Master's loans
If you are undertaking your first master's degree, Postgraduate Master's Finance may be available to you from the UK government to contribute towards your course fees, your living costs, or both. Find out if you are eligible, what kind of support is available and how you can apply through the information on this page.
Who can take out the loan?
Full eligibility details can be found on your regional funding agency’s website:
- Student Finance England
- Student Finance Wales
- Student Awards Agency for Scotland
- Student Finance Northern Ireland
For courses starting in the 2016/17 to 2020/21 academic year students from the EU are eligible to apply to Student Finance England for a Master's loan.
For courses starting on or after 1 August 2021, the UK government has confirmed that EU, other EEA, and Swiss Nationals will be eligible for student finance from the UK government if they have UK citizens’ rights (i.e. if they have pre-settled or settled status, or if they are an Irish citizen covered by the Common Travel Area arrangement). The support you can access from the government will depend on your residency status. Further details on eligibility can be found on the UK government website. Those students resident in England and the Republic of Ireland who are eligible to apply to Student Finance England for a Postgraduate Master’s Loan should refer to the England information across these Master’s Loans pages.
How much is available?
The type and amount of support you can apply for depends on where you are ordinarily resident and the year you started your course.
| England | Wales | Scotland | Northern Ireland | European Union | |
| 2016-entry | £10,000 loan for tuition and living costs | N/A | N/A | N/A | £10,000 loan for tuition and living costs |
| 2017-entry | £10,280 loan for tuition and living costs | £10,280 loan for tuition and living costs | £5,500 tuition fee loan (full-time and part-time courses); £4,500 loan for living costs (full-time courses only) | £5,500 tuition fee loan | £10,280 loan for tuition and living costs |
| 2018-entry | £10,690 loan for tuition and living costs | £13,000 loan for tuition and living costs | £5,500 tuition fee loan (full-time and part-time courses); £4,500 loan for living costs (full-time courses only) | £5,500 tuition fee loan | £10,690 loan for tuition and living costs |
| 2019-entry | £10,906 loan for tuition and living costs | £17,000 loan and grant for tuition costs | £5,500 tuition fee loan and £4,500 loan for living costs (full-time courses only) | £5,500 tuition fee loan | £10,906 loan for tuition and living costs |
| 2020-entry | £11,222 loan for tuition and living costs | £17,489 loan and grant for tuition and living costs | £5,500 tuition fee loan and £4,500 loan for living costs (full-time courses only) | £5,500 tuition fee loan | £11,222 loan for tuition and living costs |
| 2021-entry | £11,570 loan for tuition and living costs | £18,025 loan and grant for tuition and living costs | £5,500 tuition fee loan and £4,500 loan for living costs (full-time courses only) | £5,500 tuition fee loan | N/A |
| 2022-entry | £11,836 loan for tuition and living costs | £18,430 loan and grant for tuition and living costs | £5,500 tuition fee loan and £4,500 loan for living costs (full-time courses only) | £5,500 tuition fee loan | N/A |
| 2023-entry | £12,167 loan for tuition and living costs | £18,770 loan and grant for tuition and living costs | £7,000 tuition fee loan and £4,500 loan for living costs (full-time courses only) | £6,500 tuition fee loan | N/A |
Your funding will be divided equally between each year of your course.
How is the funding paid?
The manner is which your funding is paid depends on where you are ordinarily resident.
England, Wales and the EU
The funding will be paid into your bank account in three instalments during the academic year. You will receive approximately a third of your annual entitlement at the start of each term.
Scotland
The loan for living costs will be paid directly to you by the Student Loans Company, who will send you a payment schedule one month before the start of your course. The tuition fee loan will be paid directly to the University in three instalments during the academic year.
Northern Ireland
The tuition fee loan will be paid directly to the University in three instalments during the academic year.
Course eligibility
England and the rest of the EU
Taught, research or professional stand alone master’s courses in any subject (eg MSt, MSc, MSc(Res), MPP, MBA, MPhil). Funding is not available for those students undertaking a partial master’s course requiring a lesser number of credits as a result of previous study.
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. Funding is not available to students undertaking a part-time modular course with an advertised duration of 2 to 4 years.
Please note that if you were to transfer from a Masters course to a Doctoral course you would not be eligible to continue to receive any remaining Postgraduate Masters Loan instalments and would also not be eligible to receive a Postgraduate Doctoral loan.
Wales
Taught, research or professional stand alone master’s courses in any subject (eg MSt, MSc, MSc(Res), MPP, MBA, MPhil). Funding is not available for those students undertaking a partial master’s course requiring a lesser number of credits as a result of previous study.
For 2017-entry: 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.
From 2018-entry onwards: eligible postgraduate master's courses must be either 1 or 2 years full-time duration or 2 to 4 years part-time. Students wishing to apply for postgraduate finance for a part-time modular course with an advertised duration of 2 to 4 years, and who commenced their course in 2018/19 or later, should contact [email protected] and we can then make arrangements for the appropriate course to be set up with Student Finance Wales.
Please note that if you were to transfer from a Masters course to a Doctoral course you would not be eligible to continue to receive any remaining Postgraduate Masters Finance instalments and would also not be eligible to receive a Postgraduate Doctoral loan.
Scotland
The course must be a full-time, taught or research master’s programme or postgraduate diploma.
Eligible postgraduate master’s courses must be either 1 or 2 years full-time in duration. Diplomas should be no longer than 1 year full-time in duration.
Please note that from 2019-entry onwards, there is no provision for part-time courses outside Scotland.
Northern Ireland
Taught, research or professional master’s courses in any subject (eg MSt, MSc, MSc(Res), MPP, MBA, MPhil), postgraduate diplomas and postgraduate certificates.
The course must last no more than three years whether studied full time or part time.
How to apply
You are encouraged to apply as early as possible to ensure that funding is in place for the start of your course.
England, Wales and the rest of the EU
If you are from England or the rest of the EU, apply to Student Finance England.
If you are from Wales, apply to Student Finance Wales.
You only need to apply once even if your course is longer than one year. The final deadline to apply is 9 months after the first day of the last academic year of your course. For courses which start in Michaelmas Term this will therefore be 31st May of your final year, and for courses which start in Hilary Term this will be 30th September of your final year.
Scotland
You will need to apply to the Student Awards Agency for Scotland for a loan for each year of your course. The final deadline to apply during each academic year is 31st March.
Northern Ireland
You will need to apply to Student Finance Northern Ireland for a loan for each year of your course. The final deadline to apply is 9 months after the first day of each academic year. For courses which start in Michaelmas Term this will therefore be 31st May and for courses which start in Hilary Term this will be 30th September.
Will I be charged interest on my loan?
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.
England, Wales and the EU
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. Please visit the GOV.UK Repayment Site for further details.
Northern Ireland and Scotland
The interest rate is set by the Department for Education (DfE) each year and is normally based on the Retail Price Index (RPI) or the Bank of England base rate plus 1%, whichever is lower. Interest will be charge from the day your first payment is made until your loan is repaid in full. Please visit the GOV.UK Repayment Site for further details.
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.
Students from Scotland and Northern Ireland have different income thresholds. This is currently £22,015 year for Northern Ireland and £27,660 for Scotland (2023-24 tax year). Both are expected to increase with inflation each year.
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, you’ll only start making repayments once your income is over the current threshold of £403 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.
Please visit the GOV.UK Repayment Site for further details.
What if I already have a student loan?
If you have had any other loan from the Student Loans Company then you will continue to make separate repayments alongside those for your postgraduate loan.
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