding a Masters?

glider3560

More of just a general post as it is still quite a way from having to make any decisions.

I'm currently taking a BSc in a science subject. With my particular degree, there is no need to do a masters in order to apply for a PhD (provided I get a high 2.1 or 1st). There is also plenty of funding available for PhD students in this area.

However, I'm looking at changing route slightly and choosing a course that combines my science subject with computer programming. In order to do this, I'd have to take a Masters. I've found an MSc course which is suitable for me and I would meet the entry criteria.

The problem is money. The fees are £3,890. Also, the college is in London, so everything would be even more expensive than I've been used to.

The college states that a small amount of funding is available from two research councils, so I'll be contacting the course organiser nearer the time but I was wondering (in general), how do Masters students fund their degrees? The only way I could possibly do it would be to spent a year working (and saving money) before enrolling on the course. Any other suggestions about any funding that I may have missed?

WhiteHorse

Usually family if younger, self-funded if older. Some employers (current or even potential) will help if they think it to their advantage to do so. I seem to recall that there is a directory of charities, trusts etc that give grants.

Could you do the MSc part time? Would a masters by research be another avenue?

The_One_Who

The sciences do have a lot more funding, so that is something positive at least. One of my friends was fully funded last year with only a 2.2, so it can happen, but not something to count on.

If there is no research council funding available there are other routes such as departmental/university/charity funding, although it is few and far between really and may be restricted only to PhD students. There are also Career Development Loans which are essentially commercial loans and I would avoid at all costs. Most people I know have either taken a year out and worked and saved, used savings they already have or been lucky with the bank of mum and dad. For the more vocational courses an employer could sponsor you, but the trick to that is getting them to do that!

gemba123

I have also been looking into funding for my daughter doing a masters in september.

Re the career development loan i've not looked thoroughly but read they were interest free for a year?
Anyone know anything about them.
We were going to fund her but if a loan is interest free thought she might as well take out one of these and we'd keep the interest on our savings for a year.

The_One_Who

Yes, it is interest free for a year (I believe the government pays the interest), but then you need to start paying it back one month after you finish. So unless you have a lot of savings (then why get the loan?) or can guarantee getting a job, they are a risky option.