Graduate Loan for a masters

[MarcLister]

Didn't know that.

Oh amazing. So basically, the government has completely screwed over those who had financial difficulties and graduated circa 2008.

You rang?

Graduated in 2008, couldn't find a job. Ended up on the dole for a year. Now working full time but would like to do a Masters in my field, along with IT industry qualifications. Thought the budget announcement was good news until I realised I was too old to take advantage of it.

 

[dowie]

I can see why they've put in an age limit given the current student loan structure, at the extreme end there are a fair few retired people who would happily do an MSc for fun, with student loan, knowing they'll never pay a penny of it back as their pension won't take them over the threshold.

It is unfortunate though that they've set it as low as 30.

 

[MarcLister]

I can see why they've put in an age limit given the current student loan structure, at the extreme end there are a fair few retired people who would happily do an MSc for fun, with student loan, knowing they'll never pay a penny of it back as their pension won't take them over the threshold.

It is unfortunate though that they've set it as low as 30.

45-50 would be fairer then/more realistic.

 

[dowie]

I think the fairest thing would be to not have an age limit and remove or significantly reduce the repayment threshold* - I'd alao scrap the idea that the debt expires after x years etc... If Mrs Smith wants to study for a degree aged 70 then fine, but that loan shouldn't be left unpaid, like any other debt it ought to be paid from her estate if not settled by that time.

*perhaps to the level of the personal allowance for tax

 

[danielanthony]

My employer is paying for me to do an MSc, I didn't get a great BSc so I'm putting a lot more effort in this time around.

pretty tough doing it whilst working 50h per week and having a young family to look after.

 

[Deleted member 66701]

I can see why they've put in an age limit given the current student loan structure, at the extreme end there are a fair few retired people who would happily do an MSc for fun, with student loan, knowing they'll never pay a penny of it back as their pension won't take them over the threshold.

It is unfortunate though that they've set it as low as 30.

Lol - that's me. Retired and now doing an FD > BSc(Hons) > PGCE.

 

[Brookert]

My employer is paying for me to do an MSc, I didn't get a great BSc so I'm putting a lot more effort in this time around.

pretty tough doing it whilst working 50h per week and having a young family to look after.

What are you doing an Msc in, just out of curiosity?

 

[ADT]

Have you looked at graduate bank loans?

 

[Brookert]

Have you looked at graduate bank loans?

Im considering it, I know my bank (Lloyds) do one. I'm going to make an appointment in my branch to find out more, as the website doesn't say much. I've read on the .gov website that certain ones will have interest paid by the gov whilst your studying.

 

[misteranonimous]

Actually sometimes even a MSc isn't enough to get you into jobs in some sectors, like biopharmaceutical companies. They want you to have a PhD, and that's why I'm doing one.

(I have a MSc in biochemical engineering and now doing a PhD in Biotechnology)

 

[Brookert]

Actually sometimes even a MSc isn't enough to get you into jobs in some sectors, like biopharmaceutical companies. They want you to have a PhD, and that's why I'm doing one.

(I have a MSc in biochemical engineering and now doing a PhD in Biotechnology)

I wouldn't have an issue with that. However I've noticed some areas of industry where they want you educated up to the hilt AND have x years industry experience (for a junior role), to then pay peanuts.

If someone has gone to the trouble of getting a Bsc, Msc and a PhD, they should be remunerated accordingly.

 

[StriderX]

Its a spiraling nightmare.

As the need for menial work is ultimately dropping, we require more knowledgeable minds, however there are plenty of people around the planet to achieve this, plus unneeded labour.

Somehow, someone thought infinite growth was funny and its infected Higher Education, 'tis a rot that no one can seriously pay for.

At some point it will come crashing down.

 

[Deus Ex]

Too late for me .


What's also annoying is that SLC will fund an undergraduate degree + 1 extra year. So if you have to retake a year during undergrad for being thick/lazy/whatever, they'll pay for you to do that year again .

Whatever including all the vagueries and tragedies of life which can befall people. **** the SLC for rarely having some compassion.

 

[Deleted member 66701]

What's also annoying is that SLC will fund an undergraduate degree + 1 extra year. So if you have to retake a year during undergrad for being thick/lazy/whatever, they'll pay for you to do that year again .

Lol yeah - one of the guys on my degree has dropped out this year and will restart next because both of his parents died in a car crash. They should have just let him fail tbh and not given him any more funding.

People have it too easy these days.

 

[Amp34]

Yeah.

a lot of people do a masters later in life and whilst working, so effectively they know thier "new scheme" wont actually cost they that much as a lot of masters candiates wont be eligible anyway. Although it could be argued that those working could just get a normal bank loan to fund it anyway.

Giveth with the right, taketh away with the left.

