Postgrad funding

Former Member

Ok, so I have found a course I wanna study and I am probably going to Birkbeck, as it is the only means of affording further education...

I'm looking at an MSc in development studies, or in anthropology and development, but I am worried a career development loan won't cover it...

Thing is, I look at job profiles of people in the field I wanna work in and they have that kind of qualification... Yet somebody told me you can only get a career development loan for vocational courses.

Any ideas on how else I can fund this? It's the fees that are a pain, everything else is fine.

Former Member

You can definitely get a career development loan for an MSc. I would have got one for my master's if I wasn't too late (apply as soon as you get accepted).

I have NO funding at all. My parents pay my tuition and I pretty much kill myself balancing work and uni, because I can't make them support my living costs too. Funding for masters degrees is a real pain. There are grants and scholarships available, but you have to excel in the subject.

Former Member

I got a Career Development Loan for my Masters degree and that wasn't vocational. They're certainly useful for the course and you get to postpone the repayments for up to a year or so. However, once that time is passed you have to pay them back - and the lowest my lender will accept is £183.11 a month. It's nice for a bank to take this much money from an unemployed person...

You'll need to make sure you have SOME way of paying it back basically, but the loan is a useful way to pay for a post grad course, definitely.

Former Member

had other people psot on here also struggling to repay the CDL, it's not something to be taken on as lightly as the student loan as you will have to stay paying it back quickly and you will get whacked with interest.

Former Member

Are you looking at doing the course full-time Namaste? I know Birkbeck usual has good part-time programmes, which could be helpful. Obviously the course would take longer but it might allow you to balance a job with study, and avoid a significant loan.

Former Member

Anything in Economic or Social Sciences your first stop has to be the ESRC.

They do 1+3 (masters + PhD) and +3 funding.

Highly competitive, and your masters must be an ESRC recognised training programme.

Former Member

ShyBoy wrote: »

had other people psot on here also struggling to repay the CDL, it's not something to be taken on as lightly as the student loan as you will have to stay paying it back quickly and you will get whacked with interest.

I was stunned when I got my first (and only!) annual statement for my CDL: from the £181.80 I had been paying back over the previous 12 months, only about a grand had been knocked off my loan. I then went to Alliance and Leicester and because I had my current account with them I was guaranteed their headline rate of 5.9% (I think) for a personal loan. I only wanted to borrow £7,000 to pay off the rest of my loan and the lowest they would lend was £7,500. But, despite that, even with the extra £500, with the A&L loan I've only been paying £174 per month ever since. It'll be paid off this September, too

So, if it's the only way you can afford the course without working yourself silly to keep afloat, definitely go for the CDL, but start hunting for alternative loans as soon as you need to start paying it back.