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Masters Discussion Forum

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This Category:   PostgraduateForum.com > Masters Funding


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Funding for Masters when you already have a PhD


User: Mackem_Beefy - 29 July 2017 02:18

I've already posted previously on my plans about retraining in order to effect a career change. Basically, after nine years as a Qualty professional, a career I fell into, I've been unable to find another job in the seven months since I was made redundant.

I'm looking at a career change and for that I need to retrain (even if I was to remain in Quality, I would need to retrain to make myself employable, so I may as well retrain to escape a career I don't enjoy). The most effective method would be to return to University for a new Masters (possibly a conversion course), meaning I'd be in and out in a year and not dragging out the process over a few years as with distance learning or part time.

I've been looking into postgraduate loans. However, as I already have level 7 (Masters from 1994) and 8 (PhD dating from 2003/4) qualifications I'm apprently not eligible for these post graduate loans.

I have read somewhere if I can argue a reasonable case with the Student Loans people, I might still be able to obtain a post-graduate loan. My argument is that the qualification would massively enhance my chances of finding employment taking me forward for the last twenty years of my working career. Also, my previous Level 7 and 8 qualifications are not assisting me finding employment (niche in the case of the PhD and out of date as regards my original Masters). If I don't retrain, finding meaningful employment will be extremely difficult.

Has anyone tried this and does anyone know if tis can be done?

I have a plan B as in a personal loan from my mother, but this would leave I would have a significant personal debt and this situation I want to avoid.

Plan C would be to take an Open University course where I could obtain funding, however, this would mean stretching study over several years and possibly being sucked back into Quality in the meanwhile.

Ian

User: Mackem_Beefy - 29 July 2017 11:23

A couple of points worth adding.

Firstly, I was self-funded (i.e. received no funding) for my original Masters in 1994.

Secondly, it's now very clear that if I don't undertake retraining, it's going to be very difficult for me to find meaningful employment.

Regards,

Ian

User: AgnesNutter - 29 July 2017 14:35

Have you considered a Career Development Loan?
https://www.gov.uk/career-development-loans/overview

User: pm133 - 29 July 2017 19:52

Quote From Mackem_Beefy:
A couple of points worth adding.

Firstly, I was self-funded (i.e. received no funding) for my original Masters in 1994.

Secondly, it's now very clear that if I don't undertake retraining, it's going to be very difficult for me to find meaningful employment.

Regards,

Ian


Going by your "mackem" user name I am assuming you are living in England (Sunderland?) so I can't comment on the loan situation south of the border.

I would say though that I disagree with your second point where you said - "Secondly, it's now very clear that if I don't undertake retraining, it's going to be very difficult for me to find meaningful employment."
Obviously certain careers might be out of reach but it's not necessarily true that you won't find any meaningful employment whatsoever without going through a Masters or a PhD.
Don't assume your first Masters or PhD are either obsolete or too specialised either.
You can very quickly brush up on the Masters stuff and the PhD brings a whole heap of generic skills.
Are you sure you have considered all the other options?

User: pm133 - 29 July 2017 19:55

Quote From pm133:[quote]Quote From Mackem_Beefy:
A couple of points worth adding.

Firstly, I was self-funded (i.e. received no funding) for my original Masters in 1994.

Secondly, it's now very clear that if I don't undertake retraining, it's going to be very difficult for me to find meaningful employment.

Regards,

Ian


Going by your "mackem" user name I am assuming you are living in England (Sunderland?) so I can't comment on the loan situation south of the border.

I would say though that I disagree with your second point where you said - "Secondly, it's now very clear that if I don't undertake retraining, it's going to be very difficult for me to find meaningful employment."
Obviously certain careers might be out of reach but it's not necessarily true that you won't find any meaningful employment whatsoever without going through a Masters or a PhD.
Don't assume your first Masters or PhD are either obsolete or too specialised either.
You can very quickly brush up on the Masters stuff and the PhD brings a whole heap of generic skills.
It is still the case that a lot of employers think a fresh graduate needs training almost from scratch. Graduates are like babies. They can't be trusted with anything. That was definitely the case 30 years ago and I am pretty certain it is more common now with rampant grade inflation brought on by league table obsession. It is well worth knowing this and adapting your CV accordingly.

Are you sure you have considered all the other options?[/quote]

User: bewildered - 29 July 2017 20:49

Could you ask the admissions team to put you in touch with one of the university's student finance advisors to get an informed opinion? They tend to be rather better informed than the people in the student loans call centres. You say you can't find work but I'm guessing you mean in your field - if the loan is not possible, might you be able to earn enough in a not so great job to let you do the course part-time. Universities are often quite accommodating in agreeing instalment plans for paying p/g fees.
I'm guessing you might already know about this but many people don't realise that 6 month post-graduation employment data is also available for Masters courses and PhDs. If you haven't already looked, definitely ask about it to see whether the course you want to do delivers in terms of employment outcomes you want (DLHE data is what to ask for).

User: beancounter - 30 July 2017 14:00

A couple of the clearing banks still do career development loans, where no repayments are made until your course ends.

User: Mackem_Beefy - 01 August 2017 22:04

Quote From pm133:

Going by your "mackem" user name I am assuming you are living in England (Sunderland?) so I can't comment on the loan situation south of the border.

I would say though that I disagree with your second point where you said - "Secondly, it's now very clear that if I don't undertake retraining, it's going to be very difficult for me to find meaningful employment."
Obviously certain careers might be out of reach but it's not necessarily true that you won't find any meaningful employment whatsoever without going through a Masters or a PhD.
Don't assume your first Masters or PhD are either obsolete or too specialised either.
You can very quickly brush up on the Masters stuff and the PhD brings a whole heap of generic skills.
Are you sure you have considered all the other options?

I have links with Sunderland (the football team and University) though I'm actually from northern County Durham.

I'll reiterate that the career I've held is not one I enjoy, hence I am looking long term to change direction.

However, I've suddenly two job interviews in as many days. Although they are in the career I want to leave, they are jobs and I need to find myself back in work and will give my best in interview.

I have spent seven months considering the various options. Part time whilst working full time is an approach I'm not keen on as others have told me balancing work, life and study is a difficult one to manage.

Also, I'm concerned that whilst I study part time, I may become even more deeply embedded in the career I want to leave meaning a one year full time blitz seems to me at least an attractive approach. A complete reinvention if you like, for the thrid time in my life!!! :-)

As regards other remarks, I'll take a look at career development loans.

Ian




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