Paying for a master’s without a student loan

Instalments to the university, employer sponsorship, level 7 apprenticeships, scholarships, savings and a StepEx loan. What each involves.

  • £1,142 a month

    Average living costs (2025 survey)

Key facts

University instalments
Each university sets its own instalment dates
Employer sponsorship
Usually with a stay-on clause
Level 7 apprenticeships
Government-funded only for ages 16 to 21 from 1 January 2026

If the loan is not available, or not enough, there are five other ways to pay: instalments to the university, an employer, a level 7 apprenticeship (now limited to ages 16 to 21), scholarships and discounts, and a StepEx loan on partner courses. They can be combined, and living costs of about £1,142 a month (Save the Student, 2025) come on top.

Courses for this guide

All courses in the finder

Enter your details once to see which you could afford without the loan and the ways to pay for each.

You are seeing example figures, not yours

We have filled in figures for a typical applicant so you can see how the finder works. Change them to yours and every result updates.

Courses with a StepEx loan

StepEx Lender Ltd offers loans for these courses. Approval is not guaranteed.

LSE · with FourthRev

StepEx loanSee the representative example
Digital Marketing, Strategy & Analytics Career Accelerator LSE

Short course · Part time · 6 months · Online

StepEx loan: 24 months · 0.8% APR representative

Fee
£6,300

Fee for Current offer

No SLC loan
Affordability
Outcomes
University employment rate: not available

King's College London · with FourthRev

StepEx loanSee the representative example
KCL Product Management Career Accelerator

Short course · Part time · 6 months · Online

StepEx loan: 24 months · 0.7% APR representative

Fee
£6,400

Fee for Current offer

No SLC loan
Affordability
Outcomes
University employment rate: not available

LSE · with FourthRev

StepEx loanSee the representative example
LSE AI Leadership Accelerator

Short course · Part time · 6 months · Online

StepEx loan: 24 months · 0.6% APR representative

Fee
£7,995

Fee for Current offer

No SLC loan
Affordability
Outcomes
University employment rate: not available

Our ranking is impartial: whether a course has a StepEx loan is not a factor. All courses are ranked by affordability, then graduate pay at 5 years. Courses with a StepEx loan are also shown in a separate section above.

More about how we rank

Top 5 of 2727 courses

2481 likely affordable · affordable first, then highest graduate pay at 5 years

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City St George's

Corporate Risk Management MSc

MSc · Full time · 1 year

Fee
£16,000

Fee for 2026/27 (September 2026 entry)

£2,794 more than the SLC master's loan covers
Affordability
Outcomes
University employment rate: 89%

City St George's

Quantitative Finance MSc

MSc · Full time · 1 year

Fee
£16,500

Fee for 2026/27 (September 2026 entry)

£3,294 more than the SLC master's loan covers
Affordability
Outcomes
University employment rate: 89%

Loughborough

MSc Finance

MSc · Full time · 1 year

Fee
£14,000

Fee for 2027-28

£794 more than the SLC master's loan covers
Affordability
Outcomes
University employment rate: 84%

Loughborough

MSc Accounting and Finance

MSc · Full time · 1 year

Fee
£14,000

Fee for 2027-28

£794 more than the SLC master's loan covers
Affordability
Outcomes
University employment rate: 84%

Durham

Finance

Master’s · Full time · 1 year

Fee
£17,500

Fee for September 2027 entry

£4,294 more than the SLC master's loan covers
Affordability
Outcomes
University employment rate: 93%

Open Affordability or Outcomes on any course for the detail. Courses with a StepEx loan are marked and get no preference in the order. How we work it out

Paying the university directly assumes three instalments: at the start, after 4 months and after 7 months. Estimates based on the figures shown, not advice. A StepEx loan is subject to identity, affordability and credit checks; approval is not guaranteed.

Instalments to the university

Ask the admissions or finance office for the instalment schedule before you accept. The dates are set by the university and usually fall at the start of each term. Some add a deposit on acceptance.

Employer

Sponsorship ranges from a share of the fee to the whole fee plus study leave, often with a condition that some or all of it is repaid if you leave within a period after finishing. The written agreement sets out what happens if you fail a module or the course is cancelled.

Level 7 apprenticeships

Master’s-level apprenticeships used to be funded through the apprenticeship levy for any age. From 1 January 2026 government funding continues only for people aged 16 to 21 at the start (under 25 for care leavers and those with an Education, Health and Care Plan); anyone who started before that date keeps funding to completion.

Scholarships and discounts

See the scholarships guide. The three alumni discounts found on 7 November 2026 are 10% to 20% for returning graduates.

StepEx loan

On the courses listed on the finance availability page, credit from StepEx Lender Ltd lets you pay the fee in monthly repayments after a deposit. It is a credit agreement, and approval is subject to eligibility and affordability checks. Approval is not guaranteed. The representative example for each course is on the provider’s page.

Ways to pay

  • SLC

    The government SLC master's loan. The amount depends on where you live.

    How the SLC master's loan works
  • Pay the university directly

    Usually in three instalments: at the start, after 4 months and after 7 months.

  • StepEx loan

    Available on some courses here. See the representative example on the provider page.

    Check finance availability

Questions people ask

Some universities offer monthly plans; others take two or three instalments a year. The university’s fees page or finance office gives its dates.

Related guides

Sources and dates

Checked 7 November 2026. Figures are for UK students and change each year; check the university's page before you apply. Not advice.

Estimates, not advice.

Questions about these guides? Contact us.