7 Ways to Fund a Master’s Degree

Funding a master’s rarely comes from a single place. These seven routes, from the Postgraduate Master’s Loan to employer sponsorship, can be combined into a plan before you accept an offer.

A master’s can build specialist knowledge, support a move into a new field or set you up for doctoral research. The costs are real, though, and postgraduate support is thinner on the ground than undergraduate funding and arrives from more directions. Few people fund a master’s from one source; most combine a loan with an award, savings or paid work. Here are seven routes to weigh up, plus a way to turn them into a plan before you accept a place.

1. The Government Postgraduate Master’s Loan

For most students based in England, this is the starting point. The maximum for courses beginning from 1 August 2026 is £13,206, and what you receive has nothing to do with your income or your family’s. The money is paid straight to you, so you decide whether it covers fees, rent or both. If the course runs longer than a year, the total is split evenly between the years, and each year arrives in three payments of 33%, 33% and 34% once your university has confirmed your registration.

The eligibility rules deserve close reading. The course must be a full standalone master’s worth at least 180 credits, taught or research based, at an eligible UK provider; the Open University counts. Postgraduate certificates and diplomas do not qualify, nor do courses that simply top up a lower qualification to a master’s. Full-time courses can run for one or two academic years. Part-time routes can run for two to four, capped at double the length of their full-time equivalent, or up to three years where no full-time version exists. The loan is off the table if you already hold a master’s or a higher qualification, but a PGCE, postgraduate diploma or postgraduate certificate does not count against you.

For distance learning, your main home must be in England when the first academic year of the course begins, and you need to stay in the UK throughout. A confirmed place is not needed to apply, so it makes sense to submit the online application early. Repayment starts once you have completed or left the course and your income goes above £21,000. Scotland, Wales and Northern Ireland each run their own postgraduate loan scheme, and the rules differ, so look up the one that applies where you live. The Adult Dependants’ Grant, Childcare Grant and Parents’ Learning Allowance are not available to master’s students, and if you receive benefits, the Department for Work and Pensions may count the loan when working out your entitlement. For how borrowing and repayment work in detail, see our guide to student finance in England.

2. University Scholarships and Fee Discounts

Universities offer their own master’s scholarships and bursaries, and the amounts and criteria vary widely between institutions and departments. Some reward academic achievement; others target students from particular backgrounds or subjects where places are hard to fill. Because the money comes from the university itself, applications usually go through the department or the graduate admissions office rather than a central body, and deadlines can fall earlier than course deadlines.

Practical steps:

• Check the funding pages of each university on your shortlist, not just the main scholarship list, because department-level awards are often smaller and less advertised.
• Ask admissions directly whether any fee discounts exist for your circumstances rather than assuming none apply.
• Apply even where competition looks stiff, since there are usually far more applicants than awards and a strong, specific application stands out.

Treat this search as a project in its own right. Tracking down department-level awards can rival the effort of picking where to apply, so start well before an offer arrives.

3. Research Council Studentships for Taught and Research Degrees

UK Research and Innovation (UKRI), through its seven research councils, funds postgraduate places with fees and living costs attached. These funded places, called studentships, are mainly for doctoral study, so if you are aiming at a research career this route matters most once you reach a PhD. UKRI funding supports roughly a fifth of the UK’s postgraduate researchers.

You cannot apply to UKRI itself. Funding goes to universities and other research organisations, which recruit students themselves, often grouped into Doctoral Training Partnerships or Centres for Doctoral Training. A full-time studentship usually runs for three to four years and includes a minimum stipend of £20,780 from 1 October 2025, rising to £22,780 with the London weighting. UKRI also contributes towards tuition fees, with a minimum of £5,238 in the 2026 to 2027 academic year drawn by the research organisation from its grant.

If you go this route:

• October is the usual start month, and advertising typically begins about 12 months ahead of the start date.
• Apply through the university or doctoral training centre offering the place, and check each provider’s own eligibility criteria.
• International students can usually apply, but the number of places open to them is limited, and visa conditions apply.
• Vacancies are advertised on sites such as FindAPhD, and the UKRI funding finder lists current opportunities.

If you are torn between a taught master’s and a research route, understanding how differently these two funding systems work can help you decide.

4. Charities, Trusts and Subject-Specific Awards

Charities and trusts sometimes provide grants for postgraduate study, often aimed at students from lower income households or those with strong academic records. Awards tend to be modest, but even a few hundred pounds can cover a laptop, travel or a chunk of rent, and unlike a loan, a grant never has to be repaid. The Directory of Grant Making Trusts, available in many local libraries, is a practical place to start, and your university may also keep lists of small funds.

