Who is eligible for a postgraduate student loan?
To help fund your dedication to further study, you can apply for a postgraduate loan. To be eligible, there are just a few boxes you have to tick:
- The course you’re applying for must be a Taught, Research or professional Master’s programme – this includes an MA, MSc, MRes, MBA and LLM.
- Your course can be full or part-time (exact conditions for part-time study are being finalised).
- All subject areas are included.
- You must not have previously studied a Master’s degree or PhD.
- You need to be under 60 years old at the start of your course.
- You must normally live in England. This means living in England for at least 3 years before starting the course for a reason other than study alone).
- European Union (EU) students are also eligible. You must have been resident in the EU for at least 3 years, again for a reason other than study.
How much can postgraduate students borrow?
To support your postgraduate studies, you can borrow up to £11,222. If you are on a part-time course, you can borrow up to £5,611 per year for two years of study. It is important to look at how you can spend this loan to get the most out of it:
Your postgraduate loan is designed to be spent on:
- Covering tuition fees
- Assisting with your living costs
- Funding study materials, travel or whatever is needed to support your course.
Be aware that although tempting, you don’t have to borrow the full amount. It is up to you how much of the £11,222 you would like to take out.
Once confirmed, the loan will be paid directly to you by the Student Loans Company in three instalments per year.
How can I repay my postgraduate student loan?
Like any borrowed cash, you are going to need to pay it back at some point. You will repay your postgraduate loan alongside any undergraduate loan you have, in the same way.
- The postgraduate loan will be repaid based on your income at a rate of 6% of earnings over £21,000.
- Repayments will ordinarily start in the April after you graduate.
Don't forget that any remaining, unpaid debt will be cancelled after 30 years.