The UK government has launched a new £10,000 loans scheme for full-time and part-time master’s courses from 2016/17 entry.
The information provided below on repayments and interest rates is the University's best understanding of the current position. Any changes the government make to repayment arrangements are outside the control of the University.
How much is the loan?
You can apply for a loan of up to £10,000 as a contribution towards your course and living costs. If your course is longer than one year you can get up to £5,000 in your first year and the rest in your second year. If you’re studying part time you can only receive payments in the first two years of your course.
How is the loan paid?
The loan will be paid into your bank account in three instalments during the academic year. If you’re studying for two or more years you will get up to £5,000 in your first year and the rest in your second year. For example, if you are studying a two year course and take the full £10,000 loan you will receive your payments as follows:
1st payment - £1,650
2nd payment - £1,650
3rd payment – £1,700
1st payment – £1,650
2nd payment – £1,650
3rd payment – £1,700
You will receive your first payment once you have started your course and registered with the University. Your second instalment will be paid on the last Wednesday of the fourth month after your course start date and your third instalment on the last Wednesday of the seventh month after this date. For example, if you start your course in October your payments should be as follows:
|1st payment||Once you are on-course and registered|
|2nd payment||22 February 2017|
|3rd payment||31 May 2017|
You can apply for a loan if you began your course in October 2016 or later and are enrolled on a taught, research or professional master’s courses in any subject (eg MSt, MSc, MSc(Res), MPP, MBA, MPhil). Eligible postgraduate master’s courses must be either 1 or 2 years full-time in duration or 2 to 4 years part-time at a minimum 50% intensity of full-time. 2 and 3 year part-time courses with no full-time equivalent are also eligible, with no minimum intensity requirement.
Postgraduate diploma, postgraduate certificate courses and master’s courses that are currently funded by the undergraduate support system (e.g. MPhys, MChem, MEng) are not eligible.
The below Oxford courses are eligible for a master’s loan in 2016/17. You can find full details of course eligibility on the GOV.UK website.
|Course Type||Subject||Full time/Part time|
|BCL||Bachelor of Civil Law||FT|
|MBA||Master of Business Administration||FT|
|MPhil||British and European History, from 1500 to the Present||FT|
|MPhil||Classical Indian Religion||FT|
|MPhil||Comparative Social Policy||FT|
|MPhil||Eastern Christian Studies||FT|
|MPhil||Economic and Social History||FT|
|MPhil||English Studies (Medieval Period)||FT|
|MPhil||Evidence-Based Social Intervention and Policy Evaluation||FT|
|MPhil||General Linguistics and Comparative Philology||FT|
|MPhil||Geography and the Environment||FT|
|MPhil||Greek and/or Latin Languages and Literature||FT|
|MPhil||Greek and/or Roman History||FT|
|MPhil||History of Science, Medicine and Technology||FT|
|MPhil||Islamic Art and Archaeology||FT|
|MPhil||Islamic Studies and History||FT|
|MPhil||Jewish Studies in the Graeco-Roman Period||FT|
|MPhil||Judaism and Christianity in the Graeco-Roman World||FT|
|MPhil||Late Antique and Byzantine Studies||FT|
|MPhil||Latin American Studies||FT|
|MPhil||Modern Chinese Studies||FT|
|MPhil||Modern Japanese Studies||FT|
|MPhil||Modern Jewish Studies||FT|
|MPhil||Modern Middle Eastern Studies||FT|
|MPhil||Modern South Asian Studies||FT|
|MPhil||Politics (Comparative Government)||FT|
|MPhil||Politics (European Politics and Society)||FT|
|MPhil||Politics (Political Theory)||FT|
|MPhil||Russian and East European Studies||FT|
|MPhil||Sociology and Demography||FT|
|MPhil||Tibetan and Himalayan Studies||FT|
|MPhil||Traditional East Asia||FT|
|MPhil||Visual, Material and Museum Anthropology||FT|
|MSc||Applied Landscape Archaeology||PT|
|MSc||Applied Linguistics and Second Language Acquisition||FT|
|MSc||Applied Linguistics and Second Language Acquisition||PT|
|MSc||Biodiversity, Conservation and Management||FT|
|MSc||Cognitive and Evolutionary Anthropology||FT|
|MSc||Comparative Social Policy||FT|
|MSc||Contemporary Chinese Studies||FT|
|MSc||Criminology and Criminal Justice||FT|
|MSc||Economic and Social History||FT|
|MSc||Economics for Development||FT|
|MSc||Education (Child Development and Education)||FT|
