Advice Needed: Intergrated Vs Stand Alone Masters

Hi, I'm currently doing a Mechanical Engineering Degree and was originally planning to an integrated masters with it.

However after 3 years plus a year in industry, I am unsure I want a career in straight mechanical engineering and am considering whether to do a different masters in a few years instead.

I get quite a high maintenance loan currently so may be eligible for a masters bursary.



Could anyone offer advice on what would make more sense financially?

:money:

Comments

  • silvercar
    silvercar Posts: 46,769
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    Financially would mean whatever interests you most, so you would stick at a career.

    If you mean which leads to a better job, it depends on what you study and what opportunities that presents.

    If you mean student loans, I though masters funding was around £10k to cover tuition fees and maintenance, but any bursary would be on top of that. I assume you know what funding your integrated masters attracts.
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  • Without a Masters bursery, I believe an integrated Masters would be your better option, as your tuition fees and maintenance loan continue as they do now.

    If you do a separate masters you have to pay your own tuition (mine was £6k, but it's very discipline specific so have a look). The standard government masters loan is £10500ish, so if you're spending 6k of that on fees you're going to be running short. However if you can get a scholarship/bursary/some other funding then you'll be fine!
  • Carolinegv wrote: »
    Without a Masters bursery, I believe an integrated Masters would be your better option, as your tuition fees and maintenance loan continue as they do now.

    If you do a separate masters you have to pay your own tuition (mine was £6k, but it's very discipline specific so have a look). The standard government masters loan is £10500ish, so if you're spending 6k of that on fees you're going to be running short. However if you can get a scholarship/bursary/some other funding then you'll be fine!
    This. Plus the integrated masters is part of your normal student loan - so you get fees paid and a loan for living costs as you do now - plus you repay as part of your standard student loan repayment.

    For most people that will mean than you don't repay and more for having done the extra year.

    If you borrow the £10k for the masters loan you have to repay 6% of earnings about about £21k. This is a lower minimum level than the standard student loan and leaves you paying a marginal 15% of your income in loan repayments which is pretty painful.
  • Misslayed
    Misslayed Posts: 14,006
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    edited 17 January 2020 at 6:29AM
    Please press :spam:

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