I guess the point is the loan is for those that are trying to start a career rather than progress further in it, and as you said someone that has worked full time for 20 years probably has significantly more capital behind them than someone that has just graduated. You'll probably find the majority of masters done later in life were (at least part) funded by the attendees company as well. Either way it's about time the student loans were introduced, it removes a massive barrier for those that can't afford to ***** thousands just after graduation from their undergrad.

While many (worthwhile*) Masters usually have a significant number of grants and scholarships they do seem to be drying up recently. First with Research Council scholarships being cut and more recently other grants. The cost of courses has also gone up significantly in the last couple of years too**... While I missed the SL I'm glad I only had to pay £5k for mine, it's now more than double that!

*In the sense of finding a job. If it's a good vocational one then it'll have lots of industry connections.
** Possibly not all

....because every Tom, ---- and Harry will enrol on one. A masters is seen as a cut above the rest at the moment, because there are too many people applying for roles with a bachelors degree. If everyone starts getting a masters, the problem then shifts onwards.

I probably won't be eligible for funding as I've used 4 years worth of funding. Oh well.

Student loans weren't the problem, people used to get grants for their courses. Loans were a direct response to more people going to uni in the first place, to pushed the cost partly on to the student rather than the full cost going to the government. The real killer was Tony B insisting on 50% of people going to uni and moving industry away from apprenticeships and other training schemes.

 

[Freakbro]

You didn't think that one through fully did you Westyfield

 

[Amp34]

Engineering and science degrees still are, depending on the Uni.

Other courses, not so much.

You'll probay still need a postgrad to get into most science related positions however. If you do physics and the. Go into finance then you probably don't.

 

[oulton]

Some advice please, if anyone is the wiser. Short story of situation so far.

-got my Degree (biological sciences, more environmental aspects)

You should check out the NERC:

http://www.nerc.ac.uk/funding/available/researchgrants/standard/

They paid me 10 grand in maintenance grants to do my Msc in GIS, as well as paying for the course.

I am now working in a high level policy institute as a consultant and the money is good.

 

[Amp34]

Taught masters degrees have largely been ways of universities fleecing rich international students. Even in the top universities the fees are ridiculously high.

Only masters degrees I respect are research ones and the ones achieved via a 4 year undergraduate course.

As someone mentioned, they also attract people who have been unable to get into their chosen career path after an undergraduate degree. However it doesn't magically open doors and potentially just extends the denial phase.

You know it's an extra 60 credits to pass a postgrad masters course over an undergrad one? A significant number of my undergrad friends did the undergrad as it was another year to delay getting into the "real world"*, those that do postgrad masters make a conscious decision to go back and further themselves (for whatever reason).

It's probably another industry specific thing though so general statements of this and that probably don't work. For example those that did the undergrad masters have had to fight it out with the other BSc grads, whereas those that did MSc's managed to bypass that scrap and went throught the doors opened for them higher up. It did magically open doors for us. On the other hand the undergrad masters is the ideal stepping stone if you want to do a PhD.

An MSc isn't there so you can stall a year in the real world. You need to consider what you want to do and then apply for the right course**. The right will further your career and give you that stepping stone you need to get to the next rung (or any job in the industry you want). It's not to be taken lightly IMO, if you do then it's probably not going to help you, other than get you in more debt.

*coincidentally significantly easier than my MSc and much better paid.
** both the course content/type and the connections to the industry you want to get in to. If it has lots of courses taught by guest lecturers then it's it'll probably get you a job a lot easier than a totally academic one.

 

[alx]

You know it's an extra 60 credits to pass a postgrad masters course over an undergrad one? A significant number of my undergrad friends did the undergrad as it was another year to delay getting into the "real world"*, those that do postgrad masters make a conscious decision to go back and further themselves (for whatever reason).

It's probably another industry specific thing though so general statements of this and that probably don't work. For example those that did the undergrad masters have had to fight it out with the other BSc grads, whereas those that did MSc's managed to bypass that scrap and went throught the doors opened for them higher up. It did magically open doors for us. On the other hand the undergrad masters is the ideal stepping stone if you want to do a PhD.

An MSc isn't there so you can stall a year in the real world. You need to consider what you want to do and then apply for the right course**. The right will further your career and give you that stepping stone you need to get to the next rung (or any job in the industry you want). It's not to be taken lightly IMO, if you do then it's probably not going to help you, other than get you in more debt.

*coincidentally significantly easier than my MSc and much better paid.
** both the course content/type and the connections to the industry you want to get in to. If it has lots of courses taught by guest lecturers then it's it'll probably get you a job a lot easier than a totally academic one.

Agreed, my general experience is that an MSc in a given subject is harder than the equivalent undergraduate Masters (as you say for starters you need to do more credits) - and this is coming from someone with an undergraduate MEng.

An MSc also normally takes longer as well (i.e. you finish later than the usual May/June time as per normal undergrads study years).