From September 2016, the Government will provide a loan of up to £10,000 per student for postgraduate masters study.
This loan will be:
- non means tested
- paid directly to the student into a UK bank account in three equal instalments
- a contribution towards the costs of study, so it will be at the discretion of the student to use the loan towards tuition fees, maintenance or other costs
To be eligible for the loan you will need to be:
- a current UK or EU national
- ordinarily a resident in England at the start of the academic year
- have lived in England or the EU for at least three years preceding the start of the course
- aged under 60 on the first day of the academic year (1 September 2016)
- studying a full-time or part-time course for up to a maximum of two years
- commencing a course from year one in the 2016/17 academic year e.g. not be a continuing or progressing student at Postgraduate level
Are there any restrictions on Postgraduate Loans?
- students with equivalent or higher level qualifications will not be eligible for a postgraduate loan from the Student Loans Company
- students wishing to study courses that do not result in a masters qualification (such as Postgraduate Certificate and Postgraduate Diploma) will not be eligible.
- part-time courses are eligible, but are subject to a minimum 50% intensity requirement in year 1. Students taking courses via distance learning would be eligible to apply, but must be living in England for the duration of the course.
Examples of courses that are eligible for Postgraduate Loan funding include:
- MSc (Master of Science)
- MA (Master of Arts)
- LLM (Master of Law)
- MBA (Master of Business Administration)
How will the loan be repaid?
Loan repayments will commence from April 2019, subject to meeting the annual income threshold of £21,000, and will be repaid concurrently with undergraduate loans. Repayment will be at a rate of 6% of annual income over £21,000 for the PGL, in addition to the repayments due on the undergraduate loan. Interest will be accrued at a rate of RPI + 3% from the date of the first payment received by the student. For repayment rates and further information visit the gov.uk website.
Where can I find further information?
For details of the eligibility criteria and to make your Postgraduate Loan application, visit the gov.uk website.
Take a look at Student Finance England's YouTube channel.
You can also contact the student centre by phone 01494 603020 or by email.