Easing the financial burden of studying for a Masters

How government-backed bursaries, scholarships and loans are could help those wanting to stay in education

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Life for students wanting to study a Masters degree has just got easier with the introduction from the beginning of August of government-backed loans of up to £10,000.

Until now, most students have had to take out bank loans, work part-time or compete for the limited number of bursaries and scholarships provided by universities.

Student loans are also on the way for doctorates, but they will not be provided until 2018 when it is expected loans of up to £25,000 will be made available.

Delyth Chambers, director of admissions at Warwick University, believes the new loans will prove an encouragement for students. “I think the lack of finance has been deterring graduates from going straight on to do a Masters,” she said.” I was surprised when our research showed the average age on post-graduate courses is 25. It would seem that graduates have been postponing post-graduate courses.”

“It will be interesting to see the impact of the loans. The amount won’t be enough to cover fees and living costs and graduates may not want to add to their student debt.”

Loans will be available to all students under 60 studying both taught and research Masters in all disciplines for full-time, part-time and distance learning. Repayments will not begin until 2019 and payments start at income levels above £21,000.

The government loan and the vice-chancellor’s scholarships should help make Masters degrees more accessible

&#13; <p>Hannah Marshall</p>&#13;

Universities have limited funds for students. Last year, Warwick University, which attracts external and research council funding, was able to provide some financial support for 3,200 of its 5,400 post-graduates either from scholarships, bursaries, research councils or external providers.

Students who want to study a full-time course at Northumbria University will this year be able to apply for a vice-chancellor’s scholarship of £2,750. The university is providing 100 scholarships in 13 subject areas that include sport, engineering, computing and law.

Hannah Marshall,23, who is studying international sports management part-time at Northumbria University, said: “The government loan and the vice-chancellor’s scholarships should help make Masters degrees more accessible.”

Students will be able to apply for loans in June, three months before the start of their courses. Loans may ease the problem of paying for a course, but students are still likely to be stretched financially.

Amelia Gunnarsson,23, who is doing an MSc in prenatal genetics and fetal medicine at University College London (UCL), has a loan from the Swedish government which funds its citizens studying abroad, but she still does dog walking to boost her income. “It brings in £20 to £30 a week, which makes a difference,” she said.

This article was created by the Independent and sponsored by Northumbria University, Newcastle. Based in Newcastle and London, Northumbria is a research-rich, business-focussed, professional university, with a global reputation for academic excellence. The UK’s biggest riser in Research Power, and a Top 50 university in the UK, Northumbria’s inspirational academics, cutting edge courses, outstanding facilities and extensive partner network means that they offer exceptional opportunities to learn from the best and give your career an edge. This year, Northumbria is offering 100 scholarships worth £2750 off selected full-time on campus Masters courses starting in September 2016. Click here to find out more and read full terms and conditions. To find out more about studying at Northumbria University, Newcastle, visit: www.northumbria.ac.uk