The loan is available to both full-time and part-time students, and is paid directly into your bank account in three annual instalments once your course has commenced. To support this investment, various funding sources are available, suitable to the different needs of postgraduates. Masters Loans are subject to different financial arrangements and eligibility criteria depending on whether you are domiciled in England, Wales, Scotland, or Northern Ireland. Despite there being at least 1000+ scholarship programs, Indian students still fall short of financial resources for studies in UK. Full name. If your course costs £5,000 you can use the remaining £5,000 for living costs, but if your course costs say £9,000 you'll only have £1,000 left to help with living costs. 6. Postgraduate loans (PGL) for taught and research master’s students. However, the UK Erasmus Masters loans have been discontinued. What's available. If you are an English or an EU student who meets the criteria, you can apply for up to £11,222 from the UK government for master's programmes beginning in the 2020-2021 academic year. For distance learning programs, you must be resident in England for the entire duration of the course. 6. The loans are not means-tested. How it's paid. Students are eligible for a masters loan if they are usually resident in England and are studying a masters level course on a full-time or structured part-time basis in the UK. 5. - It must be a full master's course: This technically means a level 7 qualification worth 180 credits. - This must be your first master's degree: If you already have a master's degree or a higher qualification (even if it was not from a UK university) you won't be eligible for the loan. Plan 2 loan - £38,000 less £26,575 = £11,425, repayment rate is 9% so the Plan 2 repayment is £1,028.25. If you’re thinking of starting a master's course, you could be eligible for a loan from the UK Government of up to £10,609 to help with course fees and living costs. Private Masters loans can be an option if you aren’t eligible for UK student finance or if you need some extra funding for your course. Students must be under the age of 60 at the point of applying. 3. Previously, students from the UK could receive a loan to study a Masters in another Erasmus Programme Country, and students from other Erasmus Programme Countries were able to receive a loan to study a Masters in the UK. If you’ve received any loan funding towards a postgraduate master’s degree before, you’re not eligible to apply. Interest will be charged at the Retail Price Index (RPI) plus 3%. for a Postgraduate Master’s Loan. GOV.UK has information on postgraduate Doctoral loans and Master’s loans. 7. A change in a student’s circumstances can affect their eligibility. Postgraduate loan: £38,000 less £21,000 = £17,000, repayment rate is 6% so the postgraduate loan is £1,020. Postgraduate loans Postgraduate Master’s Loan for UK / EU students. Repayment. Here are some advantages and disadvantages for you to consider: The advantages Applications are now open. Student Awards Agency Scotland (SAAS) provides the Masters funding to you on behalf of the Student Loans Company. Unsurprisingly, the Postgraduate Loan (also known as the Master's Loan) comes with its fair share of small print that can be hard to get your head around at first.. All parts of the UK extended student loans to Masters degrees (and some other postgraduate qualifications) in 2017: England offers Masters loans of up to £11,222 for courses starting in 2020-21. Your loan will be paid in three instalments throughout the academic year. Find out if you are eligible, what kind of support is available and how you can apply through the information on this page. A Postgraduate Master’s Loan may affect any benefits they currently get. Where can I get more information? To be able to apply for a Master's loan you must: be a UK or EU national* who has lived in England or the EEA or Switzerland for the last three years for a reason other than study. The maximum loan amount you can borrow is £10,906. You need to read the information at www.thestudentroom.co.uk about the Postgraduate Master’s Loan. That's as I understand it anyway The UK government has introduced a new Master's Loan, which allows you to borrow up to £11,222 towards your tuition fees and cost of living during your postgraduate studies. UK Student Loans – Studying at Oxford is almost every scholar’s ultimate academic dream. A Postgraduate Master's Loan can help with course fees and living costs while you study a postgraduate master's course. Eligibility: UK / EU nationals resident in England or EU nationals resident in the EU, EEA or Switzerland. Information about your loan. 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