Postgraduate Masters Loans
Government postgraduate loan scheme
Government loans are available for English and EU postgraduate students commencing studies from 2016.
You can borrow up to £10,000 in total, not per year, to contribute to your tuition fee and living costs. The loan will not be based on a means test and payment will be made directly to you.
It will be paid in three termly installments across the academic year once the University has confirmed you as in attendance.
- Loans will be available for both taught and research Masters courses starting in academic year 2016/17. This includes MSc, MBA and MRes courses but not research degrees such as PhD degrees.
- Loans will be available for both full-time and part-time campus based Masters Degrees, as well as distance learning.
- Part-time study must be at a minimum 50% intensity. The course must last no longer than 2 years full time or 4 years part time.
Are you eligible?
- These loans will only be available to English and EU students.
- You must be aged under 60.
- If you already hold a Master’s qualification, an equivalent level qualification or a higher level qualification will not be eligible for the loan.
- The system will be managed by Student Finance England and will operate in a similar way to undergraduate loans, with repayment through automatic salary deduction when you earn above a set level.
- The repayment rate will be 6% of gross earnings above £21,000.
- The loan interest will be calculated at RPI+3% and interest will accrue from the date the first loan instalment is paid by the SLC to the borrower.
- If you commence your studies in 2016/17 repayments will not begin until 2019.
- If you take out both an undergraduate and a postgraduate loan you will pay them back simultaneously when meeting both thresholds.
- Any outstanding postgraduate Master’s loan balance will be written off 30 years after the date the borrower’s loan balance becomes due for repayment.
The quickest and easiest way to apply is online at https://www.gov.uk/postgraduate-loan
For further information on Postgraduate Loans, yous can visit SFE’s student finance zone on The Student Room which has been updated with a dedicated Postgraduate Loan section and includes answers to some of the most frequently asked questions.