From 2016/17, tuition fee loans will be available to postgraduate students.
Criteria and details:
- You can apply for a non-means tested tuition fee loan of up to £10,280.
- These loans are only available to those under 60 years of age.
- Eligible courses will award a full Masters qualification and typically involve 180 credits.
- These may be taught, research, distance learning or professional Masters courses across all disciplines.
- Students studying part-time postgraduate courses at a minimum of 50% intensity of full-time study will also be eligible.
- The scheme will only be available in England in 2016/17. If you are from Scotland, Wales or Northern Ireland but normally reside (and have done so for at least three years on the first day of the course) in England, you will be eligible for a loan.
- Masters loans are available to EU students who have been a resident in the EU for at least three years prior to the course start date. The specific criteria for EU students’ eligibility is available in the Education (Student Support) Regulations 2011, specifically Part 2, Schedule 1.
- Masters loans are not available to international students.
- Loans will be repaid as 6% of income above a threshold of £21,000. The new loan scheme will be administered by the Student Loans Company (SLC) on behalf of the Department for Business Innovation & Skills (BIS).
- The income repayment threshold of £21,000 will be frozen until 2021.
- Normally borrowers will be liable to repay the loan from the April after completion of the course - April 2018 at the earliest. However, to allow the Student Loans Company and HMRC to develop the new Masters loan product, repayments will commence from April 2019.
- Repayments will be made concurrently alongside any outstanding undergraduate student loan repayments.
- Borrowers are charged interest at RPI+3%.
- Any outstanding Masters loan will be written off after 30 years from the date at which the interest started accruing.
- If you already hold a postgraduate Masters qualification (including an Integrated Masters qualification such as Mpharm), you will not be eligible for the new Masters loan.
Download Student Finance England’s helpful guide to postgraduate loans for 2016/17 entry (.pdf)
For further information visit the UK Parliament website.
If you have any further questions please contact email@example.com (0) 20 7531 7333.