Focus on the bigger picture

THE cost of postgraduate education has traditionally been a barrier for those wanting to upskill after they have gained their first degree. However, the introduction of postgraduate student loans, which are similar to loans for a first degree, is having an impact, as more people choose to invest in developing their careers.

The number of students studying postgraduate courses in England has increased substantially, with 22 per cent more starting full-time masters courses last year than the year before. Part-time student numbers were also up, by nine per cent, according to the Higher Education Funding Council for England (HEFCE)

The new loans, which are for £10,000 for those starting this academic year, do not have to be spent solely on fees. They can, for example, help cover your living costs. You repay the loans at a rate of six per cent on income over £21,000 a year — so if your income is £5,000 a month before tax (highly likely thanks to the postgraduate earn- ings premium) you will repay £195 a month. HEFCE chief exe c u t ive Madeleine Atkins says that the latest data is an “encouraging indicator” that the scheme has improved access, adding: “Undertaking postgraduate study can be hugely beneficial to the life chances of individuals as the attainment of specialised, high-level knowledge and skills increases employment opportunities.”

The amount you can borrow rises to £10,280 from the new academic year. But you do not have to wait until then. In addition to being easier to finance, postgraduate courses are now also more accessible in other ways.

Many programmes, including Masters of Business Administration (MBAs), have several start dates throughout the year, including April, as well as being flexible in terms of the hours you need to commit.

Having a masters is increasingly seen as the way to stand out from other graduates in the jobs market.

Find out more about eligibility for funding at gov.uk/postgraduate-loan.