9 Approaches to Grad School Funding

Research councils are public sector investors in research, including research conducted by postgraduate students. They provide funding across a wide variety of disciplines, usually via universities. Eligibility criteria may require residency in the country where the council is based, as well as a strong and relevant academic record. This kind of grad school funding may cover tuition fees in their totality or partially, and perhaps a stipend for living expenses.

Charities, trusts, learned societies and interest groups often allocate a portion of their budgets to awards for graduate school funding. Some organizations target by demographic or specific interests, while others will focus on helping students from lower income families, who demonstrate academic excellence. Apply for as many relevant opportunities as you can find, focusing on those which closely match your own situation and interests.

A fairly common option for master’s students, part-time study means you will take a longer time to complete your course, spreading out both coursework and fees over several years. This means you have time in which to earn an income, while also meeting your course commitments.

Having a part-time job in grad school can also be a good way to build up your work experience and network with people outside of your course. If you’re already working, speak to your employer about the possibility of reduced and/or flexible hours during the time it will take to complete your course.

Dedicated student loans typically offer lower repayment rates than regular loans. These are fairly common for graduate applicants in countries such as the US, and the UK has also recently introduced postgraduate loans for master’s students.

Some UK banks also offer another option for grad school funding – Professional and Career Development Loans (PCDLs), available for students who intend to work in the UK, EU, Norway, Liechtenstein or Iceland upon graduation. A PCDL will cover up to two years of study, course fees and some living costs.

A form of crowd-sourcing, P2P lending refers to private loans given to an individual independently of a financial institution. There are a number of specialized websites designed to facilitate the process for students in particular, including StudentFunder.com and GraduRates.com.

While the lending is unsecured and would require you to have a solid credit history, P2P could provide you and your family and friends with a formal structure through which to turn favors into official business transactions.

Finally, you could apply to the QS Scholarships scheme, which offers a total of US$1.7 million each year. To be eligible, you’ll need to attend a QS World Grad School Tour event, and will then be able to apply online for current opportunities.

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