F.A.Q.
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Loan amount and payments
What is a postgraduate loan?
Postgraduate loans are funds that can help you cover your course fees and living costs if you choose to pursue a master’s degree in the UK.
Does student finance cover master’s courses?
Postgraduate loans are funds that can help you cover your course fees and living costs if you choose to pursue a master’s degree in the UK.
Will the loans cover the full cost of studying a Masters degree?
The government is offering loans as ‘a contribution to the cost of an eligible postgraduate Masters qualification’. You can use a loan for tuition fees, living costs and other study expenses as you see fit. In practice, if your course starts on or after 1 August 2023, the £12,167 (maximum amount) should be sufficient to cover tuition fees for most eligible taught Masters programmes (calculated at an average of just over £8,000 by research carried out in support of the consultation). However, it will not necessarily cover all of your accommodation and living costs. Some Masters courses may also cost more than £12,167. This is particularly likely for MBA programmes.
Do I have to borrow the full £12,167?
No, £12,167 is the maximum amount you can borrow if your course starts on or after 1 August 2023. If you wish to borrow a smaller amount to cover fees (or living costs), you will be able to do so.
Student eligibility
Are loans available for an MBA?
Yes. MBA (Master of Business Administration) degrees are eligible for postgraduate loans. However, the full cost of an MBA programme for the academic year 2023/2024 will often be greater than the maximum £12,167 you can borrow.
Are loans available for MRes?
Yes. MRes (Master of Research) degrees are eligible for postgraduate loans regardless of whether a university defines them as taught or research qualifications.
Programme eligibility
Are loans available for an MBA?
Yes. MBA (Master of Business Administration) degrees are eligible for postgraduate loans. However, the full cost of an MBA programme for the academic year 2023/2024 will often be greater than the maximum £12,167 you can borrow.
Study location
Can I receive a loan to study a Masters outside the UK, or for a course that includes an overseas component?
In order for your degree to be eligible for a postgraduate loan, it must be delivered and awarded by a UK university. You can still receive a loan to study a Masters that includes an overseas placement or exchange, provided this does not account for more than 50% of your course.
Part-time courses
Do part-time students receive the same loan amount?
Note that you won’t receive additional payments if your Masters lasts longer than two years. Your full loan will be paid out in the first two years of your programme, regardless of its total length.
Repayment
What does ‘RPI’ mean?
RPI stands for ‘Retail Prices Index.’ It is an annual percentage measure of inflation, based on the price of goods and services in the UK. Interest rates for the postgraduate Masters loans are to be set at RPI. This means that the interest charged on the balance of your loan will be the current RPI percentage. In practice this is a favourable interest rate, intended to beat the market cost for a debt of an equivalent amount.
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Migrant workers
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Loans to help with tuition costs
What is a tuition fee loan and what is the maximum student loan amount?
It is a loan from the government that covers the cost of your higher education tuition. It’s available for eligible students studying for their first degree. This means that you don’t have to find the money to pay for your tuition costs before or while you are studying. Moreover, if you started your course after 1 August 2023, you don’t have to start repaying the loan until you are earning over £25,000 a year.
Who can get a tuition fee loan?
Eligible full-time (including full-time distance learning) students in England who are starting their first undergraduate degree, or other higher education course, from September 2016 onwards will be able to get a tuition fee loan under the new arrangements detailed here.
Loans to help with living costs – full-time students only
What is a loan for living costs?
It is a loan that is meant to help with expenses associated with going to university, things like accommodation, food, travel and course materials.
How will I receive my living cost loan?
The money will be paid directly into your bank or building society account in three instalments – usually one at the start of each term.
When you become liable — How much you’re liable for
At the start of term 1 — 25% of the tuition fee
At the start of term 2 — 50% of the tuition fee
At the start of term 3 — 100% of the tuition fee
Non-repayable financial help
What non-repayable financial help is available?
Additional financial help is available only for students with disabilities and students with children or adult dependents.
If you are a full-time student with specific needs (for example, if you have a disability, a specific learning difficulty or have children), you may be entitled to additional financial support. Part-time students with disabilities or specific learning difficulties may also be entitled to additional support.
Do I have to pay back the non-repayable financial help?
No, you don’t have to pay this money back.
Repayment
When do I start repaying my loan?
If you’re starting your course on or after 1 August 2023, you only start repaying your loan starting with the month of April after you graduate and only if you earn over £25,000 a year.
