Master’s loan from Student Finance England

Discover the Master’s Loan, a financial aid designed to support your master’s course expenses. Access up to £11,836 in loan assistance by applying at www.gov.uk/masters-loan.

At a glance

Funding Value: Up to £11,836 in loans available
Applicants Eligibility: Open to UK students
Deadline: Ongoing
Funding Provider: Student Finance England

What it covers

For your course and living expenses, you have the option to apply for a loan of up to £11,836 (amount for 2022/23).

Who can apply

To qualify for a Postgraduate Master’s Loan, you must meet the following criteria:

  •  Enroll in a taught or research master’s course.
  • Be under 60 years old at the beginning of your course’s first academic year.
  • Normally reside in England*.

For full-time students, the course can last one or two years, while part-time students must have a two-year duration (equivalent to one-year full-time) or up to four years (equivalent to two-year full-time).

Master’s loans are available to UK, Irish, and EU students with settled or pre-settled status in the UK under the EU Settlement Scheme.

Please note that apprenticeship courses are not eligible for the Master’s Loan.

*Postgraduate Loans for UK students normally residing in Northern Ireland, Scotland, and Wales are now available.

These loans cover tuition fees for Northern Ireland, Scotland (except for courses offered at a Scottish University), and Wales residents who choose to study at any UK university.

Further information

More information can be found on The Student Room website.

Important information regarding the repayment of your Postgraduate Master’s Loan

  •  Repayments are income-based, not dependent on the loan amount.
  • Interest accrues at the Retail Price Index (RPI) plus 3% from the first payment to the loan’s complete repayment or write-off.
  •  You have the option to make voluntary repayments at any point.
  • If you intend to work or travel abroad for over three months after completing or leaving your course, it’s essential to inform us.

How are repayments taken?

Repayments for your Postgraduate Master’s Loan will commence only after 1st April following your course completion, and this will happen only if your income surpasses the current threshold of £21,000 per year.

If you are employed, your employer will automatically deduct repayments from your salary along with tax and National Insurance.

If your income drops or you stop working, repayments will pause until your earnings cross the threshold again. Your employer will then forward the repayments to HM Revenue and Customs (HMRC) at the end of the tax year.

For self-employed individuals, HMRC will inform you about the required repayment amount after you have completed your self-assessment tax return.

After the tax year ends, HMRC will notify Student Finance England about your repayments, and you will receive a statement. Your employer will also be informed when it’s time to stop taking repayments.

How repayments are calculated

Your Postgraduate Master’s Loan repayment is calculated at 6% of the amount your income exceeds the current threshold (£404 per week, £1,750 per month, or £21,000 per year).

For instance, if your monthly income before tax is £2,500, the calculation would be as follows:

£2,500 – £1,750 = £750
6% of £750 = £45

Hence, your monthly Postgraduate Master’s Loan repayment would be £45.

Please note that a repayment will be deducted even if your annual earnings do not reach £21,000, as long as your weekly or monthly income surpasses the respective threshold.

This includes instances like overtime work or receiving bonuses.

If you already have a student loan

Having a Master’s Loan will not impact the repayment of any existing student loans you acquired for an undergraduate course.

If you have other loans from the Student Loans Company (SLC), those will be repaid simultaneously with the Master’s Loan.

How to Apply ? Open Apply Now Link Below.

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