English Government Master's Loan
The UK Government master's loan enables UK and EU students borrow up to £10,280 to help fund the cost of postgraduate study.
Study at Loughborough with a master's student loan
All postgraduate master’s qualifications, such as an MA, MSc, MRes, MBA, MEd and LLM are covered by the loan, and you can study either full-time, over one or two years, or a one-year full-time course studied part-time over two years. Any amount up to £10,280 can be borrowed, and used to pay for your tuition fees or other costs associated with studying, such as accommodation or course expenses.
If you already hold a master’s qualification or an equivalent qualification (including an integrated Master's degree such as an MEng/MSci) you will not be eligible for the master's student loan.
To be eligible for the UK government master's loan you must be aged under 60 and a UK national or have settled status in the UK. In addition you must have been ordinarily resident in the UK for three years on the first day of the academic year of your course start date. You must have most recently been living in England and you must not have moved here to study. The loan is not means-tested, meaning anyone who meets the criteria will be eligible to apply.
You may be eligible if you are an EU national or family member of an EU national, or if you have the residency status of refugee, humanitarian protection, EEA migrant worker, child of a Swiss national or child of a Turkish worker. To find out more, please see the direct.gov website.
Special loans have been created for postgraduate study if you normally live in Scotland, Wales or Northern Ireland.
Repayment of the loan will begin once you have completed the course and have an annual income of £21,000 or more (£21,000 annual income threshold is frozen until 2021 when it is subject to review). Your loan will accrue interest at a rate of +3% above retail price index (RPI) from the date the first installment is paid.
Repayments will be calculated at 6% of your income above £21,000 and will be made concurrently alongside any repayment of outstanding undergraduate student loans. Borrowers repaying two or more government student loans will have a maximum deduction of 15% taken from their salary). Loan repayments will commence in the April after your course is completed, provided to you meet the annual income threshold of £21,000.
Any outstanding postgraduate master’s loan balance will be written off on the 30th anniversary of the date the loan becomes due for repayment.
To apply for the government master's loan, please apply online. You'll need your passport, your National Insurance (NI) Number, details of the programme and university where you want to study, and details of your bank account. After completing the form online, print and sign it, and send it to the Student Loans Company, along with any supporting documents if requested, to complete your application.
If you do not have your NI and bank details yet, you can add them later in the process. Once your application has been processed and confirmed you will be notified by letter.
Find out more
The Student Loans Company have produced a short video to provide more details.