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Funding - Postgraduates
UK postgraduate student (not PGCE)
From 2016/17 a Postgraduate Loan of up to £10,000 is available through Student Finance England as a contribution towards your course and living costs. If your course is longer than one year, you can get up to £5,000 in your first year and the rest in your second year. No payments will be made after this point. The loan will be paid into your bank account in three instalments during the academic year.
The Application service is now open! More details here
Can I get a Postgraduate Loan?
To be eligible to get a Postgraduate Loan:
- you have to be studying a taught or research Master's course,
- you can be studying at a university or college or by distance learning,
- you have to be under 60 at the start of the first academic year of your course, and
- you must normally live in England.
If you're studying full time your course can last for one or two years. If you're studying part time you can study for two years (for the equivalent one year full time course) or up to four years (for the equivalent two year full time course).
If you're an EU national, but don't normally live in England you may be able to get a Postgraduate Loan for a Master's course in England.
When can I apply?
Student Finance England’s new Postgraduate Loan application service is now open!
Click here to apply online. You'll only have to apply once, even if your course is longer than one year.
Is the Postgraduate Loan means tested?
No. The Postgraduate Loan is not based on household income. If you are eligible to receive the funding you can request the full £10,000.
Will I be charged interest on my loan?
Interest is charged at the Retail Price Index (RPI) plus 3% from the day Student Finance England make your first payment until your loan is paid in full.
How do I repay my loan?
You will have to repay any loan you borrow, but not until you've finished or left your course and your income is over £21,000 per year. However, no repayments will be taken before April 2019.
Like undergraduate student loans, the repayments will be based on your income, not how much you borrow.
You'll repay 6% of what you earn over the £21,000 threshold.
Do I have to borrow the full £10,000?
No. You will be able to choose the amount of loan you apply for, the loan request amount can be changed up to one month from the academic year end date.
If you are planning to take a PGCE course you should look into the funding available, which may vary depending on the subject area in which you wish to specialise. You may also be eligible for UK grants and loans. More details here
Professional and Career Development Loan
If you are planning to undertake postgraduate study, you may also be able to apply for a Professional and Career Development Loan.
For further information call 0800 585 505 or visit www.gov.uk/career-development-loans/overview