When thinking of doing a Masters abroad, you will inevitably have to face the issue of funding, which might have a major influence on your final decision. Some of you might be lucky and need not worry about funding your Masters; others will have to look for financial sources beyond their own assets. However, there are several funding possibilities for postgraduates available to help you finance your Masters programme. Some of them don’t require you to pay back the money, whereas others (especially loans) have strict repayment policies.
A wealth of postgraduate funding opportunities is out there for you to take advantage of. For one thing, there is the opportunity to apply for a scholarship that covers tuition fees or the costs of your research. A bursary might better fit your personal circumstances, helping you to finance your living expenses as well. When opting for a studentship, you will have to work on campus to receive funding. The main advantage that of all these funding possibilities share is that you do not have to pay the money back.
Some of you may prefer to take out a student loan to finance your postgraduate studies. This funding option is tied to strict conditions and needs to be considered carefully. The loan repayment period and interest rates are only some important issues you need to review when taking out a student loan. Learn more about student loans here.
The European Union is another possible source of postgraduate funding: EU students may apply for a type of funding called Erasmus+, which can be used for studying at selected European universities for a period of between three and twelve months.
Further important factors to guide your decision include tuition fees at your preferred university and the local costs of living. You should take all of these factors into consideration. In case you are thinking about study abroad, also mind the costs involved.