Costs to consider can be handily split into two main wedges:

Fees

Since tuition fees roared on to the scene a few years ago, undergraduates have been gently (or less gently, in some cases) getting used to the idea of paying a bit towards a university education.

Postgraduate fees, like undergraduate fees, are usually only a contribution to the total cost, the rest of which is paid for by taxpayers. But unlike undergraduate fees, there’s no easy system of loans to put off paying them until later. It's not enough to be a thirty something in a Led Zepp T-shirt who looks the part: you need to be brainy and you need to be able to put up or find someone who will put up the costs for you. Universities need to see the cash before they’ll even think about putting postgrad letters after your name.

Different courses cost different amounts, although the standard going rate is currently £3,085 a year. Quite a few are more expensive – MBAs, for example, can easily cost £10,000 a year.

Living costs

Bear in mind that postgrads’ living costs are usually a fair bit higher than undergraduates’.

Postgraduate courses tend to have fewer holidays (a typical masters course lasts 11-12 months) and academic costs (books, computers, periodicals and so on) are likely to take a bigger slice of the budget.

Being a bit older, as a rule, food fights and 4am Playstation sessions won't cut the mustard with most postgrads in need of shut eye and peace and quiet to study in, and they’ll often want somewhere on their own – or less of a dive, at least. You may even feel it's time to say goodbye to economy branded food and step up a gear in the supermarket spending pool.  

• What about postgrads

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