Masters / Career Development Loans

David333

Thanks for the comments. I intend to fund the Masters through working full time for the next six months and then part-time during the course as well. A CDL would just help take some of the pressure off and I would hope to have the money saved up by the time I finished the year.

My credit record isn't bad at all: just that the credit card I applied for was possibly somewhat ambitious for the minimum wage job I'm on. I won't apply for a CDL for several months anyway so will hopefully look a better bet to the banks!

Any suggestions on which bank is best to apply to? I will be in Scotland if that makes a difference...

dizzyrascal

In England there are just 2 banks offering the CDL now, Barclay's and the Coop.
You should be able to stagger your fees over 2 or 3 payments which might help with finances.
It is possible to work part time during a masters but do bare in mind that more is expected of you then as an undergraduate. The study is much more intensive.

David333

I've spoken to the university and they will allow twelve monthly payments which is really helpful. I'd love to just focus on studying for the duration of the Masters, hence the CDL; if not, I'll just have to hope working twelve-fifteen hours a week will help me get by with the rest of the time devoted to studying. A graduate overdraft somewhere might get me an interest free overdraft and I suppose I could possibly also get a student account somewhere to get more interest-free debt...

dizzyrascal

I think the monthly payments will help a lot in terms of being able to budget properly. Much better then having to find the fees upfront.
I think 12-15 hours a week is do-able but see what your timetable is like before you commit to this.
I do know of some Masters courses (Mech eng & Sciences or courses with high lab time) that are effectively 9-5, Mon-Fri. This doesn't leave much time for study or work.
See if you can get a tutor to go over the current timetable with you. It probably won't change much for the next academic year. I think you are taking a very sensible approach to this so far and further planning (about when you can work and when you can study) will help, especially financially.
Remember that there is no teaching time during the final 3 months of the course. Although you are classed as a full-time student and have a dissertation to finish, you might be able to do a few more working hours. Also, as soon as you hand in your dissertation you can work full-time. Again, good planning and organising will help here too.

David333

Fortunately it's an arts rather than a science Masters so there won't be labs and therefore I assume fewer hours in uni. I'm planning on treating the Masters as a full time job so working 9-5 in the library Monday to Friday, and then working to earn money Friday evening and all day Saturday.

I don't mind getting in a little debt which I can pay back next summer/autumn after the dissertation is finished. However, it's just a case of trying to find the cheapest possible debt available to me!

dizzyrascal

Well I think the CDL is the cheapest rate for borrowing
this is what it says on the government website

Currently, banks offer Professional and Career Development Loans at a reduced customer rate of 9.9% per annum, equivalent to a typical APR of 5-6% over the lifetime of the loan. However, interest rates may vary from bank to bank. For further information, consult the participating banks

From
www.direct.gov.uk

You should start paying the CDL back about a month after your course finishes so if your course finishes on 30th August then your repayments will start on or about 30th Sept (ish)

Have you tried for any charitable funding? It is not easy to get but it is always worth a try.
You can try this link here
http://www.studentcashpoint.co.uk/Default.aspx

or try this one for bursaries and scholarships
Scholarship Search

David333

dizzyrascal wrote: »

Well I think the CDL is the cheapest rate for borrowing
this is what it says on the government website


From
www.direct.gov.uk

You should start paying the CDL back about a month after your course finishes so if your course finishes on 30th August then your repayments will start on or about 30th Sept (ish)

Have you tried for any charitable funding? It is not easy to get but it is always worth a try.
You can try this link here
http://www.studentcashpoint.co.uk/Default.aspx

or try this one for bursaries and scholarships
Scholarship Search

Thanks for the links. I always assumed I wouldn't get a scholarship for the Masters because I only have an ordinary degree rather than an honours degree. However, now I'm beginning to wonder whether that could actually be a good selling point!

Unfortunately I can't see any appropriate scholarships. If only I had an unusual surname!

dizzyrascal

A scholarship is always a long shot even if you had a first and full honours but I do think your sensible approach to funding your course could help you with approaching charities for some funding.
In general you will only get small pots of money (if you can get any at all) but when you apply, try to show how well prepared you are for the course, (mostly saved and self-funded and expecting to work pt too).
It is always to your benefit to say that you are doing everything possible to pay for this yourself and you are keeping costs to a minimum but that you might need help with essentials like bills, food and books etc.
That way you don't look like you are expecting someone else (in this case a charity) to fund your further study. But you would appreciate any help they are able to give.
You could bring in your ordinary degree as a reason for doing your study at Masters level. How it might increase your employability etc as well as your passion for the subject (obviously)

marywooyeah

David333 wrote: »

Unfortunately I can't see any appropriate scholarships. If only I had an unusual surname!

get a change of name deed done?!

Racheldevon

After graduating, I had an offer to do my MSc with the option to live in halls and provide support to undergrads, with a team of people doing this on a rota Iin exchange you got free accomodation, so reducing the cost of overall fees. However I got offered a relevant full time paid role and took this. A few years on, i'm in a new post and work have agreed to fund a different masters which i'm just about to complete. So, even if you do have to work alongside doing it, it's a viable option, you obviously have to do it on a part time basis, but I've had no fees to pay so it's been a worthwhile option.