New UK Government Postgraduate Loans Scheme 2016/17.
From 2016/17, the Government will provide a loan for postgraduate MA study. The Postgraduate Loan (PGL) will be paid to the student as a contribution towards Tuition Fees, living costs and other course costs.
What you need to know:
- Loans will be available up to a maximum value of £10,000 and paid directly to the student in three equal instalments per academic year, up to a maximum of two years
- The loan is available for students starting their course in the academic year 2016/17 or later (i.e. on or after 1st August 2016)
- Loans will be available to UK and EU Nationals (and individuals with settled status in the UK)
- Students under 60 will be eligible for MA loans
- Loans are available all our MA programmes, excluding MArch: students studying full-time, part-time may be eligible
- In order to qualify for a part-time MA loan you need to be studying at least 50% intensity of an equivalent full-time student in the first year of the course
- Loans are non-means tested
- Students who already hold an MA qualification (or an equivalent or higher level qualification) will not be eligible for PGL. This applies even if the previous qualification was entirely self-funded and/or achieved outside the UK
- Lower level qualifications such as Postgraduate Diplomas or Postgraduate Certificates of Education will not affect eligibility for PGL
- Repayments will be income-contingent and made concurrently with undergraduate loans. Rates will be set at 6% of annual income over £21,000
- Interest will accrue at a rate of RPI + 3% on all outstanding balances
You can apply online or request a paper application form at www.gov.uk/studentfinance. Applications will open in Summer 2016.