If you’re a full-time student, you’ll be due to start repaying your loan the April after you finish or leave your course. If you’re a part-time student, you’ll be due to start repaying in the month of April four years after the start of your course or the April after you finish or leave your course, whichever comes first.
For those who finish their course earlier, the Student Loans Company will apply interest at RPI only (rather than Retail Price Index (RPI) starting with the month of April after you finish your course. The interest applied to your loan balance will depend on your income.
How do I make repayments?
If you are employed, your employer will calculate your repayment and deduct it from your salary every month through the tax system. If you are self-employed, separate arrangements are in place with HMRC to make your repayments.
Students studying in Northern Ireland, Scotland & Wales
Applying for your student finance depends on where you are normally resident when you first apply:
England or an EU country – Student Finance England
Northern Ireland – Student Finance Northern Ireland
Scotland – Student Awards Agency for Scotland
Wales – Student Finance Wales
I currently live in England but want to go to university in Northern Ireland, Scotland or Wales – can I apply for financial support?
Yes, you can apply for a loan to cover the full amount of your course costs, a living cost loan and other non-repayable living cost grants depending on your circumstances.
Other types of support
I have a disability – can I get any extra financial support?
Disabled Students’ Allowances (DSAs) are available to help you if you are doing a higher education course and will incur extra costs because of a disability (including a long-term health condition, mental health condition or specific learning difficulties such as dyslexia).
Is there help available if I get into financial difficulties?
The Access to Learning Fund is a discretionary fund administered by universities and colleges which can provide help for students in financial difficulties who may need extra financial support to stay in higher education.
General questions
Why get saddled with debt since there are no graduated jobs to go to?
The current job market is a tough one. But having a degree does improve your chance of getting a job and research shows that over the long term graduates earn on average substantially more than non-graduates.
Will loan repayments affect my ability to get a mortgage?
The Council of Mortgage Lenders has advised that a student loan is very unlikely to impact materially on an individual’s ability to get a mortgage. The amount of mortgage available may depend on net income.
How student loans work
Who gives out student loans?
Student loans in England are managed by the Student Loans Company (SLC). One part of SLC, called Student Finance England, manages applications and distributes the money while you study. Once you finish studying, your total loan balance is then managed by SLC, which also handles repayments.
What exactly are student loans?
The government provides loans to cover tuition fees and living expenses for students. A student loan allows for repayment whenever you graduate or leave your course and earn more than the repayment threshold. This is an advantage. Your monthly repayment amount is determined by your income, not your debt.
What is interest and how does it affect me?
Your total loan is made up of everything you borrowed while studying + interest. Interest is added from when the first amount is paid to you or your university until the loan is paid off or cancelled. The Retail Price Index (RPI) measures inflation, which is connected to interest rates. The RPI from the previous March is used to establish the starting point for each academic year. Your loan will not have a higher interest rate than commercial loans like credit cards or personal loans for car purchases. Remember that interest only affects how long it takes to repay your loan, not the amount you repay each week, month or year, which is determined only by your income.
Who can apply and who is eligible?
Are you eligible for student finance?
If you meet these aforementioned criteria, you are most likely eligible. We can check your eligibility for free, so contact us directly.
How many years of student finance can you get?
By adding one year to the total number of years you are applying for, you may determine how many years you will receive them for. After that, subtract the amount of years you spent studying. You should count a portion of a year as a full year of study.
How can you cancel your student finance application?
This is a specific case whose variables depend on your particular circumstances. Please contact us to find out more.
How can you change the university on student finance?
This is a specific case whose variables depend on your particular circumstances. Please contact us to find out more.
Can you get student finance for a second degree?
Yes. Depending on the type of degree, years studied already and other similar criteria, you may be entitled to more student finance. Contact us to check your eligibility for free.
Available funds - what can the loans be used for?
What kinds of loans can I access?
Students can access tuition fee loans and maintenance loans.
What is a tuition fee loan?
The Tuition Fee Loan goes towards the cost of your course and it’s up to a maximum of £9,250 per year. Tuition Fee Loans are paid directly to your university or college in three instalments at the start of each term.
What is a maintenance loan?
The Maintenance Loan helps with the everyday costs of being a student like accommodation, food and transport. The amount you can apply for depends on your personal circumstances, such as your household income and where you will be living and studying.
