Postgraduate loans
Postgraduate Master’s Loan for UK / EU students
Postgraduate Master’s Loans to help with course fees and living costs are now available through the government for students from the UK and EU studying taught or research Masters programmes.
For full time study you can get up to:
- £10,906, if your course starts on or after 1 August 2019
- £10,609, if your course started between 1 August 2018 and 31 July 2019
Important points to note
- The loan has no subject restrictions - MA, MSc, MBA, LLM, MRes and MPhil are included, for example.
- It isn’t means tested, so isn't dependent on your income or your family's income.
- Loans are available for full-time, part-time (with at least 50% intensity) and distance learning courses.
- The loan is paid directly to you in three instalments over the year.
- For part-time study (two years), the loan amount will be split across the two years.
For further information and how to apply
Brexit
Following the UK's decision to withdraw from the European Union, the Government has confirmed that EU students starting in 2018, 2019 and 2020 will be eligible for a loan for
the duration of their course.
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Eligibility
You could be eligible if:
- you have lived in the UK or the EU for at least three years prior to starting your
Masters (UK residents must have been resident most recently in England and not solely
for the purpose of attending this course)
- this is your first Masters-level qualification
- you’ve not received a Postgraduate Loan before - unless you left your course due to illness, bereavement or another serious personal reason
- you're under 60 years of age
You're not eligible for a Postgraduate Loan if you're eligible for an NHS Bursary or
Social Work Bursary.
You can read more about Postgraduate Loan eligibility on GOV.UK and
Student Finance England have produced the video below:
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How to apply
Student Finance England have produced a video about applying for Postgraduate Loans:
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Repayments
- You won’t need to start repaying the loan until at least April 2020, and only if you earn over
£21,000.
- Repayments are 6% of earnings over £21,000 each month (for a £25,000 salary this would be around £24 per month).
- If you also had a UK student loan for undergraduate studies, repayment will be combined. Repayment amounts will depend on what
loan repayment plan you’re on.
- Any outstanding balance is written off after 30 years
- More about Postgraduate Loan repayments on GOV.UK
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Loan payments
You’ll need to register on your course and have your loan confirmed by Student
Loans Company (SLC) before any payments can be made. You must return your signed
declaration to the SLC in order for official confirmation to take place.
Students from Wales
Students starting a postgraduate Master's course (taught or research based) from 1 August 2019 can apply for a loan up to £17,000 as a combination of loan and grant to help with their
course and living costs.
Students who start their postgraduate Master’s course before 1 August 2019 can apply for a Postgraduate Master's Loan of up to £13,000.
Policy changes for academic year 2020 to 2021 are subject to regulatory approval by the Welsh Assembly.
If you’re studying for 2, 3 or 4 academic years, the loan will
be divided equally across each year of your course. To check eligibility and for further details
please visit the Student Finance Wales website.
Students from Northern Ireland
If you're from Northern Ireland you can apply for a Tuition Fee Loan of up to £5,500 for the
duration of your course. If you’re studying for 2, 3 or 4 academic years, the loan will be divided
equally across each year of your course. To check eligibility and for further details please visit
the Student Finance Northern Ireland (SFNI) website.
Students from Scotland
If you're from Scotland you can apply for a Postgraduate Tuition Fee loan of up to £5,500 for the
duration of your course. If you’re studying for 2, 3 or 4 academic years, the loan will be divided equally
across each year of your course. Full time students can also apply for a loan towards their living costs
of up to £4,500. To check eligibility and for further details please visit the
Student Awards Agency Scotland (SAAS) website.
Erasmus+ Masters loan
If you're from an Erasmus+ country and are applying for a Masters at Essex, you could be eligible to receive
an Erasmus+ Masters loan to help you with your living
and tuition costs. For a one-year Master's degree, a loan of up to €12,000 will be available. For two-year courses,
the maximum will be €18,000.
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Eligibility and how to apply
Eligibility
You are eligible if:
- you are a student from one of the 33 Erasmus+ programme countries
- the UK isn't your country of residence
- you did your undergraduate or first degree in a country other than the UK
Erasmus+ list full eligibility criteria.
How to apply
Funding for this loan is provided by Future Finance. Applications or enquiries need to be made directly to
Future Finance.
Private loans
The best option when financing your studies is a government-funded student loan, but if that isn’t enough to cover
all your expenses, or you’re not eligible for government support, Future Finance offer loans to UK, EU and international students with a UK domiciled address. They offer amounts
from £2,000 - £40,000 to cover both tuition and living costs.
US Direct loans
If you're from the United States, you may be eligible for a
federal direct loan from the US Department of Education.