If you are planning to further your education by gaining a Masters in 2019 you may benefit from a student loan provided by student finance England.
How much money can I borrow?
Student Finance England allows you to borrow up to £10,609 for the duration of your course. This is the maximum amount you can borrow regardless of the length of the course (one to three years). You can borrow less than the quoted amount or the whole £10,609.
The loan will be paid in three installments which are split into equal payments. The first payment will be paid to you at the start of the year once your university confirms your enrolment, the second payment will be paid to you on the last Wednesday of your fourth month, and the third payment will credit your bank account on the last Wednesday of the seventh month.
Postgraduate loans are not means tested, you can apply for the loan regardless of your income. If you apply for the loan part way through your course you will receive a prorated amount.
Taking a postgraduate loan does not disqualify you from applying for other loans from different organisations such as your university or from other government initiatives.
Who is eligible for postgraduate loans?
In order to qualify for a UK postgraduate loan, you must satisfy certain criteria. You must be a UK resident or national who has resided within the United Kingdom for the past three years. You can also receive a postgraduate loan for UK based studying if you have resided in an EU country for the past three years and are a citizen of an EU state, this may change after Brexit.
You must also be under 60 years of age and not already have a Masters or a higher qualification such as a PhD when applying for this loan.
What courses are eligible for postgraduate loans?
In order to qualify for a postgraduate loan, you must be enrolled in a full time Masters program, not one that is designed as a top-up for the previous study. Integrated Masters Degrees do not qualify.
Your method of study, whether it is distance learning, part-time or full-time, does not affect whether you will get your postgraduate loan. The course can also be research or learning based and can be studied at any of the UK universities.
How and when do I pay back my loan?
The loan is paid back when you start earning over £21,000 per year at a rate of 6% applied to earnings over this threshold. The deductions will be taken directly from your salary and paid to Student Finance England by your your payroll provider.