If you start a full-time or part-time master’s course after 1 August 2016 you can apply for a Postgraduate Loan. You’ll be able to borrow up to £10,000 to pay your fees and help with living costs.
- £10,000 maximum, can be used to fund fees and living costs
- Must be used to fund a first Masters level degree - Full-time and part-time students are eligible
- Must not already have a master’s degree or higher qualification
- Available to Home fee payers resident/domiciled in England, plus EU nationals
- Non-means tested (it won't depend on personal or family income)
- Courses must start after August 1, 2016 (repayments to begin in 2019)
- Upper age limit to be eligible: 60 years
- Repayments linked to income after completing the course (6% of income over £21,000), and paid concurrently with undergraduate loan payments. Interest rate of RPI plus three percent, similar to the current undergraduate system
- You’ll be able apply from late June 2016.
Applications will be received by Student Finance England, with loans issued and administered by the Student Loans Company, as with undergraduate degrees.