Postgraduate study is an expensive business, particularly for those trying to pay a mortgage and support a family. Students who go straight into a second degree when they are still single and used to roughing it often find juggling finances easier. For a family man or woman, the fees and the living and studying expenses have to be carefully weighed against the likely salary enhancement from a higher qualification.

Many postgraduates choose to study part-time so they continue to draw a salary, coping with the slog of their job while swotting in the evenings and at weekends. Some lucky students get time off work with full pay to improve their qualifications, but most postgraduates have to fund their own studies, using loans, scholarships, bursaries and part-time work.

The Student Loans Company, the government body responsible for student funding, offers loans only for undergraduate study, so postgraduates have to look elsewhere. Career development loans are available through an arrangement between the Learning and Skills Council and some high street banks. You can borrow up to £8,000 to fund up to two years of study on vocational courses, but you are not allowed to take paid work for more than 30 hours a week.

Research Councils are government funded agencies that support research with postgraduate study grants. Applications should go through the university rather than direct to one of the seven councils. Students on courses accredited by the Association of MBAs are also eligible for a loan allowing them to borrow up to two thirds of their precourse annual salary plus tuition fees.

Universities are the best source of advice about the grants and bursaries available. Many postgraduates aim to take part-time work rather than run up debts, and again universities can advise on local work opportunities.

Postgraduates at many universities can apply for residence tutor positions that give free campus accommodation in return for pastoral duties.

At Warwick Business School, more than £200,000 in scholarships was offered last year. Examples include up to £2,500 towards tuition fees for the first year of distance learning MBA study and full-time MBA scholarships of up to 50 per cent of the tuition fee – currently £20,400.

The best deals tend to be offered in careers where the Government wants to attract more applicants, including nursing and teaching, where a range of bursaries are available.

Fees for law conversion courses range from not much more than £3,000 to £8,500. Courses in London are the most expensive but many students are sponsored by law firms.

According to Dr Shirley Shipman, director of graduate diplomas in law at Oxford Brookes University, 18.5 per cent of postgraduate law students are funded by law firms through training contracts, but at Oxford Brookes half the postgraduates are sponsored.

The Law Society offers trusts and scholarships to encourage the development of new solicitors and the society’s Diversity Access Scheme provides support to disadvantaged people to qualify as a solicitor.

Part-time study ‘a bit stressful’

Gemma James, 24, is in her second year of a part time three-year masters degree in public health and health promotion. After a BSc in sports science she worked as a personal trainer on a cruise ship and then as a sports centre manager. “I was always interested in health promotion and wanted to know more about the subject.”

James enrolled at Swansea University near her home in Port Talbot, taking a pay cut to allow her one day off a week to attend lectures. Since then she has a new job directing an antismoking campaign in Welsh schools.

“It’s a bit tough with a new job, especially as it involves a lot of travel. Often I don’t get home until 7 or 8pm and I have to do a lot of reading. It gets a bit stressful but they pay me for my day off, which is very lucky.

“I got a bursary from Swansea for half my tuition fees and I have to fund the rest. Over three years the fees are about £4,000. This year I got a grant from the Glamorgan Trust Fund for £500, which they will pay for two years.” In addition to her studies James works in a restaurant on Sundays for extra money. She still keeps fit by playing netball.