When is student finance paid?
Tuition fee loans are paid to the institution at the start of each term. Maintenance loans are paid directly into your bank account at the start of each term.
How and when to apply for student finance?
How and when should I apply?
Apply online through the Student Finance England (SFE) portal, which opens in March for full-time students. Those taking part-time or short courses apply later in the year.
How exactly do you apply for student finance?
To begin the application process, you must first create a student finance account. Prepare relevant information, such as a passport, National Insurance number and bank account details, to speed up the process. Details of household income (only if you are under 25, married or living with a partner) – which is needed if you are applying for a Maintenance Loan or any grants – can be added by your sponsor, usually your parents or partner.
Repayment
What is the monthly repayment?
The entire loan amount includes all borrowed funds and interest. The monthly repayment amount is determined by your income, not your outstanding balance.
How much student finance do you owe?
To begin repaying your loan, your income must exceed the repayment threshold of £25,000 per year, £2,083 per month, or £480 per week. If you do not earn the specified amount, there is no need to repay. If you do not repay your debt after 40 years, it will be automatically cancelled.
Can repayments change?
If your income increases, your repayments will also increase. However, if your income goes down, your repayments will also reduce or stop altogether if it falls below the repayment threshold.
Suspending or leaving your studies
What happens if you suspend or leave your studies?
If you do decide to suspend or withdraw from your studies, it’s really important to contact Student Finance England by phone or social media, and let your uni or college know your decision as soon as possible. This minimises the risk of you being overpaid when it comes to your student loans.
What if you suspend your studies?
Once your uni or college lets Student Finance England know you’ve suspended your studies, they’ll reassess your student finance based on the number of days you attended your course, and will send you a new student finance entitlement letter. They’ll stop any future payments to you or your uni or college until you return to your studies. Depending on the date you suspend, and when your uni or college lets Student Finance England know, you may be overpaid.
What if you withdraw from your course?
Once your uni or college lets Student Finance England know you’ve withdrawn, they’ll reassess your student finance based on the number of days you attended your course. They’ll stop any future payments to you and your uni or college, and send you a new student finance entitlement letter. Depending on the date you withdraw, and when your uni or college lets Student Finance England know, you may be overpaid.
How will you repay your student loan in such scenarios?
You’ll be responsible for repaying any Tuition Fee Loan Student Finance England has paid to your uni or college, and your Maintenance Loan. You’ll repay these as normal, unless you were overpaid.
General questions & eligibility criteria
What does ‘eligible’ mean?
Whether you are eligible will depend on factors including where you live, the course you choose to study, where you study and whether or not you already hold a higher education degree.
Who is eligible to get a tuition fee loan?
Eligible full-time (including full-time distance learning) students in England who are starting their first undergraduate degree, or other higher education course, from September 2016 onwards will be able to get a tuition fee loan under the new arrangements detailed here.
What are the residency criteria for eligibility (postgraduate)?
The postgraduate loans introduced in 2016 are only for English students. To be eligible as a UK student you must be ordinarily resident in the UK for three years before you begin your Masters. In addition, you must be most recently resident in England. EU students must have been ordinarily resident in the EU, EEA or Switzerland for three years prior to their course. EEA and Swiss students must be resident in England and have been living in the UK for three years.
When can you get a loan? How much can you get?
What is the maximum undergraduate student loan amount?
Eligible full-time (including full-time distance learning) and part-time students will be able to get a loan that covers the full amount of their tuition costs. For more details related to the actual amount, please contact us to check your eligibility.
Am I eligible to get student loans for a second bachelor’s degree?
There is no clear yes-or-no answer to this question, as it all depends on your personal circumstances, type and duration of course and specific eligibility conditions. If you haven’t finished a BA/BSc course, you are probably eligible. However, we can check that for you, for free, so contact us!
Am I eligible for a second postgraduate loan?
It might be more complicated to get a second postgraduate loan but there are certain conditions and circumstances that may make you eligible. Please contact us for more information and we’ll be able to check your personal eligibility.
Which courses are eligible?
Are loans available for an MBA?
Most undergraduate courses are eligible for funding, with very few exceptions. If you are not sure about the programme you want to choose, contact us and we’ll tell you right away if you are eligible for a loan or not.
Still have questions?
If you cannot find any answer to your questions in our FAQ, you can always contact us! We will answer you shortly.
