Costs and Funding of Masters Studies in the UK – A Comprehensive Guide.

Pursuing a Master's degree in the UK can be a worthwhile investment for both personal growth and career advancement. Yet, the cost of completing Masters studies is a major consideration. Stories of successful students show that with informed choices, careful planning and active budget management, getting a Master's degree in the UK is possible. 

UK and (pre)settled applicants can access the UK government postgraduate Master’s loan of up to £12,167. This financial assistance significantly reduces the financial burden, making it easier for domestic students to pursue their postgraduate studies. 

International students face higher tuition fees and have to rely on personal or sponsor funds. However, with various funding sources and potential scholarships and grants, costs of studying in the UK can be reduced.

Each year tens of thousands of students from around the world overcome their financial challenges and choose the UK as their main Masters study destination, showcasing the appeal and reputation of British universities.

Key Cost Elements of Studying for a Master’s Degree in the UK

University and application costs:

  • University tuition fees: expect to pay between £10,000 and £30,000, depending on course, university, and immigration status. Home and (pre)settled status holders can expect to pay £12,000 on average, which can be covered by the UK government postgraduate Master’s loan. International students should expect to pay on average £20,000 and need to seek alternative funding sources.
  • University application fees: free in most cases, a few universities may charge around £70 per application.
  • English language certificate: if required, this would cost approximately £200 to obtain.
  • Visa costs and health insurance: international students must budget about £1300 for this in before university starts.
  • Assistance with university and funding applications: This service is free of charge with UniEdu.

Living and Other Expenses:

  • Accommodation and bills: private room in a shared house - average £600 per month (in London £1200). A room in student halls of residence - average £800 per month (in London £1600).
  • Groceries: including personal care and household products - average of £200 per month.
  • Travel: depending on location and including one return trip to EU-based home per semester - average of £350 per semester.
  • Study materials, software and equipment: allow £350 per semester for textbooks and subscriptions.
  • Media and entertainment: depending on personal needs, our students report an average of £70 per month.
  • Spare funds for unplanned expenses: it’s always worth having savings of minimum £250, just in case.

Possible Funding Sources

  • UK gov postgraduate Masters loan (if eligible): get up to £12,167 into your account for fees and living costs. Read in more details here.
  • Paid work possibilities: work 20 hours per week to earn a minimum £660 per month after tax.
  • Scholarships and grants: usually country-specific, effective discounts on tuition fees are sometimes offered, other options are rare and limited. 
  • Personal or sponsor’s funds: ask family, employers, NGO and your government for support.

Postgraduate Master's Loan in the UK - basics

Financing your Master's degree can be achievable thanks to the UK government student loan for Masters studies. Below are some basics to know and a more detailed article on this topic can be found here. 

  • The maximum amount of postgraduate Master’s loan in the UK for the 2023-24 academic year is £12,167.
  • Get the maximum amount regardless of your income or savings.
  • The money will be paid directly to your bank account to use for tuition fees and/or living costs, how you spend it is up to you. 
  • You can only have one postgraduate loan and there isn't a separate postgraduate maintenance loan for postgraduate studies.

To be eligible for a Postgraduate Master's Loan, you must:

  • Have a (pre)settled status or be a UK national and be ordinarily resident in England.
  • Be undertaking a full, standalone, qualifying Master’s course (not a top-up or a PGCert or PGDip course)
  • Not have qualifications that are equivalent to or higher than a Master's degree.

Eligibility - Course Criteria:

Your chosen course must meet the following requirements:

  • Be a full, standalone Master’s course (not a top-up course)
  • Be provided by an eligible university or college in the UK 
  • It can be full-time, part-time, or by distance learning (online studies).
  • You cannot get a postgraduate Master’s loan for a postgraduate certificate or diploma.

Online Master Studies Funding

If you wish to study your Masters degree online, you can also qualify for the postgraduate Master’s loan. You’ll need to be living in England on the first day of the first academic year of your course. You’ll also need to live in:

  • England for the whole of your course, if you’re an EU national
  • the UK for the whole of your course, if you’re not an EU national

Other Things to Know About Masters Loan

  • The total amount doesn't depend on your income or your family's income.
  • Repayments start in April after you finish or leave your course. You’ll repay 6% of the amount you earn over the repayment threshold, which is £21,000 a year. 
  • Currently, the interest rate for a Masters loan is currently 6.3%, but this changes each year.
  • The loan is written off for 30 years. 
  • You can apply through a paper form and applications typically open in the summer.

Making Smart Choices

Plan Your Budget

Given the costs outlined above, it is essential to plan your budget before starting your Master’s studies. While costs can be high, there are options for students on different budgets. Price-sensitive students can manage by choosing a more affordable university, city and accommodation and consider getting a part-time job. The UK offers an enriching and diverse educational experience, and with careful planning, it can be an investment that pays high dividends in your future career.

Check What You Can Get

Use UniEdu's Can-I-Apply tool - simply answer a few questions to find out if you can apply for the postgraduate Master’s loan in the UK. In addition you will get a list of universities that might accept you and best match your potential and needs

Discuss Your Options With Us

If you would like to discuss your options, choices, and funding availability in more detail, you can always get in touch with us at any time for quick and friendly advice, we will be happy to help you! 

We have got over 10 years of experience in advising Masters applicants in the UK and in supporting postgraduate Master’s loan applications. 

Begin Your Application

Complete your registration in the Application Portal to get personalised guidance and support, help you navigate the application process, understand the terms and conditions of the loan, and ensure that you have all the information you need to make an informed decision about your postgraduate Masters studies in the UK. 

We look forward to hearing from you!