Graduate Advice - Postgrad: Taking the 'fun' out of 'funding'
Remember undergrad? That magical time when you could realistically expect a four-
figure sum to appear in your bank account at the start of every term? Well, Mr, Mrs or Ms
Postgraduate, the Student Loans Company has forsaken you. Time to go a'huntin for some
cash.
The good news is you have options. The bad news is they aren't great options. You're going
to have to dance for your money, and not the good kind of dancing either. Still interested?
Here's a rundown of the major funding routes for starving postgraduates.
Your first port of call will usually be your university. Some courses are advertised with a
stipend that covers fees and, if you're lucky, living costs. Other university grants are less
publicised so it pays to do your research. Depending on what your personal circumstances
are, grants can range from a couple of hundred quid for books, to four figure sums for
research costs and living.
For more comprehensive, and therefore more competitive, funding solutions try the big
players. Research councils (www.rcuk.ac.uk) or trusts and foundations offer the holy grail;
tuition and living costs. Tracking down a copy of the Grants Register 2011 makes finding
these a doddle. The catch is that you'll need an exceptional application to make yourself
stand out from the crowd so ask a tutor/grown up for help. As a rule, sciences are more
likely to be funded than the arts, so get cracking on that study of quantum wave-functions in
west-African lion pride movements, or something.
If these two routes fail, you could always try those bastions of responsible lending: high
street banks. Career Development Loans tend to be for vocational courses, so if you
do decide that you want to hit Howard from the Halifax for a loan, make sure there's a
good chance of you having a job straight after. CDLs charge a high rate of interest, and
repayments start almost as soon as you graduate.
Your best option is also the most popular; getting a job. Either by taking a year or two
sabbatical before beginning your course and saving cash or by working nights and weekends
alongside your course 'working for the man' can be a great way of getting yourself through
postgraduate life. What's more, some firms might even sponsor you, if you ask nicely and
promise to come back.
Whatever you decide, remember that getting funding as a postgraduate is rare. If you don't
get it, don't be disheartened. The majority of postgraduates are self-funded through work,
loans from parents, etc. and they do just fine. So know your options, and get cracking on
those applications.
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