Top tips for funding your Masters

Get to grips with some of the different types of funding available.

Want to study a Masters but aren’t sure what funding is available? Don’t worry, you’re in the right place. We’ve pulled together some of the different types of funding for you.

Getting funding at Masters level is very different to undergraduate study. There’s lots of sources out there and it can be confusing to navigate them all. Check out our top tips below for funding your Masters.

Seek funding from a variety of sources

Funding your Masters study is much more personalised than at undergraduate level. Masters students rarely receive enough funding from one source to cover all their costs. To support you, we’ve pulled together some of the different types of funding available.

Many Masters students will choose to apply for the government-backed postgraduate loan to support their studies. This is meant to be a contribution towards your tuition and living costs. You should seek funding from a variety of sources to finance your Masters.

Start researching early

Applications for Masters funding can be competitive and deadlines earlier than you think. Make sure you research your options well in advance, if possible during the autumn before you apply.

Our Masters funding page is a great place to start. Organisations such as UCAS and Find a Masters have lots of useful information online.

You should ensure that you have a solid financial plan in place before starting your course. Make sure to budget carefully and think through your options ahead of time.

Create a personalised funding package

There are several different routes available to fund your Masters. Many students pursue a combination of these. Some of the options include:

• University funded scholarships
• Government-backed postgraduate loan
• Charities, trusts and foundations
• Company sponsorship

Some sources of funding may have specific eligibility criteria attached. Make sure you bear these in mind when putting together your package.

Investigate university funding

Universities and other funding bodies offer scholarships to UK, EU and international Masters students.

At the University of Leeds, we have a wide range of university scholarships. It’s important that you research the best options for you. The value, availability and eligibility criteria for each scholarship varies depending on your subject.

We also offer a number of subject related scholarships. You should also make sure you visit the website for your chosen subject area to access more information.

Most of these scholarships need you to have already applied for a place to study at University of Leeds. When researching scholarships, make sure you check the application deadline. These may differ depending on which scholarship you are applying for.

There is also a 10% tuition fee bursary available to University of Leeds graduates.

We also offer scholarships to self-funding UK students from under-represented groups. These are called Leeds Masters Scholarships and are worth £7,000 over the duration of your course. Find out if you are eligible to apply.

The Leeds Masters Scholarships give you access to a bespoke on-course support scheme called the Plus Programme. The Plus Programme is designed to help you transition into, succeed at and progress from Masters study. They run a diverse events programme which features sessions on careers, employability and support.

Government-backed postgraduate loan

The UK government offers a postgraduate loan of over £10,000. This is available for UK students on full-time, part-time or distance learning taught or research Masters degree courses. The loan isn’t means tested but you can’t apply if you already hold a postgraduate qualification.

Like with undergraduate funding, repayments are income related. You’ll begin repaying once you earn over the threshold amount.

The postgraduate loan is meant to be a contribution towards tuition and living costs. It probably won’t cover all your outgoings. You should ensure you have a solid financial plan in place before starting your course.

Funding arrangements may differ depending if you live in England, Scotland, Wales or Northern Ireland. Further guidance is available from the government and on our website. Alternatively, visit websites such as Money Saving Expert for independent advice.

Check for other funding sources

Some independent charities and trusts are able to support the cost of your Masters. These grants may have strict eligibility criteria and are very competitive. Often, charities will only offer partial funding for your Masters.

Find a Masters is a great place to look for opportunities. More options are available on our website.

Employer sponsorship

In some cases, businesses will contribute to the cost of your Masters. This may be on the condition that you enter employment with them after graduation. Or they may class it as a Continuous Professional Development (CPD) opportunity.

Speak with your current employer to see what might be available for you. More useful information can be found on Find A Masters.

Masters study is a great investment for your future and career prospects. Funding your studies is a crucial part of the decision and it’s important that you consider a range of different options.

For more information on studying a Masters at the University of Leeds and your funding options, visit our website.