The funding challenges facing undergraduates need no
introduction, having marched across the front pages for the majority of 2011.
But keeping a lower profile is the cost of postgraduate study. It’s never been
a budget option, but students looking to continue on the academic path may worry
if the boost a Masters gives their CV is worth the dent it puts in their bank
balance.
However,
there are ways to make it affordable. Although many universities are increasing
their course fees across the board, others are taking a different approach. “We
were one of the few who pitched at £6,800 for undergraduate tuition fees and we’ve
extended the same principle to postgrad level,” explains Peter McCaffery, deputy
vice-chancellor at the London Metropolitan University. “I do not understand how
you can have a blanket fee for postgrad courses.”
He
acknowledges there has been “hardly any discussion” about the cost of
postgraduate courses, and that as a result funding became like “buying a rail
ticket”. He says: “It was very confusing. So we simply
have a pitched fee that we believe offers good value.”
This means
fees for an addiction and mental health policy course are £5,400, a Masters in
film production is £6,000, or £7,200 in accounting and finance.
These costs
are based on how courses are structured and taught, and the facilities they
require. McCaffery believes they compare favourably with undergraduate costs. “We
try to treat everyone fairly, we haven’t plucked the figures out of the air,”
he says. “The pitch is different depending on the students you’re looking at.”
Peter Allen,
the marketing director at the University of Derby, agrees: “Our 2012
undergraduate fees reflect the true cost of delivering different types of
courses – classroom, resource intensive and specialist. We’re taking the same
approach for our postgraduate course provision, and our postgraduate students
will know that they are paying a fair price.”
Allen also
points out that part-time study and distance learning can help candidates
manage their costs. “We’ve provided part-time and online study options with
flexible payment plans for several years, and we intend to continue to provide
them into 2012 and beyond.” Regardless of what or where candidates study, these
options may allow greater flexibility for working while studying. Distance
learning also has the advantage of reducing transport or even accommodation
costs.
As well as
shopping around for the best deal, there are other ways to ease the financial
burden. Students who complete an undergraduate course may find their alma mater
offers a reduction on a postgraduate degree – LSE, Manchester Metropolitan
University and Edinburgh graduates can claim a discount of up to 10 per cent on
their fees if they enrol on a programme at their former university.
Most
universities also offer scholarships and bursaries, either across the board or
in specific departments (the list on prospects.ac.uk is a good starting point),
and occasionally there’s the option of external funding – Target Courses
(targetcourses.co.uk) is currently running a competition to win a £2,000
bursary.
A lesser-used
tactic is approaching trusts and charities. “They’re an underrated and
little-known funding source with amazing flexibility,” explains Luke Blaxill,
author of The
Alternative Guide to Postgraduate Funding.
“Most have
multiple deadlines throughout the year, and turn your application round
quickly. They won’t pay for your course lock, stock, and barrel – but they can
be an invaluable ally.” Blaxill speaks from experience; he raised £45,000 from
40 charities.
“There’ll
certainly be at least one or two charities out there for you.”
Ultimately,
there are no shortcuts, and it’s always going to involve serious financial
investment to reap the career benefits. But this shouldn’t mean exorbitant
costs, says McCaffery. Instead, he
believes, universities should be looking to find more efficiencies within their
own institutions.
“It’s not
necessary to pay a high fee for postgraduate education. The more cynical
capitalists will say it’s whatever the market will bear, but that’s not the
business we’re in. Making postgraduate education affordable goes to the heart
of our mission – it’s about broadening educational and professional opportunity
for individuals and enabling them to gain a step-up.”
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