Funding a full time MSc?

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LucieN
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Funding a full time MSc?

Post by LucieN » Sat May 08, 2010 10:22 pm

Hi everyone,

I have recently been accepted onto an MSc Clinical Forensic Psychology in London and I can't wait to start in September! The only problem is that it is FULL TIME, that is 2 days a week at Uni and 3 days a week on placement!

Having spoken to students from previous years I understand that it is absolutely impossible to work unlike a typical full time MSc. I was just wondering if anyone else has been accepted on to or completed this course or a similar one? And how people were able to afford it? As not only do I have to fund the place but also afford not to work and support myself for a year.

I'm thinking of taking out a career development loan! But the payments seem pretty hefty. I would be really interested to hear about others experiences or ideas.

Thanks team x

ElizabethB
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Re: Funding a full time MSc?

Post by ElizabethB » Mon May 10, 2010 11:06 am

Congratulations on securing a place! sounds like a very interesting course! :)

I took out a career development loan with barclays but for an MSc in Research Methods. I remember thinking it was scarily easy to obtain funding from the career development loan. I paid something like 180 pounds per month which was a massive burden and a massive cut into my PhD money I had coming in each term. The repayments started pretty quickly after I finished the course.

I was grateful for the funds however as I only managed to survive through funding from the career development loan and having a monster of an overdraft limit from barclays! (3k)

LucieN
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Location: London

Post by LucieN » Mon May 10, 2010 9:18 pm

Thanks for the reply Elizabeth.

Yes, I heard that the repayments can be scarily large! :x

But I guess this is my only real option. I have some savings but I'm going to need A LOT of money to support myself for the whole year. I started working out exactly how much today and was surprised at how much I actually get through :shock: .

Did you work during your MSc as well? If you don't mind me asking, how big a loan did you have? And how long did it take to repay? I'm bit nervous of seemingly never-ending repayments hanging over my head!

ElizabethB
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Post by ElizabethB » Mon May 10, 2010 10:22 pm

With my full time MSc, at the time, I had 3k worth of savings and I think I took out 6k for the career development loan. I needed a top up on the career development loan during the final few months of my MSc (and to take me through the first month of my PhD whilst I waited for my studentship funds to clear) , so I requested and was granted an additional 1k (which was great! ;) My PhD studentship paid most of the repayments and I managed to finish paying for it 3-4 years after I finished the full time MSc. It may have changed now, but I think the maximum is around 8k. But, my situation is perhaps different from the norm as I only managed to complete my MScs by staying at home and living relatively rent free.

I didn't carry out any paid work through this MSc but I know coursemates worked as seminar leaders at a nearby university, so it is possible to juggle a full time MSc with ad hoc or part time work- but I guess it depends on how organised you are!

blan09
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Post by blan09 » Mon May 10, 2010 10:47 pm

Hi

I would just suggest to apply for Career Development Loan rather sooner than later to find out, whether you have chance to get it. I think it might be more difficult to get this loan if you already repaying some other loans. But you could phone them and ask about it. It's good to be prepared, informed and realistic.

I did mistake - I didn't ask what were my chances to get the loan, I just applied for the Career Development Loan very late and then found out I didn't get it and it was already too late to cancel my place on the MSc course (for which my Mum in law lent me money to pay). So we really struggled financially through this year and my full time MSc studies.



All the best for your studies and the choices you are going to make.
Last edited by blan09 on Thu May 13, 2010 3:24 pm, edited 1 time in total.

ElizabethB
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Post by ElizabethB » Tue May 11, 2010 8:30 am

In line with the above comment, unless its changed, you can only apply for the career development loan 3 months before the MSc start date, but don't leave it too late! (ie August or September). No harm in checking with the banks at this early stage.

Feel free to contact me if you require further info

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heatherb
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Post by heatherb » Tue May 11, 2010 12:39 pm

Hi

I would apply for the CDL - I had some savings and borrowed 6k and am currently paying back at £130 per month. It's a chunk after you've graduated but worth doing. Particulary as job prospects have seemed (in my own personal experience) to be better.

Good luck, sounds a good course!

H

ElizabethB
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Post by ElizabethB » Tue May 11, 2010 1:08 pm

I would definitely agree with Heather....

