Are you thinking about doing a postgraduate course? Did you know the government is now offering up to £10,280 in loans for those wanting to continue their studies and expand their knowledge with further learning experiences? Well, you do now! Not everyone is eligible to apply for a loan so continue reading to find out if you’re entitled to a postgraduate loan!
Who can apply for a postgraduate loan?
We’ve decided to keep it simple from the off. If you can answer these few questions with a big ‘YES!’ you’ll more than likely be accepted.
-
Have you lived in the UK for the past 3 years plus as a UK citizen?
-
Are you under the age of 60?
-
Is it a full master’s course/equivalent that you are applying for?
-
Are you going to be studying your full master’s course/equivalent at a university in the UK?
-
Is this your first time?
If you’re not a UK citizen but have lived in the EU for over 3 years and hold an EU citizen status and can confirm that you’ll be living in England when enrolling on your course you could be accepted for a postgraduate loan.
How to apply for a postgraduate loan
To apply for a postgraduate loan you can either:
Apply via post, all you’ll need to do is download the forms from your loan provider, fill them out and post them Apply online – this can be done by using an existing student finance account of a new one How much does a postgraduate course cost? What you pay for a postgraduate course varies. It is all determined by the type of course you do, how much it costs the university to manage, the level of the course and the duration. The average postgraduate course costs £8,000 that’s why you can apply for a loan for up to £10,280 to cover your course costs and also expenses.
How will I receive my postgraduate loan?
Your postgraduate loan will be paid in three instalments directly to you. If you currently receive benefits from the government your postgraduate loan can affect this so make sure you speak to the Department for Work and Pensions so you know where you stand and what you’re entitled to.
Repaying the postgraduate loan
You’ll only start to repay your postgraduate loan once you’re earning over £21,000 and have left the course. You’ll then pay 6% on anything you earn over the £21,000 threshold. The outstanding amount left over from your loan balance will be written off after 30 years.
Sign up for our newsletter for more tips and advice:
Subscribe to our newsletter.
Be the first to know! Tell us what you want and we’ll keep you in the loop.
- Weekly Career Vibes
- We know the job hunt can be stressful so our career vibes will be worth your time.
- No spam
- We’re just as selective as you are with your job search.
