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Where to look for loans for a masters degree

If you’re interested in finding out about loans for a masters degree, you’re probably one of the many students frustrated by the government’s lack of support for postgraduates. At the moment, The Student Loans Company don’t offer any financial support for postgraduate degrees unless you’re after a career in teaching, dentistry or social work.

Becoming a teacher

If you’re academic career is aiming you towards a career in teaching, you’re in luck as student loans are available for your postgrad studies. They’re not automatically available, but if you live in England, Wales or Northern Ireland and you’re studying for your Postgraduate Certificate of Education (PGCE), you’re eligible. The criteria is complicated as you’d expect from an government initiative and your qualification for funding support is dependent on lots of factors including whether you have a UK undergraduate degree (or equivalent). Visiting nus.org.uk should answer most of your questions.

Social worker

As with the teaching profession, postgrad studies for a career in social work are also supported by the government. Funding is in the form of a bursary from the NHS if you live in Wales or England. The Scottish Social Services Council is the body who cover bursary funding in Scotland. Residents in Northern Ireland don’t have access to a similar scheme.

Dentistry

This is another profession that the government support at masters level. If you’re studying for a degree in Dentistry, you probably won’t need to look into personal loans for a masters degree. In Wales you can get NHS funding if your course will lead to professional registration, and there’s support from the Student Awards Agency for Scotland(SAAS) if you live in Scotland. For England and Northern Ireland there is no NHS support so you would need to find a personal loan to cover the cost of your studies.

Personal loans

Some banks will offer loans for a masters degree student. As with student bank accounts that offer very little return for the bank, these graduate loans are offered at competitive rates but they will be difficult to get so you should approach the bank you’ve been with for a while before contacting any other lender.

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