Changes to the 2024 UK Postgraduate Loans |
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Posted on 16 Feb '24

Changes to the 2024 UK Postgraduate Loans

Offered by all countries in the UK, the postgraduate loans (sometimes referred to as Masters or PG loans) are the main funding option for home Masters students.

Scotland and Wales have recently announced some changes to their Masters loans which come into force for the 2024-25 academic year. In this blog, we take a look at what these changes are and what they mean for you.

Changes to loans in Scotland

The Scottish Government has announced a £2,400 increase in the maximum amount of support available for students in 2024-25. This means that Scottish postgraduate students will now be able to borrow £13,900.

This new Special Support Loan will be available to all postgraduate students. There is no separate application for the new loan. Applications can be made to the SAAS in the same way as always and students will still receive the loan in one full payment.

Changes to loans in Wales

The grant element of the Welsh postgraduate loan will no longer be available from the start of the 2024-25 academic year. It will be replaced by a repayable student loan. Currently, the grants are means-based and calculated on the basis of household income which you don’t need to repay. After this change, the entire amount you borrow from the government will need to be repaid once you’re earning more than £21,000 a year.

Will England and Northern Ireland loans change as well?

The maximum loan amounts tend to change with inflation each year so we’ll keep you updated when these are announced. You can sign up to our newsletter and be the first to know!

Here are a couple of things to remember when it comes to the UK postgraduate loans:

  • You can only apply for the loan offered by the country you are resident in (not the country your university is in).
  • You have to be a UK student or have indefinite leave to remain to be able to apply for it.
  • Loan amounts, course eligibility and repayment thresholds are different for all loans.

Before you begin, be sure you are looking at the right information. Our guides on the Masters Loans in England, Scotland, Wales and Northern Ireland have all the information you need.

Clarification on eligibility citeria for English loans

The Department for Education has clarified that students who accessed undergraduate finance for an Integrated Masters (a four-year undergraduate course that ends in a Masters degree) but did not acheive a Masters qualification will be eligible for an English postgraduate loan for a new Masters course.

The new eligibility criteria will apply to any new applications, currently undecided applications and if an application is under the appeal process.

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Last updated: 16 February 2024