How to Finance a Master's Degree in Malta?

To make smart decisions regarding student finance options, it is crucial first to understand the likely expenses associated with pursuing a master's degree in Malta. This will enable students to determine the actual cost of their education, find ways to minimise it and finance a master's degree in Malta . By taking a comprehensive approach and considering all the potential expenses, students can ensure that they are fully prepared for the financial commitments that come with studying in Malta. We have created a checklist of all the possible expenses that students may face during their stay in Malta. This checklist includes both essential and optional costs.

1. Pre-Departure Expenses:

• Application fees: Fees associated with applying to the educational institution or programme.
• Visa fees: Costs related to obtaining a student visa.
• Health insurance: Insurance coverage for medical expenses during the study period. 
• Language proficiency tests: Fees for English language proficiency exams like TOEFL or IELTS.
• Document authentication: Charges for verifying and authenticating academic transcripts and certificates.

2. Travel Expenses: 

• Flights: Cost of round-trip airfare from home country to Malta.
• Baggage fees: Charges for checking in luggage on flights. 
• Transportation: Local transportation costs, such as taxis or public transportation, upon arrival in Malta.

3. Accommodation Expenses: 

• Rent: Monthly accommodation cost (apartment, room, or shared housing).
• Security deposit: Refundable deposit paid to the landlord or housing agency.
• Utilities: Monthly expenses for electricity, water, internet, and gas (if applicable).
• Furniture and household items: Initial purchases or rentals of necessary items for the accommodation.

4. Tuition and Academic Expenses: 

• Tuition fees: Cost of the master's degree program.
• Textbooks and course materials: Expenses for required textbooks, study materials, and online resources.
• Technology: Laptops, software, or other devices necessary for academic purposes.
• Additional charges: For services like library access, student union fees, etc.

5. Living Expenses: 

• Food and groceries: Monthly expenses for meals and groceries.
• Eating out: Costs of dining at restaurants or cafes occasionally.
• Personal care: Toiletries, grooming products, and healthcare expenses.
• Clothing: Purchases of clothing and footwear as needed. 
• Entertainment: Expenses for social activities, movies, concerts, and outings.
• Internet and phone bills: Monthly charges for internet and mobile phone services.
• Gym or fitness club membership: If desired, the cost of joining a fitness facility.
• Personal transportation: Public transportation costs or expenses related to owning a vehicle.
• Travel within Malta: Expenses for exploring the country during breaks or weekends.

6. Health and Insurance: 

• Health insurance: Coverage for medical expenses and emergencies.
• Vaccinations: Costs for any required or recommended vaccinations.
• Medications: Expenses for prescription medications or over-the-counter drugs.

7. Miscellaneous Expenses: 

• Bank charges: Fees associated with opening a bank account or international transactions.
• Currency exchange fees: Charges for converting currency. 
• Communication expenses: International calling or data charges.
• Personal and leisure activities: Hobbies, clubs, or extracurricular activities.
• Personal development: Internships, workshops, seminars, or conferences related to personal growth or career advancement.

8. Return Expenses:

• Flights: Cost of return flights from Malta to the home country.
• Shipping costs: Charges for shipping personal belongings back home.
• Storage fees: If belongings need to be stored during the summer or after completing the programme.
• Miscellaneous expenses: Any outstanding bills, closure fees, or unexpected costs.

Remember that the above list is a general guide, and actual expenses may vary based on individual circumstances, lifestyle preferences, and programme-specific requirements. The purpose of this checklist is to help students research and plan ahead of time. It is crucial to have a realistic budget to finance a master's degree in Malta.

After deciding on Malta as a study destination and understanding all of the accompanying costs, it's time to search for the most suitable student finance option. There are plenty of options for students to finance their master's degree in Malta , but it's important not to rush into a decision and end up with unnecessary debt. To find a suitable loan that won't put undue strain on finances, it's important to

• research,

• be patient, and

• commit to finding the right option .

Let's explore the various student finance options available for master courses in Malta.

Research and apply for scholarships and grants specifically available for international students pursuing master courses in Malta. These can be offered by the Maltese government, educational institutions, or external organisations.

Students may be able to take out a student loan from government or private banks or financial institutions to finance their master's degree in Malta. These loans can cover tuition fees, living expenses, and other related costs. However, please note that loans often come with interest rates and repayment obligations.

Inquire about financial aid programmes, bursaries, or grants offered directly by the higher educational institution where the student plans to pursue master courses in Malta. Many educational institutes have their own funding options for international students.

