The National Union for Students (NUS) is calling for the government to provide funding for postgraduates, similar to the student loan available to undergraduates.
Currently, government-backed loans provided by the Student Loans Company are only available to undergraduates studying their first degree.
However, recently concerns have been raised about the very limited funding options available to those going on to study for further qualifications.
For those trying to fund their postgraduate studies a limited range of grants are offered.
Some students, however, choose to take out a career development loan, backed by the government and provided by some of the major banks. This provides students with a year’s free interest on their loan, but as soon as the year is up the loan must be paid back and the bank starts charging an interest rate of up to 13%.
In contrast, the loans received by most undergraduate students currently accumulate interest of 3.8% and graduates pay nothing until their salary reaches £15,000, when they pay back 9% of anything earned after that. Many postgraduates who accept the career development loan are still in debt from their undergraduate courses.
The government says its priority is funding undergraduates and current postgraduate funding is “sufficient.”
Aaron Porter, vice president for higher education at the NUS, also believes a more comprehensive system of funding is needed.
“The government, if it claims that postgraduate study is important needs to ensure a fairer funding system to support students. I am sure a student loan system would be a better mechanism to ensure this happens.”
“The priority for the government is to get you your first degree. Beyond that there seems to be greater onus on the individual to support what they’re doing.”
Ian Carse is studying an MSc in International Relations at Cardiff University, he can’t see why the government will not help him out financially: “In a time when the government are trying to encourage further education it doesn’t make sense that postgraduate students are being penalised.”
“I’m funding myself through two overdrafts. It seems the government is sending out the message that postgraduate studies are only available to those from privileged financial backgrounds.”
