How can I afford to study a masters degree?

Enrolling for an online education, particularly an online masters degree, is a major step.

You will need to commit time and energy to online learning over the next few years, as well as making a significant financial investment, in order to better yourself and improve your prospects both professionally and personally, through an online masters programme.

Nevertheless, investing in an online masters can lead to considerable rewards.  Students who successfully complete an online postgraduate learning programme can benefit from several advantages.

By completing a masters degree programme, you could:

  1. Advance your career
  2. Gain valuable skills that you can apply every day
  3. Build your global network of professional contacts
  4. Boost your confidence
  5. Gain recognition from peers and managers

How do I pay for my online masters?

Higher education institutes providing online masters degrees commonly offer a range of different ways to pay for your online programme. These are designed to make life easier for students who are concerned about their finances.

Typically, these will range from simply paying in full when you enrol, paying in a set number of instalments, or ‘pay-as-you-go’ – that is, paying for each module in advance as you progress through the programme.  

At the University of Roehampton, London Online, for example, there are three payment options:

  1. Pay in full. By paying for your studies in one go, you can benefit from a lower total cost and avoid any tuition-fee increases or currency fluctuations. However, payment must be received before you start your first module. 
  2. Modular payment plan. In this simple, pay-as-you-go approach, you pay in full for each 10-week module – before the module starts. 
  3. Modular payment plan (with instalments). By paying for each 10-week module in three fixed instalments, you can manage your budget during your studies. The first instalment must be paid before you start each new module.

What funding options are available for my online learning?

For students concerned about the cost of an online masters, there are various options available to postgraduate students, whether studying online or on campus, depending on your circumstances and current financial situation.

Student loans and funding initiatives

For UK residents enrolled at a UK university, the Future Finance Student Loan may help you cover tuition fees and expenses. It is designed to offer the flexibility that will help you start or continue your chosen programme of online education. Alternatively, ELCAS is a funding initiative from the Ministry of Defence (MoD) for members or veterans of the British Armed Forces.

Scholarships and grants

A range of scholarships and grants also exist. There are several online sites that can help you find one that relates to your programme choice and university. Here are a few examples:

International Education Financial Aid

Also it is worth looking out for scholarship grants that relate to your chosen programme or field of interest.  Here are some which you might be eligible for:

1st Formations Business Scholarship


Online MPH Degree Scholarships

Jane M. Klausamn Women in Business Scholarship

Google Anita Borg Scholarship for Female Students from Europe, Middle East & Africa

P.E.O educational load fund (for female students)

Rapid Formations Entrepreneur Scholarship Programme

At Roehampton Online, there is a dedicated team of enrolment advisors who specifically talk to students and prospective students about the funding options available those thinking of studying with the University.

Sponsorship from your employer

Does your workplace encourage and support continued professional development? If so, you may find that your company offers financial assistance to employees who are continuing their education by completing a postgraduate programme. Your HR department is likely to be a good place to start.  

Check for possible tax deductions on education expenses

Depending on your personal situation, expenses related to your further education may be tax-deductible.  Have a chat with your accountant or tax adviser to find out more.

Get advice from other students

Roehampton Online’s current student networks are also good sources of help and advice. It’s worth joining their LinkedIn and Facebook groups and asking your questions in there. You might even receive ideas and guidance from a student who was in the same position as yourself.

Assessing the true value of investing in your education

For generations, students around the world have understood and benefited from the advantages that come with high level education. Starting an online master’s degree is a big a commitment, but it is worth it.

Through successfully completing your online learning you could benefit from enhanced prospects and develop your skills and knowledge – both in practice and in theory.

Are you ready to take the next step and begin your online education adventure? Read more about Roehampton Online’s masters programmes and find the right one for you.

Take the next step

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