08 Mar POST GRADUATE STUDENT LOAN
POST GRADUATE STUDENT LOAN
Are you thinking about starting a postgraduate Master’s course in 2016/17?
A new Postgraduate Loan is now available to help you pay for your Master’s course
While student loans have been available to cover the cost of undergraduate degrees for many years , postgraduate students had to take out a career development loan or somehow fund themselves .
Now a new system of postgraduate loans for Masters Degrees in the UK will be introduced on 2016. The loans will available for students who commence their master courses in September 2016. The application process will open from summer 2016 and the maximum loan amount will be £10.000.
To get a postgraduate loan:
1. You must be an UK or EU national
2. You have to be enrolled a taught or research Master’s course
3. You have to be under 60
4. You master program must be one or two years long and
5. You can’t already have a master’s degree or higher qualification
*The loan will not be available to anyone already holding a Master degree or equivalent level qualification even if self- funded or achieved outside the UK
Loans will be available for:
1. Full time , part time courses and distance-learning
2. Taught and research masters (and MBA)
3. Any subject
4. Anywhere in the UK
Payments will remain mainly the same as the existing UG loan scheme. The main difference between will be that money will go directly to the student’s bank account so it will be up to a student how they will spend it.
There will be three payments. First payment is made once attendance is confirmed by HEI.
Second payment four months after the course starts and third will be made seven months from start of the course. Other PG funding won’t affect the PG loan.
Repayments will start in April after the end of the course and only when the income is at threshold of £21.000 per year. The monthly amount to pay will be 6% of what it’s earned over a threshold.
Further information will be announced on summer 2016