How to fund your postgraduate course

Why is funding important for postgraduate courses? It is important

because getting a postgraduate degree requires a large financial

investment. Not only will you be paying tuition costs and your cost of

living, the time you spend studying a second degree is time that you

could have spent working and drawing a salary at any establishment.

And if you already have your undergraduate debts to pay off, or have

just finished repaying them, funding is essential. So the next question

that comes up is what are the current funding options available for

postgraduate students?

1. Pay out of your own pocket:

While this is not exactly a problem for the trust fund babies out

there, regular Joes tend to have a hard time coughing up all that

dough. If you have parents who can afford it, a job where you’ve saved

a substantial amount of money, or a family heirloom you can sell or

pawn, you can afford to pay the tuition out of your own pocket. But it

will definitely pinch. The only bright side to this is that when you

emerge with a degree, there will be no debt and no high interest rates

to repay, and you will be able to take up a job that you want, instead of

taking up a job just to pay off the loan.

2. Get a scholarship, bursary or grant:

Whether the educational institution you apply to is a public or a private

concern, there is always some sort of financial help available. While

getting a full scholarship is pretty rare nowadays, there are many that

cover fifty percent of the tuition costs, or pay for the food and living

costs, etc. Search in great detail to locate one that suits you and one

that you are suitable for. And never neglect to pursue a scholarship if

the amount or the percentage of the costs covered, seem to be very

paltry. When it is a matter of money every single cent counts.

3. Get an educational loan:

Banks offer educational loans with various terms, conditions and

interest rates attached. Be sure to go through the repayment options

in great detail before signing the documents. Depending on the amount

of the loan, you will need the signature of a co-guarantor and/or will

have to put up something of sufficient value as collateral.

4. Work part time:

If there is no other source of income to help supplement your studies,

or you need more than what your scholarship is covering, you need to

take up some form of part time employment – whether it is tutoring or

flipping burgers – to help pay your way through graduate school.

5. Find charities or individual sponsors:

If you are associated with any charities or know any wealthy individuals

who help out students by financing their postgraduate study, you could

appeal to them. However, these differ from person to person and most

have very stringent criteria, so this is not the best option to bank upon.

6. Convince your employer:

This is one of the hardest things to do, but one that will bear the best

results. If you can convince your employer to give you a year or more

off work to pursue your academic aspirations, sponsor the whole cost

and have your job waiting for you when you come back, or better yet a

promotion, you will have achieved an educational coup. If you are

academically excellent, if the establishment you are working at is in a

good financial situation and most importantly if you have a great

rapport with your boss, you might just be able to pull it off.