What is a Masters loan?
If you normally live in England, you may be eligible for a Postgraduate Loan of up to £11,222* towards the cost of your course and living expenses. How much you can borrow is not based on income and is paid directly to you.
If your course lasts for more than a year, the loan will be divided equally across each year of your course and paid in three instalments each year.
Who is eligible?
To be eligible you must:
- Be under 60 years of age on 1 September 2020.
- Be a UK or EU national, or have ‘settled status’.
- Normally live in England, not move there just to study.
- Have lived in the UK, the Channel Islands or the Isle of Man for 3 years before starting your course.
You may not be able to get a Postgraduate Masters Loan if:
- At the time of starting the MFA you are already getting payments from Student Finance England for another course that you are studying.
- You have received a Postgraduate Masters Loan before (unless you left your course due to illness, bereavement or another serious personal reason).
- You already have a master’s degree, or a qualification that’s equivalent or higher.
- You are behind in your repayments for any previous loans from the Student Loans Company.
For more details on who can apply for a Postgraduate Masters Loan go to www.gov.uk/masters-loan
Applications for Postgraduate Loans are open now and you will need to log into your Student Finance England account to apply or set one up here.
You should apply as early as possible to make sure your loan is ready for the start of your course. You don't need a confirmed place in order to apply.
Repaying Your Loan
You will not have to start paying your Postgraduate Loan back until the April after you complete your course and then you will only begin to repay when your income is over £404 a week or £1,750 a month (before tax and other deductions). If you have a salary this will be taken through your PAYE. If you are self-employed this will be through your self-assessment, tax return.
For more detailed information on repayments go to www.gov.uk/repaying-your-student-loan
*Based on loans for 2020/21 admission. This amount should increase with inflation for 2021/22 entry.