Taught Postgraduate Loans
You may be able to apply for a loan of up to £11,836* as a contribution towards your postgraduate taught course and living costs. This is paid into your bank account in instalments during the academic year if you are studying on a one-year full-time course, such as a Master's degree.
The Master's loan is intended to be a contribution to the cost of an eligible postgraduate qualification. The borrower may use the loan according to their individual circumstances as a contribution towards the cost of the Master's course tuition fees and/or any other costs associated with study, including their living costs. Students are responsible for paying their tuition fees to the University.
Loans are administered through the Student Loans Company (SLC). The SLC will pay the individual directly in three instalments across the academic year during the period of study. The first payment is released to you once the university has confirmed your enrolment and attendance. The loan payments will stop if you change to a course which is not eligible in the loans scheme or withdraws from study.
*Dependant on year of entry
Individual Eligibility Criteria
- Individuals must have been resident in the UK for at least three years prior to the beginning of their course. They must most recently have been resident in England and must not have moved there from elsewhere in the UK and Islands solely for the purpose of attending the course. Exceptions apply to EU students (see below)
- EU students may be eligible for the scheme. You will need to have been a resident in the EU for at least three years prior to the beginning of your course. Periods of residency that are purely for the purpose of education will not count towards this three-year requirement
- Individuals aged under 60 will be eligible
- Individual eligibility will not be based on a means test
- The loan is open to those who do not already hold a Master's or integrated Master's (e.g MEng/MComp/MBio) qualification.
Course Eligibility Criteria
Your course must:
- be provided by a university or college in the UK (including the Open University)
- lead to a postgraduate Master's degree
- be taught or research-based and studied full-time over one or two years, part-time lasting two to four academic years (no more than twice the length of the equivalent full-time course), or part-time for three years (where no equivalent full-time course exists).
Those who wish to study by distance learning can also apply.
Loan Repayment Terms
- Repayments will be based on 6% of annual income over £21,000 and will be made alongside undergraduate loans
- Repayments will be due to commence in the April after course completion, subject to meeting the annual income threshold
- The loan repayments will be deducted directly from the individual's salary by HMRC. The Student Loan Company (SLC) will recover loans directly from individuals who are outside of the UK and its tax system
- The loan interest will be calculated at RPI+3% and interest will accrue from the date the first loan instalment is paid by the SLC to the borrower
- Any outstanding postgraduate Master's loan balance will be written off 30 years after the date the borrower's loan balance becomes due for repayment
- You can apply online from late June.
For further information, please visit the gov.uk website.