|MSc||Education (Comparative and International Education)||FT|
|MSc||Education (Higher Education)||FT|
|MSc||Education (Learning and Technology)||FT|
|MSc||Education (Research Training)||FT|
|MSc||Endovascular Neurosurgery (Interventional Neuroradiology)||FT|
|MSc||Endovascular Neurosurgery (Interventional Neuroradiology)||PT|
|MSc||Environmental Change and Management||FT|
|MSc||Evidence-Based Social Intervention and Policy Evaluation||FT|
|MSc||Global Governance and Diplomacy||FT|
|MSc||Global Health Science||FT|
|MSc||History of Science, Medicine and Technology||FT|
|MSc||International Health and Tropical Medicine||FT|
|MSc||Latin American Studies||FT|
|MSc||Law and Finance||FT|
|MSc||Learning and Teaching||PT|
|MSc||Major Programme Management||PT|
|MSc||Mathematical and Computational Finance||FT|
|MSc||Mathematical and Theoretical Physics||FT|
|MSc||Mathematical Modelling and Scientific Computing||FT|
|MSc||Mathematics and Foundations of Computer Science||FT|
|MSc||Modern Japanese Studies||FT|
|MSc||Nature, Society and Environmental Governance||FT|
|MSc||Political Theory Research||FT|
|MSc||Refugee and Forced Migration Studies||FT|
|MSc||Russian and East European Studies||FT|
|MSc||Social Science of the Internet||FT|
|MSc||Social Science of the Internet||PT|
|MSc||Sustainable Urban Development||PT|
|MSc||Teaching English Language in University Settings||PT|
|MSc||Theoretical and Computational Chemistry (Stand-Alone)||FT|
|MSc||Visual, Material and Museum Anthropology||FT|
|MSc||Water Science, Policy and Management||FT|
|MSc (Res)||Chemical Biology||FT|
|MSc (Res)||Clinical Neurosciences||FT|
|MSc (Res)||Engineering Science||FT|
|MSc (Res)||Experimental Psychology (direct entry)||FT|
|MSc (Res)||Inorganic Chemistry||FT|
|MSc (Res)||Musculoskeletal Sciences||FT|
|MSc (Res)||Obstetrics and Gynaecology||FT|
|MSc (Res)||Organic Chemistry||FT|
|MSc (Res)||Physical and Theoretical Chemistry||FT|
|MSc (Res)||Physiology, Anatomy and Genetics||FT|
|MSc (Res)||Primary Healthcare||FT|
|MSc (Res)||Surgical Sciences||FT|
|MSt||British and European History, from 1500 to the Present||FT|
|MSt||British and European History, from 1500 to the Present||PT|
|MSt||Classical Armenian Studies||FT|
|MSt||Classical Hebrew Studies||FT|
|MSt||English and American Studies||FT|
|MSt||General Linguistics and Comparative Philology||FT|
|MSt||Global and Imperial History||FT|
|MSt||Greek and/or Latin Languages and Literature||FT|
|MSt||Greek and/or Roman History||FT|
|MSt||History of Art and Visual Culture||FT|
|MSt||International Human Rights Law||PT|
|MSt||Islamic Art and Archaeology||FT|
|MSt||Islamic Studies and History||FT|
|MSt||Jewish Studies in the Graeco-Roman Period||FT|
|MSt||Late Antique and Byzantine Studies||FT|
|MSt||Literature and Arts||PT|
|MSt||Mindfulness Based Cognitive Therapy||PT|
|MSt||Modern South Asian Studies||FT|
|MSt||Philosophy of Physics||FT|
|MSt||Study of Religion||FT|
|MSt||World Literatures in English||FT|
How to apply
Applications are open via the GOV.UK website where you can submit an online application or download a paper application form. You can apply up to 9 months after the first day of the academic year if you are on a 1 year course or 9 months after the first day of your second academic year if you are on a course lasting 2 or more years. You only need to apply once even if your course lasts longer than 1 year.
You can change the amount of loan you’ve asked for via a loan request form.
Will I be charged interest on my loan?
Interest is charged at the Retail Price Index (RPI) plus 3% from the day your first payment is made until your loan is repaid in full.
How do I repay my loan?
You have to repay any loan you borrow, but not until your income is over £21,000 a year. Repayments will be based on your income, not what you borrow.
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 will be taken before April 2019 and you’ll only start making repayments once 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. So 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.
What if I already have a student loan?
If you’ve had any other loans from the Student Loans Company for your undergraduate course, you’ll also repay these loans. For example if you took a loan for your undergraduate course that started after 1 September 2012, you’ll repay 9% of your income over £21,000 towards that loan and 6% of your income over £21,000 towards your Postgraduate Loan. So you’ll repay 15% of your income over the threshold in total.