The UK government has launched a new £10,000 loans scheme for full-time and part-time master’s courses from 2016-17 entry. Find out if you're eligible, and how you can take out a loan, through the information on this page.
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 get 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.
You can find full details about eligibility, application and repayment in the tabs on this page. An overview of Master's loans and details of how to apply is available from the GOV.UK website and on the Postgraduate Loan page on the Student Room website.
Who can take out the loan?
To take out a master's loan, you must be:
- aged under 60 on the first day of the first academic year of the course (on 1 September 2017 for courses starting in October 2017)
- starting an eligible master's course in the 2016/17 academic year or later (on or after 1 August 2016)
- a UK national, or have settled status in the UK, and have been ordinarily resident in the UK for three years on the first day of the academic year of your course start date; you may be eligible if you are an EU national or family member of an EU national, or hold certain other defined statuses
- you must also have been resident most recently in England and must not have moved there from elsewhere in the UK solely for the purposes of attending your course; if you are ordinarily resident in Wales, Scotland or Northern Ireland, you will not be eligible for the loan
- you must not already hold a master’s or higher level qualification (borrowers holding postgraduate diplomas and postgraduate certificates are still eligible). Please note that if you hold an integrated master's degree, you will not be eligible to apply for a Master's Loan
- you must not have outstanding student loan arrears or have previously been found to be ‘unfit’ for student support (e.g. because of attempted fraud)
EU applicants in 2017/18 should note that student loan support arrangements have not yet been confirmed by the UK government. Information for EU applicants on the impact of the result of the UK referendum on its membership of the European Union is available on the Oxford Students website.
You can find full personal eligibility details at the GOV.UK website.
Which courses are covered?
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 (eg MPhys, MChem, MEng) are not eligible.
A list of eligible courses for students starting their course in 2016 has been provided below as a guide.
You can find full course eligibility details on the GOV.UK website.
Eligible Oxford courses for master's loans
|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 will open via the GOV.UK website in Spring 2017. You are encouraged to apply as early as possible to ensure that funding is in place for the start of your course.
The information below 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.
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.