F.A.Q.

The government is offering loans as ‘a contribution to the cost of an eligible postgraduate Masters qualification’. You can use a loan for tuition fees, living costs and other study expenses as you see fit. In practice, if your course starts on or after 1 August 2023, the £12,167 (maximum amount) should be sufficient to cover tuition fees for most eligible taught Masters programmes (calculated at an average of just over £8,000 by research carried out in support of the consultation). However, it will not necessarily cover all of your accommodation and living costs. Some Masters courses may also cost more than £12,167. This is particularly likely for MBA programmes.

No, £12,167 is the maximum amount you can borrow if your course starts on or after 1 August 2023. If you wish to borrow a smaller amount to cover fees (or living costs), you will be able to do so.

There is no minimum loan amount.

Yes, you can change the amount you wish to borrow from the first day of your academic year. You have up to 9 months to change the amount you have decided to borrow. This must be done via a loan request form, it cannot be changed online.

No, the postgraduate Masters loans are not means-tested. You can apply regardless of your existing income or savings.

No, the decision to lend to you won't be based on your personal credit rating or credit history.

The only exception applies if you are already in arrears with the Student Loans Company. This may apply if you have missed payments or travelled outside the country without informing the SLC. If so, you should contact them and discuss your account.

In some cases, yes. Receiving other postgraduate funding or finance from your university or a third party (such as a charity) won't normally affect your eligibility. However, if other public funding is available for the whole of your course, you may not be able to apply for a postgraduate loan. This is one of the reasons why integrated and undergraduate Masters are not eligible.

Note that this information only concerns your eligibility for a postgraduate Masters loan. It is possible (though unlikely) that taking out a loan may affect your eligibility for other grants or finance.

Yes. Your entitlement to Disabled Students’ Allowance is distinct from any other financial support you receive.

Possibly not. Some NHS bursaries - for subjects such as nursing and midwifery - supersede postgraduate loans. Check with your provider for more information.

Probably yes, most students in the UK fulfilling certain conditions are eligible. If you are not sure, contact us and we can check your eligibility for free.

Yes. The new system is designed to be an affordable option for graduates who want to continue on to further studies. Repayments will not occur until you are earning enough to afford them.

Your loan will be distributed in three instalments per academic year: Students on one year, full-time, Masters programmes will receive £12,167 (if their course starts on or after 1 August 2023) in three instalments. These will be split into 33%, 33% and 34% of your total loan amount.

Loan payments will be made directly into your bank account. You will then be responsible for using the money to meet tuition fees and other expenses as you see fit.

You will receive the first instalment of your loan payment when your university confirms your attendance on the course.

Note that if you do not currently have a UK bank account, you will need to open one in order to receive postgraduate payments. This applies to all students, including those from outside the UK. You can apply for a loan without having a UK bank account, but you will need to subsequently open one.

Payments will be subject to confirmation of attendance provided by your institution. They will cease if you exit your programme early or transfer to an ineligible course.

If you exit your programme early, you will still be liable for your loan and must repay any amount you have borrowed as normal.

In most cases, no. You may be able to increase your loan amount, but you would not be able to borrow more than the maximum of £12,167 if your course starts on or after 1 August 2023. Your course will also need to last less than two years full-time or four-years part time.

Exceptions may be made if you can demonstrate compelling personal reasons. Decisions will be made by Student Loan Company assessors on a case-by-case basis.

Yes, you can maintain your loan when transferring Masters, provided both courses are eligible and you are not repeating the same component of a course. It will not normally be possible to exit one course and apply for a fresh loan to complete another.

Applying for financing as soon as possible may be a smart move if you are considering postgraduate studies. You do not need to have applied for the course fully in order to obtain the loan. However, you must be enrolled in a course in order to receive any payments.

Yes, you may be eligible to access student funding when pursuing higher education in the form of master’s courses. These are called postgraduate loans.

In order to be eligible for a postgraduate loan, you will need to be under 60 at the beginning of the academic year in which you begin your Masters course.

