A guide to postgraduate student loans 2017/18 for UK and EU students resident in England.
Student loans are available for many of our postgraduate degrees and are provided by the Student Loans Company (SLC). The loan can cover a wide range of postgraduate study options - part-time, full-time and distance learning.
You can apply for a Postgraduate Loan if you are:
- Studying a taught or research Masters course such as an MA, MSc or MBA
- Under 60 years old at the start of the first academic year of your course
- An EU national or English domiciled student
Note: Postgraduate certificates (PgCerts), postgraduate diplomas (PgDips) or PhD courses are excluded
What can I get?
You can apply for a loan of up to £10,280 note as a contribution towards your course and living costs. You don't have to hold an offer of a place to apply for a loan and can apply even if you have an existing undergraduate loan note.
When will I get the money?
The loan will be paid into your bank account in three instalments. If your course is longer than one year, you can get up to £5,140 in your first year and the rest in your second year. If you're studying part-time and commence your studies in 2017/18 your payments will be split equally over the duration of your course.
How do I repay my loan?
You have to repay any loan you borrow, but not until you've finished or left your course. The rate at which you will repay your loan is 6% of your income over £21,000 a year. Interest is charged at Retail Price Index (RPI) note + 3% = 4.6% as of 2016/17.
If you are living in the UK: Your employer will deduct repayments when your salary exceeds the minimum amount. You must repay any undergraduate student loans you have at the same time.
If you are living outside the UK: If you go abroad for more than three months after you finish or leave your course, you must let the SLC know to make arrangements to repay your postgraduate loan.
Note: You still have to repay your student loan if you don't complete your course.
For further information on repayment visit postgraduate loan repayment.
How to apply?
Applications will be available from June 2017. You can either apply online through the Student Finance Eng