Postgraduate Loans Scheme
The Postgraduate Loans scheme enables UK/EU students to borrow up to £10,280 towards the costs of their 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 part-time, for instance, a one-year full-time course studied over two years. The £10,280 can be 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/higher level qualification (including the integrated Master's degree for instance an MEng/MSci) you will not be eligible for the loan.
To be eligible for the 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. This must have most recently been in England and you must not have moved here from elsewhere in the UK and Islands solely for the purposes of attending the course. Eligibility is not based on a means-test.
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.
Your loan will accrue interest at a rate of RPI+3% from the date the first instalment is paid. Repayment of the loan is contingent upon and commences once you have an annual income of £21,000 or more (the £21,000 annual income threshold is frozen until 2021 when it is subject to review).
Repayments will be calculated at 6% of your income above the income threshold and will be made concurrently alongside any repayment of outstanding undergraduate student loans (i.e. borrowers repaying both loans will have a 15% deduction taken from their salary). Loan repayments will commence in the April after your course is completed, subject to you meeting the annual income threshold.
Any outstanding postgraduate master’s loan balance will be written off on the 30th anniversary of the date the loan becomes due for repayment.
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.