A Postgraduate Loan can help with course fees and living costs while you study a postgraduate masters course.
You can apply for a loan of up to £11,570 as a contribution towards your course and living costs. Postgraduate Loans have to be paid back. If you have a disability, including a mental-health condition or specific learning difficulties, such as dyslexia or dyspraxia, you might be able to get Disabled Students’ Allowances (DSAs). DSAs don’t have to be paid back. Postgraduate students can apply for DSAs even if they aren’t eligible for a Postgraduate Loan.
Whether you're eligible for a Postgraduate Loan depends on:
- if you've studied on a postgraduate course before
- your course
- your age
- your nationality or residency status
You can find the full eligibility criteria at Student finance - GOV.UK (www.gov.uk)
If you’re studying full time the course can last for one or two years. If you’re studying part time you can study for two years (for the equivalent one-year full-time course) or up to four years (for the equivalent two-year full-time course).
EU students, who don’t normally live in England, will also be able to get a Postgraduate Loan for a Master’s course at an English university or college.
If you can't find your course listed or if you can't find your course during the Student Finance England postgraduate loan application process, please contact Warwick Student Finance Fees team. Do not submit a Postgraduate Master's loan application to Student Finance England unless you are certain you have selected the correct course. Before a loan payment can be released to you the University must confirm that the course information stated on their loan application matches the course information on their Warwick student record. If this can't be done you will not receive any loan payments but will still be required to make tuition and accommodation fee payments.
Applications for postgraduate loans are open now. Here are our top tips:
- Visit Student finance - GOV.UK (www.gov.uk) to make your application
- You do not need to have a guaranteed place on the course to apply for a postgraduate loan. If your plans change before you are due to start, you can easily cancel or amend your application
- You should make your application as early as you can to ensure your assessment is made by the time you start the course
- You’ll only have to apply once, even if your course is longer than one year.
The loan will be paid into your bank account in three instalments during the academic year. If you're studying for 2, 3 or 4 academic years, the loan will be divided equally across each year of your course.
Interest is charged from the day the first payment is made until the loan is repaid in full. Interest will be charged at the Retail Price Index (RPI) plus 3%.
Repayments will be based on your income, not what you borrowed. If you’re studying full time you’ll start making repayments the April after you finish or leave your course. If you’re studying part-time, you’ll start making repayments the April two years after the start of your course or the April after you finish or leave your course, whichever comes first. However, no repayments towards Postgraduate Loans will be taken before April 2019 and only when your income is over the current threshold of £404 a week, £1,750 a month or £21,000 a year. You’ll repay 6% of what you earn over the threshold.
For example, if you’re paid monthly and earn £2,500 before tax you’ll repay 6% of the difference between what you earn and the threshold (£1,750):
£2,500 - £1,750 = £750
6% of £750 = £45
So your Postgraduate Loan repayment would be £45 that month.
Student loan repayments will be taken even if you don’t earn over £21,000 in a year but exceed the weekly or monthly threshold at any time, for example, if you work overtime or get a bonus. Any loan remaining 30 years after you’re due to start making repayments will be written off.
If you took a loan for your undergraduate course, payments for your Postgraduate Loan will be made alongside your undergraduate loan repayments. For more information about how your repayments will be calculated visit Repaying your student loan - GOV.UK (www.gov.uk)
Please note: The recent change to the repayment threshold for undergraduate student loans does not affect the repayment threshold for Postgraduate Loans which will remain at £21,000.