Postgraduate Student Loans
Loans for postgraduate study were recently announced by the UK government. If you are a UK or other EU undergraduate student living in England and Wales, you may be eligible for a student loan to cover your tuition fees from the Academic Year 2016/17.
The maximum amount you can borrow is £10,000. If studying over 2 years, £5,000 will be paid in your first year and the remaining balance in your second year. The amount does not depend on your household income and you can apply for a loan to cover either all, or some of your fees.
- Applicants must be under 60
- You must be studying this qualification for the first time; loans cannot be awarded if you already hold a masters qualification
- You will only repay the loan once you have reached the salary threshold of £21,000. The earliest you will start to repay is April 2019 or the April after you complete (or leave) your course.
- You will pay back 6% of your income. At the moment, the interest rate on the Postgraduate Loan is 3.9%. It’s reviewed in September every year and is set by adding 3% to the Retail Price Index (RPI).
How to apply
1. Applications will open from late June 2016. Please visit the Student Finance England website for the most up to date information. The key features of the loans have been outlined in a policy summary
2. For more information about Postgraduate Loans, please visit The Student Room at thestudentroom.co.uk/studentfinance, where Student Finance England’s dedicated student finance zone can be found.