Alternative graduate funding options

Alternative graduate funding options

In our previous article, we exposed our readers to the opportunity to get funding for their graduate programs. Today we will be sharing alternative graduate funding options

While graduate funding options are plentiful, they are greatly outweighed by the number of students vying for those opportunities. In addition to the fierce competition involved, these traditional funding routes are also not guaranteed to cover the full costs of graduate study – so creative candidates may consider some alternative avenues:

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Peer-to-peer lending

A form of crowdsourcing whereby private loans are given to individuals without the mediation of an official financial institution, peer-to-peer (P2P) or social lending provides funding for a variety of endeavors. Specialized online platforms are often used, with some (such as GraduRates.com and StudentFunder.com) focusing on the student market.

While the lending is unsecured and you may need a solid credit history, P2P lending is more flexible in terms of repayment and interest rates for the borrower, while lenders have the opportunity to invest in a project or career they believe in. It can also provide a more formalized structure when lending among families and friends – turning a favor into a business transaction.

Portfolio funding

Portfolio funding involves securing small amounts of money from multiple sources. This can mean applying for all the types of funding mentioned in this article or sending dedicated letters to a range of sources simultaneously. For this, students prepare a fundraising pack, with a letter asking for help in funding their degree. The letter explains who they are, what they want to study and why, what they will give back (either to the individual they address, or society as a whole), and how to donate.

Student jobs

If you intend to use a student job to supplement your finances, remember that each country has its own rules about whether, where, and how international students can work. Typical restrictions include limited working hours during term time and rules about whether you can work off-campus or need to stick to jobs within the university. For example, international students in Canada must obtain the Off-Campus Work Permit (OCWP).

Most campuses offer many opportunities for part-time work, including working in a shop or café, in the student union, as an organizer or helper at university events, in an administrative role, or as a student tutor or advisor. You could also consider freelance work as a tutor, capitalizing on skills in fields such as languages, sports, arts, or music.

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Part-time study

You might also consider enrolling for part-time study, which will mean your tuition fees are spread out over a longer period, while you have more time to work alongside your course commitments. If this is your plan, make sure you have a realistic balance between work and studies. If you do find yourself struggling to cope, your university’s student support team may be able to direct you towards funding opportunities that have opened up since the commencement of the academic year, or at the very least, help you find a better balance or schedule.