How to Fund your Online Masters Degree

This blog has been sponsored by the University of Birmingham, University of Bath and University of Glasgow.

It doesn’t matter whether you’re studying on campus or online, funding your postgraduate degree is always going to be your biggest concern. And with the cost of living crisis and fuel poverty worries in the UK at the moment, it’s even more important that you know exactly what it will cost and how you can afford it.

It can be argued that an online Masters degree is the ‘cheaper’ option of the two. In all honesty, the fees are usually similar to an on-campus course because you have access to the same level of teaching and resources. But you make savings elsewhere in areas such as travel, accommodation etc. If you’re considering doing a Masters online, then you need to know exactly what you’ll be paying for (and also what you won’t!)

What do I need to pay for during my online Masters?

• Tuition fees – these are usually set at the same or a similar level as on-campus as the learning level is the same, but you might also find that you’re paying the same fee regardless of whether you’re a Home or International student. This isn’t always the case but it’s worth researching whether your university of choice charges different fees or just one for all students.
• Equipment – you will need a reliable laptop or computer and any additional accessories such as headphones if you’re studying in a busy environment.
• Reliable broadband – no-one wants to see the swirling multicoloured circle of doom or for their teacher to suddenly freeze halfway through explaining a task. Shop around for deals and make sure you have a secure internet connection.
• Home study furniture – it’s always a good idea to have a dedicated, comfortable space that’s just for studying. This could be a desk and chair, bean bag and side table or even a laptop tray on your bed. Whatever it is, invest in it as it’s going to be your space for the next year or so.

What don’t I need to pay for during my online Masters?

• Student accommodation or relocating – bonus of studying online is that you can stay right where you are!
• Additional expenses such as homeware, kitchenware, new party outfits, flatmate road trips – you probably already have this in your social life so no extra costs there!
• Travelcards / travel generally to and from campus – but if you prefer to work at a coffee shop or book out a desk in a collaborative environment then there’s nothing stopping you!
• Additional study material – the fees are usually inclusive of study materials, tuition, assessments and resits, so should be the total cost (but always check!)

Now you know what you’re actually paying for, let’s look at how you can pay for your online Masters.

#1 Apply for a postgraduate loan

If you’re a UK student then you could access the UK Government Masters loans as they cover online programmes. These work in the same way as an undergraduate loan, you start to pay it off once you’ve graduated and earn over a certain threshold.

While the UK Government Masters loans are only available for UK students (or those with settled status), there are other options for international students such as the Commonwealth Distance Learning Scholarships. Check out our UK Masters Funding for International Postgraduates guide for more information on what you can access.

#2 Work while you study

The main advantage of studying an online postgraduate degree is that you can complete it part-time around your current life... which includes your job. Lots of students will work full-time while they study which means you might be able to pay your tuition fees as you go, without needing a loan.

#3 Get your employer to sponsor you

Don’t be afraid to share your online Masters aspirations with your employer. If the skills you’ll be learning count towards professional development, they may be able to help you fund it. There will be conditions attached such as continuing to work for them after you’ve graduated your Masters, but it might also lead to a pay rise!

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