These loans will be available to UK nationals (and individuals with settled status in the UK) who have been ordinarily resident in the UK and Islands for three years on the first day of the first academic year of their course. They must have been most recently resident in England and must not have moved there from elsewhere in the UK and Islands solely for the purpose of attending the course.
Applicants must be aged under 60 on the first day of the first academic year of the course.
Applicants who have outstanding student loan arrears or who have previously been found to be “unfit” for student support will not be eligible.
Applicants must be studying for their first Master’s qualification and will not be eligible for repeat funding if they did not complete a previous course of study at this level, unless there were compelling personal reasons at the time.
Loans are available for full-time Master’s courses lasting one or two years and for part-time study of at least 50% intensity.
The loan will be paid directly to the student into a UK bank account. It will be at the student’s discretion to use the loan towards fees, maintenance costs and other costs.
Repayments will start in the April following the academic year in which the course is completed (but not before April 2019) and when the student is earning £21,000 per annum. The repayment amount will be 6% of income above the £21,000 threshold.
Students who already have a loan from Undergraduate study will therefore have a 15% total reduction taken from their salary.
The applications for the new Postgraduate Loans are now available on the gov.uk
website. If students have previously taken out a loan with Student Finance England, they should use their online account to apply.