Exploring funding options for postgraduate study
By Prthika, from India , studying MSc Finance
Hi, I’m Prthika, and I’ve recently completed my MSc in Finance here at the University of Edinburgh. I’m originally from India and have always had a passion for finance, which began during my undergraduate studies in the same field. Eager to deepen my knowledge, I decided to continue my education immediately after my undergraduate degree. Edinburgh has far exceeded my expectations, providing me with incredible opportunities to learn, network, and connect with professionals from around the world.
Understanding fees
While I applied for a scholarship to support my studies, I wasn’t successful in securing one. However, I was determined to pursue my passion for finance and managed to fund my education through a bank loan.
Understanding and finding information about tuition fees was quite straightforward for me, as everything is clearly listed on the university’s website. That’s where I initially found all the details. However, I did have a few questions regarding my fee status and potential funding options. To address these, I arranged a call with a member of the university’s staff. They were incredibly helpful, providing clear guidance and resolving all my queries.
If you have any questions or uncertainties, I highly recommend taking advantage of this option as the staff are very supportive and will help clarify any doubts you might have. This approach worked well for me, especially when I was navigating the complexities of funding my studies through a bank loan after not securing a scholarship. Overall, all the necessary information is readily accessible on the university’s website, but don’t hesitate to reach out for personalised assistance if needed.
(You can find the contact details for the Scholarships & Financial Support Team and the Fees & Student Support Team on the University website: Scholarships & Student Funding Webpage)
Applying for funding
I started by exploring the various scholarships offered by the University, as they provide a range of scholarships tailored to specific groups, countries or criteria. My first step was to determine which scholarships I was eligible for. I found that I was eligible for the Dean’s Excellence Scholarship, so I applied, putting a lot of effort into crafting a strong personal statement to explain why I needed the scholarship. However, the scholarships at the University of Edinburgh are highly competitive, and unfortunately, my applications was not successful.
Without the scholarship, I needed to explore other funding options. I decided to apply for a bank loan from a state bank in my home country, which, combined with support from my parents, allowed me to finance my studies. This experience taught me the importance of perseverance and exploring all available options when it comes to funding education. Despite the challenges, I managed to successfully fund my studies through a combination of loans and personal resources.
Paying in instalments
I found it easier to pay my fees in instalments. As I financed my studies partly through a bank loan with some support from my parents, I chose the instalment option, which allowed me to pay the fees in three equal parts. These payments were spaced about two to three months apart. My programme began in September, and I made my final instalment payment in January or February. This flexible payment plan made it more manageable for me to cover my fees.
Considering all options
I would strongly recommend having all your funding options clearly mapped out well in advance. It’s crucial not to rely on just one source of funding. Make sure to have backup options in place, whether it’s applying for multiple scholarships, considering a bank loan, or seeking support from family if possible. Having these alternatives ready is essential because securing your fees and funding is a critical part of planning for your postgraduate studies. Diversifying your funding options will provide greater financial security and peace of mind as you embark on your academic journey. That would be my key piece of advice.
While it’s great to apply for scholarships with optimism, it’s also important to be realistic about your chances of success. Scholarships are highly competitive, so you shouldn’t rely solely on them for funding. It’s wise to explore and prepare other options which can involve a lengthy process with various requirements. Planning ahead is key—make sure you have all your options lined up well in advance and don’t depend on just one source of funding. This way, you’ll be better prepared for any outcome.
