If you’re starting a master’s course, you can apply for a Postgraduate Loan of up to £10,280 to help with course fees and living costs.
If your course started before 1 August 2017:
You can get up to £10,000 for your whole course.
If you’re studying for 2, 3 or 4 academic years, you’ll get the first half of the loan in your first year and the rest in your second year.
If your course starts on or after 1 August 2017:
You can get up to £10,280 for your whole course.
If you’re studying for 2, 3 or 4 academic years, the loan will be divided equally across each year of your course.
- £10,280 maximum, can be used to fund fees and living costs
- Must be used to fund a first Masters level degree - Full-time and part-time students are eligible
- Must not already have a master’s degree or higher qualification
- Available to Home fee payers resident/domiciled in England, plus EU nationals
- Non-means tested (it won't depend on personal or family income)
- Courses must start after August 1, 2016 (repayments to begin in 2019)
- Upper age limit to be eligible: 60 years
- Repayments linked to income after completing the course (6% of income over £21,000), and paid concurrently with undergraduate loan payments. Interest rate of RPI plus three percent, similar to the current undergraduate system
Applications will be received by Student Finance England, with loans issued and administered by the Student Loans Company, as with undergraduate degrees.