Unfortunately, not. The new loans aim to broaden access to postgraduate education for new students. However, possession of a Masters degree will not prevent you from receiving a separate PhD loan.

The restriction on applying for a loan with existing postgraduate qualifications only applies to full Masters degrees. You should still be able to apply for a loan to study a new Masters if you already hold a postgraduate qualification below Masters Level - such as a postgraduate certificate or diploma. Remember though, you won't be able to receive a loan to study one of these courses.

No, you can't receive a loan for a part of a Masters degree, only for a full course. You can still apply for a loan to study a new Masters after completing a PGCert or PGDip, but this will need to be a full degree.

The same restriction applies to PhD holders as to those with existing Masters degrees. You will not be able to apply for a Masters loan if you already hold a qualification at Masters Level or above.

Unfortunately not. The new loans are designed to make postgraduate study more accessible and won't be available to existing Masters students.

These postgraduate loans are intended for English students. However, eligibility is based on English-residency, not English-nationality. If you are Scottish, Welsh and Northern Irish, but normally live in England, you will be able to receive a loan.

In order to be eligible, you must have been ordinarily resident in the UK for at least three years on the first day of the academic year in which your course begins. In addition, you must have most recently been resident in England.

Yes, postgraduate loans are available to citizens of the UK and its islands, subject to normal residency criteria.

You will need to have been resident in the EU, EEA or Switzerland for at least three years prior to the beginning of your course. Periods of residency that are purely for the purpose of education will not count towards this three year requirement.

Note that EU students will normally only  be able to receive loans to study a Masters at a university in England. This includes on-campus and distance learning options.

Exceptions may apply if you have been ordinarily resident in England for three years prior to the beginning of your course. If so, you will count as an English-domiciled student and can take out a loan to study anywhere in the UK.

Yes. Citizens of non-EU EEA countries (Iceland, Liechtenstein and Norway) and Switzerland may be eligible. You must be working in the UK, have worked in the UK or have sought work in the UK. In addition, you must be ordinarily resident in England at the start of your course (in the same way as a UK student).

You can apply for the Postgraduate Master’s Loan if all of the following are true:

• you’re a UK national or Irish citizen or have settled status under the EU Settlement Scheme or indefinite leave to remain so there are no restrictions on how long you can stay 
• you normally live in England 
• you’ve been living in the UK, the Channel Islands or the Isle of Man for 3 years in a row before the first day of the first academic year of your course (apart from temporary absences such as holidays)

Under normal circumstances, Masters loans will not be available to other international students in the UK. In order to be eligible, you will need to be a UK national or EU citizen, as above.

Exceptions may apply if you have the right to reside permanently in the UK. This could result in refugee status or other humanitarian protection. Family members of EU citizens may also be eligible for loans.

Your university's international office may be able to provide help if you are unsure what conditions apply in your case.

The postgraduate loans introduced in 2016 are only for English students. To be eligible as a UK student you must be ordinarily resident in the UK for three years before you begin your Masters. In addition, you must be most recently resident in England.

EU students must have been ordinarily resident in the EU, EEA or Switzerland for three years prior to their course. EEA and Swiss students must be resident in England and have been living in the UK for three years.

Students who have studied (or are studying) in Scotland, Wales or Northern Ireland will be eligible for a Masters loan, provided they are normally resident in England. Time spent studying elsewhere will be regarded as a temporary absence and will not affect your English-domiciled status.

For example: You normally live in Swindon, but have spent three years studying a Bachelor’s degree in Cardiff, you will be eligible to receive a Masters loan, because you are ordinarily resident in England (not Wales).

Residence in England that is purely for purposes of study will not qualify you as ordinarily resident.

For example: You normally live in Dundee, but have spent three years studying a Bachelor’s degree in Canterbury. You won't be eligible to receive a Masters loan, because you are ordinarily resident in Scotland (not England).

You may be eligible for a loan in England if you can prove that you are already living there normally. This means that you haven't remained in the country purely to access a loan. The Student Loans Company's assessors will judge this on a case-by-case basis.

