Applications are now open for loans of up to £10,000 to support your postgraduate study.
Postgraduate loans are available through Student Finance England and are similar to undergraduate student loans, where your studies are funded through a student loan that is paid back when you begin to earn over a threshold.
Students who meet the necessary requirements and start an eligible postgraduate Masters course from 1 August 2016 will be able to apply for a loan for the academic year 2016/17. You’ll be able to borrow up to £10,000 towards the cost of your study.
- The non means-tested loan is available to students under 60 years old who are resident in England, or EU students who have lived in the UK for the past three years.
- You can get up to £10,000 during your course. If you’re studying over two or more academic years, you’ll get up to £5,000 in your first year and the rest in your second year. Each year’s amount will be paid in three instalments of 33 per cent, 33 per cent and per cent.
- You cannot get a loan if you already hold a Masters qualification.
- The earliest you will start to repay is April 2019. You pay back 6 per cent of your income once you are earning above £21,000.
- At the moment, the interest rate on the Postgraduate Loan is 3.9 per cent. It’s reviewed in September every year and is set by adding 3 per cent to the Retail Price Index (RPI).
How to apply
For more information about postgraduate loans, you can also visit Student Finance England's dedicated student finance zone on The Student Room.