Postgraduates
Some students become addicted to student life and think, what the hell, I’ll do another degree. But life as a postgrad is very different from the lazy, hazy daze of undergrad life and it can be just as troubled financially. Here are some of the pitfalls for postgrads.
A whopping 180,000 undergrads either stay on after graduating or return to take postgraduate courses. The reasons why vary greatly, from putting off the 9-5 grind, worries about getting employment at all, sheer love of particle physics (it happens) or pure love of student life.
But those simply expecting an extension of undergrad life are sorely misled. Postgrads study all year round with no long holidays to recharge batteries or bank accounts.
Funding, too, is harder to come by – very few postgrads are guaranteed financial support for any course (trainee teachers are one notable exception). This applies not just to maintenance costs (postgrads aren’t allowed to apply for student loans), but also to tuition costs, all of which postgrads have to meet themselves, regardless of income.
What grants are available are awarded on a competitive basis and so it’s a good idea to have a pretty damn impressive first degree (even a good 2:1 may be cutting it fine for humanities and arts subjects because there’s less funding about). It also helps if you’re able to apply to a funding council who’re more generous with grants.
There are also Government-subsidised Career Development Loans mostly for courses which can claim some kind of vocational element (translating obscure Abyssinian limericks probably doesn’t count) and which pay out between £300 and £8,000. See www.lifelonglearning.co.uk/cdl for the low-down on the fine print.
At the end of the day, a postgrad qualification may solve the financial problems it creates. Postgrads stand out from the crowd to potential employers and can expect to earn more. However, many employers prefer to train recent undergraduates and postgrads can find themselves overqualified. Some postgrads become professional academics, but the financial rewards alone are not likely to be a temptation.
Postgraduate courses split into two broad types – those that centre on research and those that are taught.
Researchers study for 1 or 2 years to get a Masters degree or MPhil, or 3 years for a Doctorate (PhD). However, these are minimum periods – many students take a bit longer, sometimes up to twice as long. That extra time, including the costs of living, eating and socialising, also racks up the final bill.
Funding for research is available from Research Councils, charities or on research contracts from the institutions themselves – see www.rcuk.ac.uk. Commercially valuable research can often attract industrial sponsorship and delving into new types of plastic is likely to be less financially fraught than examining the philology of Philo.
Although there’s no teaching, postgrads’ research is supervised and it’s important the supervisor is appropriately clued up. Postgrads should interview whoever will be supervising them before accepting a place – it’s important not only that supervisors are able to appreciate the subtleties of their postgrads’ work, but also that they get on well.
As for taught courses, they are usually part of an extended career ladder or a stepping stone to a research degree. They are either for students who want to specialise in a particular field or want to convert their qualifications to a different area. Conversion courses in particular vary greatly in what they offer, so students should be sure not just that it’s suitable, but also why it is. Awards for these courses are available from the same sources as research degrees.
For more information about finance for postgrads, see Push Online’s money guide.
Last updated on: 22 April 2008