Postgraduate loans for master's courses
If you are a master's student starting University in 2017/18, you may be eligible for a loan from Student Finance England of up to £10,000.
Loans from Student Loans Company (SLC)
The Student Loans Company administers loans for Student Finance England. They administer the Postgraduate Loan for Master's degrees for all eligible students who live in England.
To qualify you must normally:
- be studying a taught or research master's course
- be under the age of 60 at the start of the first academic year of your course
- live permanently in England
Your course must be:
- full-time, lasting 1 or up to 2 academic years, or
- part-time, lasting 2 to 4 academic years - no more than twice the length of the equivalent full-time course, or
- part-time for up to 3 years, where no equivalent full-time course exists.
You must not hold a higher qualification or one of equivalent value (e.g. a doctoral degree, a master's degree or an undergraduate master's degree).
EU Nationals eligibility
As an EU national living outside the UK, you could be eligible for a postgraduate loan if you’re studying for a master's course at an English university.
Healthcare and Social work eligibility
Students who are eligible to apply for a healthcare bursary or are in receipt of a social work bursary (from the NHS, the Department of Health, Social Services and Public Safety, or the Student Awards Agency Scotland) are not eligible to apply for a postgraduate loan.
If you have applied for a social work bursary but have not been awarded one, you are eligible to apply for a postgraduate loan.
Loan payments for full and part-time study
Your loan will be paid directly into your bank account in three separate instalments during the academic year.
For courses lasting longer than one year, you will receive up to £5,000 in your first year and the rest in your second year.
If studying part-time, you will only receive payments in the first two years of your course.
Repayment of your loan is income-based and payable at a rate of 6% of earnings above £21,000 after you graduate. This is in addition to any undergraduate loan repayments you may be making.
Interest is charged at the Retail Price Index (RPI) plus 3% from when the loan is paid to you.
Further information is available from the SLC and via The Student Room. You can keep up to date with news and answers to frequently asked questions by visiting the Student Finance England Twitter feed.