1. Funding Postgraduate Study Chris Rea Graduate Prospects

2. Why do postgraduate study? GOOD REASONS Improve your employment prospects Acquire new skills Personal pleasure/love of subject BAD REASONS You want to remain a student Your partner/friends are in the same city TERRIBLE REASON You don’t know what else to do

3. Funding issues THE BAD NEWS No mandatory funding (except for PGCE students) Fees are higher than for undergraduate study Student Loans Company doesn’t support postgraduates Most postgraduates won’t receive financial support THE GOOD NEWS There are more PG students than ever before (over 500,000) There is an incredible variety of programmes and modes of study Most PG students can and do manage even in the absence of formal funding

4. Research Councils The most important formal sources of PG funding: Arts & Humanities Research Council (AHRC) Biotechnology and Biological Sciences Research Council (BBSRC) Economic and Social Research Council (ESRC) Engineering and Physical Sciences Research Council (EPSRC) Medical Research Council (MRC) Natural Environment Research Council (NERC) Particle Physics and Astronomy Research Council (PPARC)

5. Research Councils - applying Competition is intense but varies between subjects Awards normally require a minimum 2:1 You must be ‘ordinarily resident’ in the UK for a full award Applications are usually made through the department, not the RC Application deadlines vary. The earlier you find out about them, the better Refer to individual RC websites for the most up-to-date information

6. Charities, foundations and trusts An important component of your funding package They are usually dedicated to a specific purpose – e.g. subject of study They rarely provide full funding (e.g. tuition fees and cost of living) There are no standard rules on eligibility criteria and applications There is no central application process Key information source: The Grants Register (published by Palgrave). This should be available in your careers service Additional information source: The Directory of Grant-making Trusts (published by the Charities Aid Foundation)

7. Institutional funding There are funding opportunities right under your nose: Graduate teaching and research assistantships Studentships, scholarships and prizes Access to Learning funds Part-time campus work Hall tutorships Fee flexibility

8. Loans CAREER DEVELOPMENT LOANS Run by three High Street banks and DfES You can borrow between £300 - £8,000 CDLs account for a small but growing percentage of PG funding They are always awarded for vocational courses only Repayment begins as soon as you graduate APRs are very high PROFESSIONAL LOANS Association of MBAs Loan Scheme Loan schemes for Law students PERSONAL LOANS/OVERDRAFTS Negotiate with your bank Think carefully before taking on more debt

9. Working and studying The reality for the vast majority of PG students Most PG students study part time It’s possible to work part time (or even full time) and study – demanding but it can be done Many PG students have their fees paid for by their employer. This may be part of Continuing Professional Development (CPD) Flexible study modes such as credit transfer, modular study and distance learning make working and studying a realistic possibility

10. Portfolio funding You are the biggest source of PG funding Most PG students put together a funding package drawn from a variety of sources This requires strong personal skills: tenacity, imagination, perseverance, ingenuity Sorting your finances out may be the most demanding part of your PG experience According to research, most students say that the PG experience was worth the sacrifices they may have had to make to complete it

11. Your next steps Start your information search as soon as possible. If you put in the spade- work now, you will reap the harvest in the long run Read Prospects Postgraduate Funding Guide – available here today, at your careers service and at www.prospects.ac.uk/funding Talk to current and former postgraduate students Ask the department you are applying to how their students fund themselves Check your eligibility criteria for Research Council funding Search for relevant charities, foundations and trusts Get control of your personal finances – run yourself like a small business REMEMBER – MOST PG STUDENTS CAN AND DO MAKE ENDS MEET

12. Funding for international students If you are an international student you need to get hold of a copy of Prospects Postgrad UK Applications and Funding Guide, which provides an excellent starting point for information on applying for postgraduate study in the UK – and paying for it. The Guide is available from British Council offices and at higher education institutions in some countries and you can access it online at www.prospects.ac.uk/postgradukwww.prospects.ac.uk/postgraduk Fees for international students vary from institution to institution. Generally, arts, social science and science Masters courses begin at £6,500. An MBA can cost as much as £29,000. Cost of living varies. As a rule, budget £9,200 a year for living in London and £7,200 elsewhere.

13. Funding for international students British Chevening Scholarships British Marshall Scholarships Marshall Sherfield Fellowships Fulbright Awards Programme Commonwealth Scholarship and Fellowship Plan Commonwealth Shared Scholarship Scheme Overseas Research Students Awards Scheme For a detailed overview of the above sources visit: http://www.prospects.ac.uk/cms/ShowPage/Home_page/Funding_my_further_study/F unding_for_international_students/p!eaLdigf Many universities provide scholarships and awards for students international students. When you have identified a university you wish to study at, it is essential that you ask about funding provision when you make your initial enquiries as funding deadlines are often well in advance of the course start date.

14. Funding issues As an international student it is possible to work for up to 20 hours a week during term time and full time during vacations. You need to be very clear about your eligibility for work when you apply for your visa. Advice and guidance on such matters is available from the British Council (www.educationuk.org) and from UKCOSA (www.ukcosa.org).www.educationuk.orgwww.ukcosa.org You need to be prepared for the fact that you may have to work before or during your course, and support yourself with savings and loans.