How do people afford UK Masters?
Hi all,
Looking at the cost of UK target uni (LSE/Oxbridge/Warwick etc) master courses in finance/econ, they all seem to be £35-50k excluding living costs.
How do UK students actually afford it (considering the loan is around £10k from student finance)? Is the only hope getting a strong scholarship if your family doesn’t finance it for you?
Appreciate any insight
Student loans from platforms like Prodigy Finance
the people I asked said
- partial scholarship
- savings
- income (they work while studying)
- personal loan from friends/family
- student loans
It's feasible, for a young person, education is the best investment.
Hey there! When it comes to financing a Master's degree in the UK, especially at target universities like LSE, Oxbridge, or Warwick, students often have to get creative since the costs can indeed be quite steep. Here's a breakdown of some common methods students use to cover the costs:
Scholarships and Grants: Many students seek out scholarships, which can be merit-based, need-based, or subject-specific. Some universities offer their own scholarships, while other organizations might offer grants to students in certain fields or from certain backgrounds.
Student Loans: While the UK government does offer a postgraduate loan scheme, the amount might not cover the full cost of tuition, let alone living expenses. Therefore, students often look to other sources, such as private loans or international student loans, if they're from abroad.
Savings: Some students might have savings from previous work or family contributions that they can use towards their education.
Part-Time Work: It's not uncommon for students to work part-time during their studies to help cover living expenses. Some might even find work-study opportunities or assistantships at their university.
Sponsorships: In some cases, employers might sponsor a student's education, especially if the degree is relevant to their job or career progression.
External Funding: There are also external funding bodies that might offer financial support, such as charities, trusts, and foundations.
Family Support: Of course, some students are fortunate enough to have family support to help with the costs.
Loans from Home Countries: International students sometimes have access to loan options from their home countries that are specifically designed for studying abroad.
It's a tough nut to crack, but with a combination of these methods, students can piece together the funding they need. It's all about being resourceful and proactive in seeking out opportunities for financial support.
Sources: How do people actually pay for MBAs?, https://www.wallstreetoasis.com/forum/school/uk-master-in-finance-advice?customgpt=1, 20 Most Frequently Asked Questions - London Edition, UK Student loan advice - To pay or not to pay, 2018 UK Target Uni - MSc - for FO jobs: put your POV
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