Students can look into suitable part-time job opportunities in Malta. While studying, they may be able to work a limited number of hours per week, which can help cover some of their living expenses and build worthwhile experiences.

One of the best ways to finance master's a degree in Malta is to utilise personal savings or funds from family, friends, or other sources . Students are recommended to create a budget and plan their finances accordingly.

Research organisations, foundations, or NGOs that offer sponsorships or endowments for master courses in Malta. These funding sources may be based on merit, research interest, or specific criteria.

Students must inquire with their chosen university if they offer tuition instalment plans, allowing students to spread out their tuition payments out over a specific period — reducing the immediate financial burden. For example, GBS Malta has MFHEA-recognised master's degree courses, and they also offer affordable, flexible payment options. Click here to contact them.

The Maltese government offers the Get Qualified Scheme to help students improve their skills and gain the qualifications needed for different industries. This program covers certifications, diplomas, undergraduate, post-graduate and, yes, master courses in Malta as well. The key requirement is that the course must be recognised by the Maltese Ministry for Education and Employment. After finishing the course, eligible students can receive a tax credit of up to 70% of their tuition fees. This initiative by the Maltese government provides several possibilities for repaying a portion of the tuition amount after finishing the course, but students must meet specific requirements to qualify.

It's important to thoroughly research each option, understand the terms and conditions, and determine eligibility requirements. Contact the relevant institutions or organisations' financial aid offices for detailed information about the specific financing options available to pursue a master's degree in Malta.

Choosing the right way to finance master's a degree in Malta is crucial, as it is a lengthy process that continues throughout their stay in Malta and sometimes even after that. To make the best of the Malta PG courses, it's essential to strike a balance between academic pursuits and financial responsibilities. By being proactive, planning ahead, and adopting good habits, students can effectively manage their finances, save money, and avoid unnecessary financial stress during their master's degree in Malta. We've listed 10 key tips for how students can manage their finances while studying in Malta.

1. Create a Budget: Start by outlining income and expenses. Take into account the tuition for Malta PG courses in addition to accommodation, food, transportation, books, utilities, and any other potential expenses. It’s important to set a realistic budget to have a clear understanding of the financial situation before making a decision on a course.
2. Seek Affordable Accommodation: Look for affordable housing options such as shared apartments or student residences. It’s a good idea to compare prices, consider the location's proximity to the educational institution, and explore any potential student discounts for accommodation.
3. Cook Meals at Home: As a student, eating out can be costly. It's best to cook meals at home to save money. To do so, they can plan their meals beforehand, create a grocery list, and purchase items in bulk. Students can also try cooking meals in larger batches and freezing portions for future use. Cooking can be a fun and rewarding experience. Students have the opportunity to experiment with traditional Maltese dishes, host potluck gatherings with friends, and discover a variety of other culinary delights.
4. Use Public Transportation: Consider using public transportation instead of owning a car or relying on taxis. Malta has a well-connected public transportation system, including buses, which can be more cost-effective than other modes of transportation.
5. Take Advantage of Student Discounts: Many businesses in Malta offer student discounts on various goods and services, including transportation, entertainment, and dining. Always carry a student ID and inquire about available discounts to save money.
6. Explore Second-Hand Options: Buying used textbooks, furniture, and other necessary items for studying can help to lower costs. Look for local buy-and-sell groups, online platforms, or university notice boards where students often sell their second-hand items.
7. Minimise Unnecessary Expenses: Track spending habits and identify areas where students can cut back. Avoid impulse purchases and remember to prioritise needs over wants. Be mindful of unnecessary subscriptions, memberships, or entertainment expenses that can quickly add up.
8. Find a Part-Time Job: If the student visa allows it, consider part-time work to supplement income. Look for job opportunities on campus or nearby that can accommodate study schedules. Always make sure to have enough time to focus on your studies while working part-time.
9. Set Financial Goals: Establish short-term and long-term financial goals to stay motivated and focused. This can include saving a certain amount each month, reducing debt, or building an emergency fund. Regularly review progress and adjust the budget as needed.
10. Seek Financial Advice and Support: In the event of financial difficulties or struggling to manage finances, students should seek guidance from the institute's financial aid office or student services. These resources can provide valuable advice and resources to help navigate financial challenges.

By implementing these strategies and maintaining discipline in financial habits, students can make the most of their Malta PG courses without unnecessary financial stress.