For example: You previously lived in Belfast, but moved to Oxford to study for a Bachelor's degree which you finished last year. You have remained in the city to work and have now decided to study for a Masters degree. You may be eligible for a loan, as England has become your ordinary place of residence. Student Loan Company assessors will consider your case.

Probably not. Your address history would show that you have moved to England very recently, which would appear suspicious. You would need to convince assessors that you had moved to England for another reason and hadn't originally intended to study. This is unlikely to be convincing.

For example: You normally live in Edinburgh. Hearing that postgraduate loans will be available for English residents, you move to Portsmouth. Your address history shows that you have only lived in England for only a few months perhaps and that you were not there for any clear purpose. You are judged to have moved for the purposes of study and are deemed ineligible for a loan. We do not recommend that students relocate purely for the purposes of loan eligibility.

The application process for the loans will ask you for three years of address history. This will be used to determine your ordinary place of residence. In most cases this will be a simple process, but the Student Loans Company's assessors will review your evidence if necessary.

If any periods of residence outside England are temporary, you will be able to prove this (see below).

No, your parents' address will not count as proof of residency unless it is also your own ordinary residence.

Temporary absences or changes of address will not make you ineligible for a loan. However, you will need to demonstrate that they are temporary. Examples of temporary absences could include:

1. Holidays or leisure travel (you can support this with evidence of short-term accommodation, travel receipts or visa documents, as appropriate).
2. Temporary employment (fixed term contracts or statements from employers may support this).
3. Periods of study (for example, time spent studying a Bachelors degree outside England).

EU students will need to have been normally resident in the EU, EEA or Switzerland for three years.

You do not need to have been most recently resident in England. But, if England is your normal place of residence, you may be assessed as an English-domiciled student. If so, you will be able to study anywhere in the UK (EU students are normally restricted to studying in England).

The following list summarises the information in this FAQ, offering a quick 'at a glance' look at course eligibility for postgraduate loans.

UK Masters loans - course eligibility --- Funded? (Yes/No)

MA - Master of Arts - Yes

MSc - Master of Science - Yes

MBA - Master of Business Administration - Yes

MEd - Master of Education - Yes

MFA - Master of Fine Arts - Yes

MLitt - Master of Letters - Yes

MMus - Master of Music - Yes

MPhil - Master of Philosophy - Yes

MRes - Master of Research - Yes

MSc (Eng) - Master of Science in Engineering - Yes

LLM - Master of Law - Yes

GDL - Graduate Diploma in Law - No

LPC - Legal Practice Course - No

MArch - Master of Architecture - No

MEng - Master of Engineering - No

PGCert - Postgraduate Certificate - No

PGCE - Postgraduate Certificate in Education - No

PGDip - Postgraduate Diploma - No

PhD - Doctor of Philosophy - No

Yes. MBA (Master of Business Administration) degrees are eligible for postgraduate loans. However, the full cost of an MBA programme for the academic year 2023/2024 will often be greater than the maximum £12,167 you can borrow.

Yes. MRes (Master of Research) degrees are eligible for postgraduate loans regardless of whether a university defines them as taught or research qualifications.

Yes. The MPhil (Master of Philosophy) is regarded as a Masters-level research degree, at level 7 of the UK's Qualification Framework. This means that MPhil degrees are eligible for loans. Note that this only applies to 'standalone' MPhils. If you are registering as an MPhil student with the intention of upgrading to a PhD, you will not be able to receive a Masters loan. You will be able to receive a PhD loan instead.

No. Postgraduate loans are only available for full Masters degree programmes. These courses are usually worth 180 credits and include a dissertation or equivalent individual project. Loans will not be available for shorter postgraduate courses such as Postgraduate Certificates or Postgraduate Diplomas.

No. Postgraduate Certificate in Education (PGCE) courses and other initial teacher training (ITT) qualifications are covered by other funding from the Department for Education. Note that you can receive a loan to study a postgraduate Master of Education (MED) degree.

Possibly. Postgraduate loans are not available for courses below Masters level. This includes shorter diplomas and certificates such as the LPC (Legal Practice Course). However, many LLM (Master of Laws) programmes include an LPC qualification. In such cases you can take out a loan for an LLM and receive the LPC as part of it.

