Postgraduate Study How To Fund A Masters Degree

In the current economic climate many graduates are struggling to find a job in the field they have trained for. With good jobs in short supply there is stiff competition between applicants and if you do not have the relevant qualifications and experience then you will struggle to even get to the interview stage. For this reason more and more graduates are looking to postgraduate study to place them ahead in the job market and enable them to focus their studies on a single relevant topic.

Following a degree with a Masters is a popular choice for many students. A Masters degree does not require quite the same level of commitment to a project as a PhD and the course is much shorter, usually one year compared to the three years of a typical PhD course. Studying for a shorter period of time means the overall costs will be less than for a PhD. However, while many PhDs will fund your study a Masters is usually funded solely by the student.

The cost of a Masters degree will depend on which course you choose and which University you decide is right for you. A Masters typically costs between 3000 and 5000 for the fees alone, possibly more! This doesnt include your living or additional study costs either. You will need money for food, rent, bills and study aids such as books, internet access and journals. When budgeting for your Masters make sure you leave room for unexpected costs and this will prevent you from running into financial difficulties further down the line.

If you are funding your Masters degree yourself then you have one of two options. You can either save the money in advance or borrow money from the bank to help pay towards your fees. Most banks offer graduate loans for further study but it is important to bear in mind that you will pay interest on a loan and that the loan repayments will begin as soon as your course ends. This places a little more pressure on finding employment quickly after you have completed your Masters. To make life easier, some students opt to study their Masters degree part-time and work in their spare time for extra cash. This can be a great way to spread the costs but you will still need an initial outlay of money to begin the course.

Another option is to find an employer who will fund your Masters for you. Many larger companies offer a graduate scheme with a Masters degree included. Make sure you know that the course the employer has selected will be right for you and remember that you will be expected to complete the part-time course in addition to your full-time workload and this can be hard!