If you have been unsuccessful in securing funding though a scholarship, bursary or grant you might want to consider applying for a loan to help fund your studies.
New Postgraduate Loan from the Government
A new loan of up to £10,609 is available from the Government for applicants to postgraduate master's degrees starting after 1st August 2018. The loan is a contribution towards the cost of postgraduate masters level study, and can be used towards tuition fees, maintenance costs or a combination of both. The loan is non-means tested and is paid directly to the student in three equal instalments. Applications are now open and take between 4-6 weeks to be processed.
- 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 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.
- Some postgraduate pre-registration healthcare courses are eligible for the same type of loan as undergraduate courses. Find out more about pre-registation loan options.
* 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.
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.
- Read the SFE Introduction to Postgraduate Loans.
- Check for further information about Postgraduate Loans at The Student Room.
Professional and Career Development Loans
Professional and Career Development Loans are bank loans of between £300 and £10,000 which can help students cover their course tuition fees and living expenses. Loans are normally offered at reduced interest rates and the government covers the interest charges whilst you are studying.
You can apply up to 3 months before your course starts. For most courses, this means that you can start the application process in June.
At registration you are required to make a tuition fee payment in line with your tuition fee deadline or instalment scheme. This means that if you are taking a career development loan, then this must be fully approved at the time of registration, otherwise you will need to make the initial payment up front to register on your course.
Loan payment schedule
Please be aware of your loan payment schedule to City and ensure that you keep up to date with your tuition fee deadlines or instalment scheme. If you are studying a course over more than one year, you will need to ensure that each year's tuition fees are fully paid before continuing onto the next year.
For further information and to apply for a Professional and Career Development Loan please contact the National Careers Service on 0800 100 900 or visit their website. City is registered with the Skills Funding Agency and our Learner Provider Number for City, University of London is 3298.