If your course starts in academic year 2021/22 you can apply for a loan of up to £27,265 towards your tuition fees, study expenses or living costs. If your course starts in 2022/23 you'll be able to apply for a loan of up to £27,892. You don't have to hold an offer of a place to apply for a loan and you can even apply if you have an existing undergraduate and/or Masters loan.
You do not have to borrow the full amount, it’s possible to borrow a smaller amount to cover tuition fees or living costs. There is no minimum loan request amount and you can amend the amount requested, providing it's not less than has already been paid to you, up to one month before the end of the academic year.
The loan will be paid directly into your bank account and split equally over the duration of your course. Each year you’ll receive three instalments that will be paid on the following dates:
- Course start date
- Course start date plus 4 months
- Course start date plus 7 months
You’ll receive your first payment within 3-5 working days of the University confirming to the Student Loans Company that you have started your course.
Doctoral Loans will be subject to interest in the same way as other student loans. For further information on how interest is calculated visit Student Loan Repayment.
The earliest you’ll start repaying your loan is from the April after you leave your course and only then if your annual income is over the minimum threshold (currently frozen at £21,000 until 2021).
You'll repay 6% of your annual income over £21,000. If your salary is £30,000 per annum, the 6% would apply to £9,000, meaning you'd repay around £45 per month. If your income falls below £21,000 a year, for any reason, repayments will stop until your income rises above the threshold again.
For further details including how much you’ll repay and how interest on the loan is calculated visit Student Loan Repayment.