If you are thinking about studying a graduate course, whether it is a taught or research program, you will need to think about how you will fund your studies.

Although there are some grants available, competition is fierce so you may have to consider funding some, if not all, of your studies yourself.

There are three main options to choose from when it comes to financing graduate study:

1. Funding Yourself
2. Applying for Funding
3. Taking out a Loan

1) Funding Yourself

Tuition fees for graduate study vary depending on the type of course and the institution.

Prospectuses and university and college websites should offer up-to-date information on tuition fees. However, you need to remember that there will be additional accommodation and living costs.

If your graduate course is full-time then you may consider working for a year between your undergraduate degree and your graduate course.

If your graduate program is available to study part-time then you may be able to work whilst studying but you will need to think carefully about whether you can manage the demands of your course with a full-time job.

If your graduate course is related to your employment and will enhance your progression and performance in the company, you could ask your employer to sponsor you.

2) Applying for Funding

If you are unable to fund yourself, then you can apply for funding from various sources to help finance your graduate study.

Some universities offer financial support to students studying their graduate courses.
If funding is not available directly from your university or college, then you may need to apply to an external organisation.

Awards, scholarships and grants that are on offer for graduate programs vary greatly; before you apply you should check whether the award covers fees, if it is for part-time or full-time study and whether it is for a Masters or Doctorate course.

Competition for funding is fierce so you need to do your research and apply before the deadline. Many awards have strict eligibility rules so you need to ensure you comply with them.

Who Offers Funding?

Funding is available from a variety of sources in your country of origin, and, in some cases, from your host country.

Some sources may include the following:

• Research Councils (for example, a Medical Research Council)
• Official institutions for certain disciplines such as Societies or Academies
• Some government departments
• Charities and charitable trusts

3) Taking Out a Loan

In some cases, you may be able to take out a loan from a bank to help finance your graduate studies. In the UK, this is called a Career Development Loan (CDL), which is specifically designed to provide financial help to those who undergo vocational education or training. Alternatively, you could apply for a study loan at your local high street bank.

However, as an international student, your fees will probably be higher than your native student counterparts. Taking out a loan is a serious commitment and you will need to think carefully about your ability to make repayments once your graduate course has finished.