New Postgraduate Loan from the Government
A new postgraduate loan is available from the Government to help cover the cost of postgraduate Masters study. Students can apply for up to £10,000 to help pay tuition fees or living expenses. The loan is non-means tested and paid directly to the student.
- You must be a UK national or have settled status in the UK*
- You must be ordinarily resident in the UK, the Channel Islands or the Isle of Man for three years before starting your course
- You must be aged under 60 years on the first day of the first academic year of the course
- You must be studying for your first Masters qualification
* You may also be eligible if you are an EU national or if you have residency status as a refugee, humanitarian protection, EEA or Swiss migrant worker, a family member of any of the previous categories, or a child of a Swiss national or Turkish worker. Please see the government website for the full nationality and residency eligibility requirements.
- Your course must start in 2016/17 (on/after 1st August 2016)
- Your course must be a postgraduate Masters course* e.g. MSc MA MBA MRes
1 year and 2 year full-time Masters courses are eligible. Part time Masters courses must have a minimum of 50% intensity per year and last no more than 4 years. Courses may have an overseas element but this cannot exceed 50% of the total course.
* Masters courses which are currently funded through the undergraduate support system or are eligible for a healthcare bursary e.g. integrated Masters are not eligible. Postgraduate Diploma courses are not eligible.
Students can now apply please visit www.gov.uk/postgraduate-loan/how-to-apply. Applications take between 4-6 weeks to be processed.
The postgraduate loan will be paid in three equal instalments:
- Payment 1: shortly after course registration
- Payment 2: 4 months after the course start month (last Wednesday of the month)
- Payment 3: 7 months after the course start month (last Wednesday of the month)
Interest will accrue at a rate of RPI + 3% on all outstanding PGL balances. The UK repayment threshold is £21,000 in 2019/20 the repayment amount is 6% above the threshold. Repayments will be made concurrently with any other student loan repayment. Borrowers repaying undergraduate and postgraduate loans will have a combined deduction of 15% from their salary above the threshold.
Repayment will begin the following April after the course is completed or the student withdraws. Repayment through HMRC will start from 6th April 2019. Voluntary repayments can be made at any time without penalty. Outstanding balances are written off after 30 years.
Check for further information about Postgraduate Loans at The Student Room.