Forgetting about the clinical application process this year ( :oops: :roll: :cry:) , my MScs have really helped me secure relevant jobs and fantastic opportunties. For me it was essential to complete an MSc given my undergraduate disadvantage. Completing an MSc that opens doors to other areas of psychology has really helped me secure jobs in areas with relevance to clinical psychology- and essentially good back ups in case I never get onto clinical training (which seems to be the most likely outcome at the moment :cry: ). In sum, MScs are a great way to place your 'foot in the door' and be noticed above the amount of other applicants, but I know others disagree over the merits of gaining an MSc.

Anyway, best of luck with your course. I'm very interested in forensic psychology- sounds very interesting! :)

LucieN
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Location: London

Post by LucieN » Sun May 30, 2010 3:54 pm

Thanks so much for all the advice guys. Think I am definatlely going to get a loan and hopefully will get a good enough job afterwards to warrant the repayments.

Thanks for everyone help. Seems far less daunting now :D

tanya
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Joined: Wed May 11, 2011 2:19 pm

Re: Funding a full time MSc?

Post by tanya » Thu Aug 04, 2011 9:31 pm

Hello, sorry to post this on an old thread..and i'm not sure if anyone will see it..but basically I will be starting the MSc clinical forensic psychology at Kings in September too. And I am having the same money worries as it seems you (LucieN) were having last year and I was wondering what you did in the end and how you are finding it? I don't really have any savings (due to many long winded reasons) but have no rent etc to pay as am living with parents, and am hoping to get the maximum career development loan. Is it really completely impossible to work as I've heard it is?? Did you self-fund your course? im trying to find ways of supplementing by applying for a grant or something but there doesnt really seem to be anything available.

Also, in general if anyone has done/is doing this course - how are you finding it? any suggestions for anything I can do to prepare in the next month??

Again, sorry to post on an old thread and overdue thanks for the all the useful info in this forum!!! :D

sophie08
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Re: Funding a full time MSc?

Post by sophie08 » Sat Aug 06, 2011 9:12 pm

Hi Tanya,

I'm about to start an MSc in Psychological Research Methods in October, and I've got no choice really but to carry on working. At the moment I'm doing 3 part-time jobs and I'm definitely going to have to drop one, perhaps 2 of them, but ultimately I'm going to have to dedicate at least 3 days a week to a job to afford to live (even then I'm going to have to supplement this with money from my savings).

From my degree and conversion course, I've started to think that sometimes it helps to do a job at the same time as studying. I found that when I didn't work and just did a course, I did no better than when I was working - if anything it lulled me into a false sense of security that I had loads of time to study. At least with a job on the go as well, you have to structure your time really well and because you're aware that your job is taking time away from studying, you're more likely to make a real effort to study in your spare time. I also went a bit stir crazy without a job, particularly around exam time, when I started to forget what the day was and sometimes went a few days without leaving the house - none of which is conducive to good grades, but is a very easy trap to fall into if all you have to do with your days is uni work.

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choirgirl
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Re: Funding a full time MSc?

Post by choirgirl » Sun Aug 07, 2011 10:14 pm

tanya wrote:Again, sorry to post on an old thread and overdue thanks for the all the useful info in this forum!!! :D
Please don't apologise, this is just what we like members to do to try and keep similar information together as much as possible rather than create multiple threads about the same thing! And, you're welcome - both to the forum, and for the helpful info you've found :D
"Music washes away from the soul the dust of everyday life." - Red Auerbach

tanya
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Re: Funding a full time MSc?

Post by tanya » Mon Aug 08, 2011 9:12 pm

Hey! thanks for getting back to me! Sophie, firstly congratulations on getting on your course. im sure it will be really interesting :) and thanks for reminding me what I discovered but forgot when I was doing my psychology degree - I agree it is a good thing to have structure outside uni and other things to focus energy on when studying, and if they are things that pay then thats great ! the only problem I have is that i do a two day a week placement on my course and spend the other 3 in lectures/dissertation etc. so it kind of is like i'm working time wise...just not getting paid for it! ...oh well from what i hear i wont have time to spend money on a social life anyway hehe x

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