No. The GDL (Graduate Diploma in Law) is a Postgraduate Diploma, not a full Masters degree and is thus not eligible for a Masters loan.

No. These are defined as undergraduate, rather than postgraduate courses. As a result, they will not be eligible for postgraduate loans. However, you can usually receive an undergraduate student loan to complete a four year Masters programme.

Not for full-time courses. The MArch (Master of Architecture) is normally an integrated Masters course. These are already supported by undergraduate finance (see above). However, part-time MArch courses may be eligible.

No. You can study any academic, professional or vocational subject, provided it awards a full postgraduate Masters degree.

It might be more complicated to get a second postgraduate loan but there are certain conditions and circumstances that may make you eligible. Please contact us for more information and we’ll be able to check your personal eligibility.

No. You can only receive a loan to study a standalone Masters degree. The new doctoral loans will be available for separate PhD programmes that also award Masters degrees. However, you will not be able to take out multiple student loans for the same programme.

Students who are ordinarily resident in England can receive a loan to study at any UK university. Other non-UK EU, EEA and Swiss students can study at universities in England, provided they have been ordinarily resident in the EU, EEA or Switzerland.

Other parts of the UK have begun considering their own postgraduate loans. In addition, other forms of funding and financial support are already available to study a Masters at one of the many excellent universities in Scotland, Wales and Northern Ireland.

Distance learning programmes can be awarded by any UK university, but you must start them as an English resident. This means you must be a resident in England on the first day of your course.

In order for your degree to be eligible for a postgraduate loan, it must be delivered and awarded by a UK university. You can still receive a loan to study a Masters that includes an overseas placement or exchange, provided this does not account for more than 50% of your course.

Note that you won't receive additional payments if your Masters lasts longer than two years. Your full loan will be paid out in the first two years of your programme, regardless of its total length.

In order to qualify for a part-time Masters loan, you need to be studying at an average intensity of 50%. Simply put, this means that you need to progress through your course at least at half the 'speed' of someone studying it full time. Or, to put it the other way around, your degree must take no more than twice as long to complete part-time as it would full-time.

In practice, this means that:

• A one year Masters would take no more than two years part-time.
• A two year Masters would take no more than four years part-time.

The vast majority of part-time Masters programmes will already be organised in a way that meets these requirements. Note that your course doesn't need to be evenly split across each year of study.

Yes, two-year Masters courses will be eligible for loans. This is the case regardless of whether they are classed as taught or research programmes. Note that the total amount you can borrow is still set at £12,167 if your course starts on or after 1 August 2023. If your course lasts longer than a year, your loan amount will be distributed across the first two years of your course.

RPI stands for ‘Retail Prices Index.’ It is an annual percentage measure of inflation, based on the price of goods and services in the UK. Interest rates for the postgraduate Masters loans are to be set at RPI. This means that the interest charged on the balance of your loan will be the current RPI percentage. In practice this is a favourable interest rate, intended to beat the market cost for a debt of an equivalent amount.

Interest will begin accruing on your loan as soon as the first payment is made to you by the Student Loans Company.

Repayments for Masters loans will be due from April in the year after you complete your course. However, repayments for the first set of postgraduate loans will not begin until 2026. This means that, if you take out a loan for a one-year Masters in 2023-24, you will have one repayment-free year after you graduate. You may make voluntary early repayments if you wish. For postgraduate loans, if you earn above £21,000 annually (or £1,750 per month or £403.84 per week), students replay 6% of the amount they earn over the threshold.

You will still repay your loan if you are self-employed. Instead of being automatically deducted from your salary, repayments will be calculated when you complete your annual self-assessment tax return.

The proposed postgraduate loan scheme is designed on the principle that recipients will eventually repay their loans in full. This represents the government’s confidence in the financial value of a postgraduate degree and the future earning power of Masters graduates.

Your student loan debt will eventually be written off after 40 years, but the vast majority of graduates will already have repaid their loan by this point.