You can now get a postgraduate loan of £10,000
For the first time, students in England can apply for a postgraduate loan of up to £10,000 to help with costs associated with their course. The Student Loans Company will administer the new loans on behalf of the Government, as well as processing over 1.7 million student finance applications for undergraduates and collecting repayments from former students across the UK.
Derek Ross, Director of Operations and Customer Services, said: “Students can apply now for postgraduate loan funding for taught or research based master's courses, including those studying by distance learning.
"For courses lasting two or more years, students will be paid £5,000 in their first year and the remaining amount in second year. The loan is not based on household income and any other funding the student receives, such as scholarships and bursaries, does not affect eligibility.
"Like undergraduate student loans, the first payment is made after the course start date and only when the university or college confirms that the student has registered."
The Company has produced a range of resources and guides to help students and higher education institutions understand more about postgraduate loans, with details on interest rates, how to apply, eligibility, payment and repayment."
The postgraduate loans for Master’s degrees will be available for courses starting after 1 August 2016 and are repayable, including interest which is currently set at 3.9%. Interest rates are for postgraduate loans will be reviewed annually by adding 3% to the Retail Price Index (RPI) and repayments will start when the borrower is earning over £21, 000.
Universities and Science Minister Jo Johnson said:
“Master’s degrees help people at all stages of life to advance their careers, and provide valuable skills for our economy. We promised in our manifesto to introduce student finance for post-graduate courses, and I’m delighted that applications for new Master’s loans are opening today – offering thousands of people from all backgrounds the chance to study for an advanced qualification.”