Postgraduate courses are a whole different ball game from undergraduate study – not least in how you find the money to pay for them. With graduate jobs increasingly thin on the ground, postgraduate studies are an increasingly attractive option for fresh graduates meaning competition for places and funding is intense. Read our guide to postgrad finance and get ahead of the competition.

• The basics
• Where to get funding – NHS and Teacher Training courses
• Where to get funding – scholarships and trusts
• Where to get funding – loans and part-time study

The basics

There are two main types of postgraduate degree – taught and research based.

Tuition fees have to be paid: these vary depending on what you’re studying. Typically over two years you’re looking at paying between:

• £7,000-13,000 for a postgraduate taught degree;
• £7,300-12,900 for a postgraduate research degree;
• £11,400-27,400 for a clinical course and
• £8,500-20,400 for an MBA.

This is a good guide to what you’ll be expected to shell out, but check out individual university websites for exact costs.

You won’t (unless you’re doing a Postgraduate Certificate of Education) get a loan for either fees or for living costs. There are, however, a variety of bursaries you can apply for, which are more generous for postgraduates than for undergraduates.

There is government support for those enrolling onto certain healthcare, education or social care courses that lead to a professional qualification. However to qualify for any of the above you need a great academic track record and/or be studying something that’s valuable to a business or the country.

Application cycles for postgraduate courses are more flexible than at undergraduate level. However, the earlier you get in, the more likely you are to get money. Popular courses are very competitive to get on to, and getting funding equally so.

Where to get funding – NHS and Teacher Training courses

If you’re hoping to do a postgraduate course in teacher training, social work or certain NHS courses you’re in luck – there’s plenty of funding available for you.

• If you’re studying for a postgraduate teaching qualification like a PGCE or school centred initial teacher training (SCITT) you’re eligible for a tax-free bursary of between £4,000-9,000. Home and EU students might also benefit from a ‘golden hello’ of between £2,500 and 5,000 for taking up permanent teaching jobs in the subject you trained in. Find out more about teacher training here.
• For home students in England, there are also maintenance loans and grants available for full and part time students – click here for full details.
• If you’re doing a standard five or six year medical or dental course you’re eligible for an NHS bursary. If you started your course after September 1998 and are studying in the UK you’ll be funded the same way as other students for the first four years of your course. In the fifth and sixth years you’ll receive an NHS bursary based on your income, a non-income assessed maintenance loan (up to half of the normal maintenance loan rate), and the full amount of your tuition fees paid for by the NHS.
• Students on graduate-entry medical courses can receive NHS bursary support in their second, third and fourth years. This is the same entitlement as given to standard entry medical students in their fifth and sixth years.

You can find out more information from the DirectGov website, and on the student section of the NHS website.

Where to get funding – scholarships and trusts

Some courses come with funding attached – these are called studentships. They’re more common with science subjects, and for research rather than taught degrees. Funding usually comes from one of the seven Research Councils, but if your university is research intensive they might put money towards a studentship too. In most cases studentships are covered by the same application to your university or college as for your place on the course, so you don’t usually have to apply to the Research Council.

If you’re funding yourself you’ll need to indicate this and where the funding is coming from on your application form. To find funding you might try:

• one of the seven Research Councils. These are government funded agencies whose remit is to support research in different academic disciplines; this covers postgraduate funding. Stipends start from £13,290 with more money allocated to students in London. To apply you should hold at least an upper second class undergraduate degree, though ideally you’ll have a First. They’re worth applying to but be aware that competition is fierce and many who apply are disappointed.
• Other public funding bodies like the Student Awards Agency for Scotland (SAAS) and the Department for Employment and Learning in Northern Ireland (DELNI) can make awards for students on postgraduate courses in Scotland and Northern Ireland. Usually you are asked to apply through your university. In England and Wales, Local Educational Authorities tend to reserve financial aid for people on PGCE courses.
• Charities, foundations and trusts usually also have funds allocated for postgraduate students. Applying to charities and trusts can be a bit hit-and-miss just because of the sheer number and diversity of charities around: a large organisation like the Wellcome Trust will have more opportunities than a smaller charity. Some have very specific eligibility criteria while others welcome a broad range of applicants. Additionally the size and use of the grant might be restrictive: in some cases the award may only be used for a specific purpose like fieldwork, or may only be sufficient to cover travel or fieldwork costs. They’re worth trying however because there might be an award available that suits you perfectly.
• Some learned societies like the British Academy and the Royal Society are willing to help fund postgraduate and postdoctoral research.
• Universities themselves might have a small amount of money set aside for postgraduate study. This is not a guarantee, nor should you rely exclusively on your university funding your degree. Money from your university or faculty might, however, come in handy if you encounter unforseen difficulties or need a last little bit of funding to make up the total amount you need.

Where to get funding – loans and part-time study

If you’re a persuasive type, you might be able to get your employer to sponsor postgraduate study. This of course depends on whether you can demonstrate that you’ll be able to do your job better if you’re academically retrained. You will probably need a proposal (like a business plan) to show your line manager and to more senior management staff. Employer sponsorship is ideal as you benefit from better training and career prospects, and your employer benefits from a skilled and more motivated worker.

You might also try approaching prospective employers for sponsorship on the understanding that you’ll stay with the company for a fixed time period after you finish studying.

Another thing to consider is part-time study. The course will take longer to finish but your costs will be greatly reduced if you can earn as you study. If you can find work in the sector you’re studying in – in a lab if you’re doing a scientific research degree for example – you’ll be building experience and contacts as well as working towards a qualification.

Many banks offer post-graduate loans at low rates of interest. That’s good compared to another type of commercial loan – just don’t expect it to be as good a deal as the interest-free student loan you had as an undergraduate. See our pages on student bank accounts for more details.

Those doing vocational courses may also be eligible for a career development loan. This allows you to borrow anything between £300 and £10,000 to help you fund up to two years of learning (or up to three years if the course includes one year of relevant practical work experience). The Learning and Skills Council will pay the interest on your loan while you’re learning and for one month after you’ve stopped training. You then repay the loan to the bank over an agreed period at a fixed rate of interest.

Useful links

• DirectGov
• NHS Student Bursaries
• Prospects has an excellent section on postgraduate funding, including news on the latest bursaries.
• Research Councils UK
• Teacher Training bursaries

See our pages on getting work as a student for more ideas.