Learned societies, the scholarly bodies for individual subjects, sometimes fund postgraduate research, and individual donors sometimes give awards too, usually administered through a university or college.

Subject-specific funding also affects what you can claim elsewhere. Some medical and healthcare courses qualify for separate NHS funding, and there is a Social Work Bursary for social work courses. If you receive either, you generally cannot take the Postgraduate Master’s Loan as well, unless the only payment is a Placement Travel Allowance. Student Finance England can also help graduate-entry medical students with fees charged above £3,465. The rules here are detailed, so check with the relevant funding body before assuming one route blocks another.

5. Employer Sponsorship and Study Leave

If your course connects clearly to your job, your employer might sponsor you. Government guidance lists employers among the possible sources of postgraduate funding, and sponsorship can cover fees in full or in part, sometimes with paid study leave on top. It works best when you can show what the employer gains: a skill the team lacks, a qualification a client requires or a project the business wants to pursue.

Before raising it, prepare the specifics: the course name and cost, how part-time study would fit around your hours, and what you expect the employer to contribute. Some people negotiate a mix, for example fees covered while they handle their own living costs, or unpaid leave instead of money. Expect employers to ask for something in return, such as a commitment to stay in the role for a period afterwards, and get any agreement in writing.

The clearest cases involve professional courses such as an MBA, where the benefit to the employer is obvious, but it never hurts to ask whatever the subject, especially if you can tie the course to a live business need.

6. Part-Time Study Combined With Earning

Part-time study lets you spread the cost and keep an income at the same time. A part-time master’s can last two to four academic years, provided it does not exceed double the duration of its full-time counterpart, and providers including the Open University are eligible for the Master’s Loan. One catch: loan payments for part-time students stop after the first two years of the course, so plan how you will fund the later years from savings or earnings.

If flexible study alongside a job appeals to you, read our guide to studying part-time with the Open University.

UKRI-funded research places can also be part-time, with stipends pro-rated, and a small amount of paid work is allowed even for full-time students provided it stays separate from the studentship.

Part-time study takes longer and demands steady discipline, but it reduces what you need to borrow and keeps your career moving. Work out your realistic weekly study hours before enrolling, not after, because courses assume a consistent commitment across term time.

7. Drawing Up a Funding Plan Before You Accept an Offer

An offer letter is not the finish line; it is the point where funding decisions become urgent. Before you accept, write down the full cost of the course, including fees, living costs and travel, then list every funding source you can realistically tap. A simple structure works:

• Core funding: the Postgraduate Master’s Loan or another national loan, applied for as early as possible.
• Awards: university scholarships, charity grants or learned society funds, with every deadline in your calendar.
• Contribution: savings, part-time earnings or employer support, stated as a real figure rather than a hope.

If the numbers only work when everything goes right, they do not work. Build in a margin for a rejected application or a smaller award than hoped, and think about what you would do if a funding source fell through mid-course. It is also sensible to confirm the university and qualification are properly recognised before money changes hands, particularly for newer or distance-learning providers.

Compare the whole package against your goals, schedule and budget rather than chasing the largest headline number. A smaller award on a course that fits your life often beats a bigger one that does not.

Related guides

• Mistakes to Avoid When Applying for a Master’s: the common application errors that cost people offers and funding opportunities.
• What Happens When You Withdraw From Your Course: the financial and academic consequences if your plans change mid-course.

Questions students ask

How much is the Postgraduate Master’s Loan?

For courses beginning from 1 August 2026, students in England can borrow up to £13,206. What you receive does not depend on your income, and you can divide it between fees and living costs however you like.

Can I get a master’s loan if I already have a master’s degree?

No. The loan is not available to anyone who already holds a master’s, or a qualification at the same level or above, though a PGCE, postgraduate diploma or postgraduate certificate does not affect your eligibility.

Do I need an offer before applying for the loan?

No. A confirmed place is not required to apply online, and getting the application in early means the money is more likely to be ready when your course starts.

When do I start repaying the master’s loan?

Repayment starts once you have completed or left the course and your income goes above £21,000. Scotland, Wales and Northern Ireland run their own schemes with different rules.

This guide is general information for students in the UK. Dates, fees and rules change, so always check the latest details with UCAS, GOV.UK, Student Finance England or your university or college before making decisions.