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 Loan Scheme
Professional and Career Development Loans are bank loans to pay for courses and training that help with your career or help get you into work. You may be able to borrow between £300 and £10,000. These loans are usually offered at a reduced interest rate and the government pays interest while you’re studying.
Please note that this scheme is now closing and you must apply by 25th January 2019 in order to receive a loan. This will not affect any existing loan you may currently have. You should only apply if your course is due to start within two months; your application will not be accepted if you are applying more than two months ahead.