A taught master’s degree in the UK typically costs between £8,000 and £13,000 in tuition fees for home students outside London, rising to £12,000–£20,000 or more at London universities and for premium courses like MBAs. On top of fees, budget around £12,000–£15,000 a year for living costs outside London, or £15,000–£20,000 in the capital. The government’s postgraduate master’s loan offers up to £13,206 for courses starting in 2026/27 — a contribution towards costs, not full funding, so most students need savings, earnings, or family support alongside it.
Tuition fees: what universities actually charge
Unlike undergraduate degrees, where home fees are capped, universities set their own postgraduate fees — and the range is wide. A taught MA or MSc at a university outside London commonly sits between £8,000 and £13,000 for the full course. Move to London and the same qualification often costs £12,000–£18,000, with institutions like UCL, King’s, and LSE charging towards the top of that range and beyond.
Certain courses command a premium everywhere. MBAs routinely cost £20,000–£40,000, and specialist programmes — think creative writing at a famous school, or data science with industry placement — price accordingly. Research master’s degrees (MRes, MPhil) are usually priced similarly to taught courses at the same institution, sometimes slightly lower.
International students pay considerably more: £15,000–£25,000 is typical for classroom-based courses, rising to £30,000+ for laboratory subjects and MBAs. If you are comparing a master’s to staying in work, these are the numbers to weigh — which our section on value, below, tackles honestly.
Living costs: the part people underestimate
Tuition is only half the bill. A postgraduate year means twelve months of rent, food, transport, and living — and postgraduates do not get the long summer break that lets undergraduates move home and save. Realistic annual budgets look like this:
- Outside London and the South East: £12,000–£15,000, with rents of £450–£700 a month for a room in a shared house in most university cities.
- London: £15,000–£20,000+, where a room in a shared flat easily costs £800–£1,200 a month before bills.
- Smaller cities (e.g. Sheffield, Newcastle, Cardiff): often at the lower end, £11,000–£13,000 for a careful budgeter.
Add course costs on top: books, printing, field trips, and for some courses, a laptop upgrade or specialist software. A £500–£1,000 contingency fund for the year is wise — master’s courses are intensive, and financial stress is the last thing you need during dissertation season.
The postgraduate master’s loan
The government’s Postgraduate Master’s Loan is the single biggest source of funding for UK postgraduates. For courses starting in the 2026/27 academic year, you can borrow up to £13,206 from Student Finance England — paid directly to you in instalments, to spend on fees or living costs as you choose. It is not means-tested: the amount does not depend on your household income.
Eligibility is straightforward for most: you must be under 60, not already hold a master’s or higher qualification, be studying an eligible 180-credit taught or research master’s, and normally live in England (Scotland, Wales, and Northern Ireland run their own schemes). EU students who started after the 2020/21 academic year are generally not eligible.
Repayment works like the undergraduate loan but steeper: you repay 6% of earnings above £21,000 a year, taken through PAYE alongside any undergraduate loan repayments. So a graduate earning £30,000 repays about £45 a month on the postgraduate loan — manageable, but it does sit on top of everything else. Full details are on gov.uk’s master’s loan pages, and gov.uk’s student finance hub covers the broader funding picture.
The crucial thing to understand: £13,206 rarely covers fees plus living costs. If your fees are £10,000, the loan leaves about £3,200 for a year of living — roughly two months’ rent. Almost every master’s student needs something else: savings, part-time work, family help, or a scholarship.
Scholarships, bursaries, and other funding
Do not assume scholarships are only for geniuses. UK universities offer thousands of postgraduate awards, many surprisingly accessible: alumni discounts (often 10–20% off fees if you did your undergraduate degree there), departmental bursaries, and awards for students from underrepresented backgrounds or specific regions. Check your chosen university’s funding pages early — deadlines are often months before the course starts.
Beyond universities, look at professional bodies and charities in your field, which frequently fund master’s students in areas like engineering, social work, and teaching. Research councils (UKRI) fund a smaller number of master’s places, usually linked to specific research projects. And some employers sponsor master’s study outright or offer study leave — if you are already working, ask before assuming the answer is no.
Charitable trusts are an underused source. Organisations like the Leverhulme Trust and countless smaller educational charities award grants of a few hundred to a few thousand pounds. It takes legwork to find and apply, but a £2,000 grant can be the difference between a comfortable year and a miserable one.
Part-time and distance learning: spreading the cost
A full-time master’s compresses 180 credits — the equivalent of a full working year — into twelve intense months. Part-time study, typically over two years, halves the annual cost and lets you keep earning. The master’s loan works for part-time courses too, with payments spread across the longer duration. Many universities now offer well-designed distance-learning master’s degrees with identical qualifications to the on-campus version, eliminating relocation and much of the living cost.
The trade-off is time and intensity. Working full-time while studying part-time is demanding, and the experience differs — less immersion, fewer spontaneous conversations, a longer haul. But financially it is often the difference between feasible and fantasy, and employers tend to respect the discipline it demonstrates.
If you are weighing study modes, our guide to full-time study loads explains how credit systems measure the workload, and managing big academic projects covers the planning skills a dissertation year demands.
Is a master’s worth the money?
The honest answer: it depends entirely on the field and the motive. In professions where a master’s is effectively required — clinical psychology, speech therapy, many engineering specialisms, academia — the return is clear. In fields where it is merely “nice to have,” the evidence is mixed: some studies show a modest graduate premium, others find it washes out once you account for the year of lost earnings and the debt.
Run your own numbers. Compare the total cost (fees + living costs − funding) against the realistic salary uplift in your target career, and factor in the opportunity cost of a year’s earnings. A £10,000 master’s that unlocks a £5,000 annual pay rise pays for itself quickly; a £15,000 master’s pursued vaguely “for employability” may not. Talk to people doing the jobs you want — not the university’s marketing team — about whether the qualification actually mattered.
Non-financial reasons count too: love of the subject, a career change, the sheer intellectual pleasure of a year spent thinking hard. Just make sure you are choosing those reasons consciously, with the costs in full view, rather than drifting into debt by default.
Frequently asked questions
Q: How much does a master’s degree cost in the UK in total?
A: For a home student, expect £8,000–£13,000 in tuition outside London plus £12,000–£15,000 in living costs — roughly £20,000–£28,000 all in for the year. London pushes the total towards £30,000–£40,000.
Q: How much can I borrow with the postgraduate master’s loan?
A: Up to £13,206 for courses starting in 2026/27, paid in instalments across your course. It is not means-tested, but it is a contribution rather than full funding — most students need additional income or savings.
Q: Do I have to pay master’s fees upfront?
A: Usually not all at once. Most universities let you pay in two or three instalments across the year, and some offer monthly plans. Check your university’s fee policy before you enrol so there are no surprises.
Q: Can I work while doing a master’s?
A: Yes, and most students do. Around 15–20 hours a week is sustainable alongside full-time study; more than that risks your grades. University towns have plenty of part-time work, and some departments offer paid teaching or research assistant roles.
Q: Are online master’s degrees cheaper?
A: Often, yes — fees can be 20–40% lower than the on-campus equivalent, and you save on relocation and living costs. The qualification is the same, though the experience and networking differ. Check the course is properly accredited before committing.
