2 questions concerning a Masters Degree..

Janey78

Hi!

I hope to be studying a Masters Degree in Sustainable Development this Sept but have 2 concerns.

1 - What are my options for funding (ie living costs)? I don't think I would be eligible for a Career Development Loan as this degree isn't vocational.

2 - Would an 8 grand loan for a Masters Degree hinder my future options for getting a mortgage?

I have searched for answers to these questions but have found nothing conclusive and would value the opinions of this forums members.

Thanks in advance for your help!

rubuhoeikanaika

Janey78 wrote: »

Hi!

I hope to be studying a Masters Degree in Sustainable Development this Sept but have 2 concerns.

1 - What are my options for funding (ie living costs)? I don't think I would be eligible for a Career Development Loan as this degree isn't vocational.

2 - Would an 8 grand loan for a Masters Degree hinder my future options for getting a mortgage?

I have searched for answers to these questions but have found nothing conclusive and would value the opinions of this forums members.

Thanks in advance for your help!

(1) Firstly don't write off a CDL without checking - I've seen some pretty dubious 'vocational' courses.

Your main options are:

- personal funding (including savings, loans from family etc)

- part-time degree (working your way through college - very common at masters)

- loans (including bank and CDL, as well as US style student loans)

- AHRC or equivalent in your subject. For arts+humanities, you basically need a first at undergrad. Other subject domains are less strict. At most universities, you will have missed deadlines for this year (for AHRC, anyway).

- University or charitable scholarships/bursaries. There are more of these out there than you might think, although again you have missed many (most?) deadlines by now.

(2) No, the loan in and of itself will not affect you. In fact, it can help you build up a good credit rating. Of course, if you miss payments etc that could be a problem.

I assume you want to get a mortgage in the future? 'cos applying for an £8k loan and then a mortgage 2 weeks later *may* look a bit iffy, no real idea though.

rubuhoeikanaika

Daisies

I got sponsorship for the tuition fees for my Masters, but it's probably a bit late in the year now for you to be looking around for something like that.

I also switched to part-time study (got accepted onto the full-time course, then got the sponsorship offer, which involved working 3 days a week for my sponsor and studying part-time). Part-time tuition fees usually work out at the same as full-time but spread over two or three years, making it more affordable and, of course, there's much more potential for working. It can also pay dividends if you can find a job in a related area - I found it really helped with examples for coursework, etc.

missk_ensington

I have considered doing a Masters after uni 9I'm nearing the end of my 2nd year) and wondered if the process of Student Finance is the same as a UG level? At the moment I dont pay tuition fees, get my HE grant, PLA, Childcare Grant etc.... so other than my standard loans I haven't had to pay for anything else. Is this the same for MA if you have a low income?

Also, how is an MA categorised? Do you get a 1st, 2:1, 2:2.... etc or is it done differently?

Cheers

Lara44

I am just finishing my p/t MA in August. I study Cultural Studies which is quite theory-heavy so I was glad to have done it over two years as it has given me a bit pf space to grow.

I also got a job in design (which I studied at ugrad) it doesn't pay that well at the minute but I am starting full time in September with a pay rise. So it can also give you other good options. Now I am starting to save for my Phd, I would love to be starting that in 2008.... don't know if I'll have enough cash by then though!

Best of luck with whatever you choose

Compound_2

missk_ensington wrote: »

I have considered doing a Masters after uni 9I'm nearing the end of my 2nd year) and wondered if the process of Student Finance is the same as a UG level? At the moment I dont pay tuition fees, get my HE grant, PLA, Childcare Grant etc.... so other than my standard loans I haven't had to pay for anything else. Is this the same for MA if you have a low income?

Also, how is an MA categorised? Do you get a 1st, 2:1, 2:2.... etc or is it done differently?

There's no guaranteed funding for Masters, unlike UG level. rubuhoeikanaika has given a good summary of funding sources above.

The degree is traditionally just a Pass, with the possibility of Distinction for outstanding performance. Some courses now have a Merit category in between.

Daisies

Compound wrote: »

The degree is traditionally just a Pass, with the possibility of Distinction for outstanding performance. Some courses now have a Merit category in between.

Yes, with mine you either got a Pass or a Distinction (which was 70%+ the same as a first was for my UG. Pass was 50% plus. Can't recall anyone getting a Distinction though!).

grade15

1 - What are my options for funding (ie living costs)? I don't think I would be eligible for a Career Development Loan as this degree isn't vocational.

2 - Would an 8 grand loan for a Masters Degree hinder my future options for getting a mortgage?

well..i can't answer the first question..
but the 2nd one.. you are probably in debt from your 1st degree..and now getting a loan for your Masters degree..even more in debt..then you got a minus, so trying to find a deposit, is bit of a hinder..but even if you get 100% mortgage..you still have your debts from education..and i think you would be struggling with repayments from mortgage and education debts.! thank the labour party for that..but i have to say..that a Masters degree is worth it..
:dance:

Daisies

It depends what you want to go into - some jobs you can be a graduate and go in after a first degree. But other careers will want a postgrad qualification (eg PGCE for teaching). I'm a librarian and that is one of the professions that asks for a postgrad. qualification as well.

So it's definitely worth going to the careers service and finding out whether taking a Masters will help you more in the world of work - don't just believe the stuff that the university dept provides you with - they want people to take the course! (I'm assuming you're not planning on academic career and going on to a PhD?!)