Written by Natalie Boxall.
When today’s students graduate, they are left with a piece of paper and a mountain of debt that may have been accumulated over three years, but is likely to take decades to pay back. The MORI Student Living Report 2002 found that the average student debt at the end of an undergraduate course is £8,131, and unless you have rich parents or live like a nun for the duration of your course, getting into student debt is unavoidable. If you have this much debt upon leaving, is it wise to get into further debt to pursue postgraduate study? Archaeology graduate Leona White needs to study for an MA to further her career but has been forced to make sacrifices to do it. ‘I’ve lived at home out of necessity since graduation and I’m funding my postgrad studies with the wages I have earned working in my year out. The thought of my debts has made me think twice before applying for my MA but I have to do it for my career.’ If pursuing your postgraduate degree means further debt then you need to assess whether you can actually afford it. The average fee for a one-year Masters programme is £2,805 and an MBA may cost £13,000 or more. Universities UK estimates that living expenses range between £5,000 and £6,000 per year, so funding your course and yourself is an expensive business. Being enthusiastic about your subject is also essential if you need to justify getting into more debt. Mark Wainwright, now a journalist, enjoyed his English degree so much that he chose to study for an MA in English Literature at Manchester University. ‘Although I had £10,000 debt from my undergraduate degree, I decided to stay on as I wanted to deepen my knowledge and thought it was good alternative to getting a proper job. I was lucky enough that a family friend was able to provide the capital for me to do my MA, but I also got a part-time job to fund my social life.’ Studying for a postgraduate degree could mean that you’re on an even tighter budget than you were when you were an undergraduate, but if you really want to pursue your studies, you have to accept that you’re going to be in debt. Mark believes that there’s no point in worrying about your debts. ‘My debts didn’t deter me from carrying on, as I knew I’d get a better job with a postgraduate degree, and my generation of students have always been subject to loans so being in debt is just normal to me.’ Further information
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