Postgraduate loans - 7 common questions

If you're reading this blog, you'll probably know that applications for postgraduate loans are finally live. (And if you don't, we'd suggest heading over to our guide).

Here at FindAMasters we've been awaiting this news almost as eagerly as prospective students. So we decided it was only proper to mark the occasion with a special event on Facebook and Twitter. Last Monday and Tuesday we took well over a hundred questions about the loans - ranging from eligibility and residency to payments and repayments.

We'd like to thank everyone who got involved and contributed. But if you couldn't make it, don't worry. We've recapped seven of the most popular and important questions in this post.

Yes. Applications went live on Monday the 27th of June.

The process is slightly different for UK and EU students, but we've included detailed step-by-step walkthroughs in our brand new application guide. You should check it out.

Students can apply for a postgraduate loan at any point up to nine months after the start of the first or second year of an eligible Masters.

Applying early is a good idea though - that way you'll be most likely to receive payments in time for the start of your course.

That question was easy. On to the rest!

You can apply for a postgraduate loan in one of two ways:

• Online - by logging in or creating an account with Student Finance England.
• Offline - by downloading application forms from the UK government website and sending them by post.

Most UK and EU students can use either option.

However, exceptions apply to students who already have an account with Student Finance Wales or Student Finance Northern Ireland. This will probably be the case if you have previously applied for an undergraduate loan as a Welsh or Northern Irish student. If so, you will not be able to open a second loan account with Student Finance England and should apply for your postgraduate loan by post.

If you've already applied for a loan from Student Finance England, make sure you use your existing Customer Reference Number (CRN).

Applying online may be slightly simpler and faster than applying by post, but the intention is for both systems to allow eligible applicants to receive their loan in time for the coming academic year.

If you're an EU student you are eligible for the new loans this year, regardless of the result of the EU referendum (see below).

But, in order to be eligible for a loan as an EU student, you'll need to move to England in time for the start of your course.

The deadline for this has been given as the first day of the first academic year of your Masters. For courses starting this Autumn that's 1st September 2016.

As several students pointed out, this raises potential problems for anyone whose course doesn't actually start until later. Your travel plans - and accommodation arrangements - might not allow you to arrive in advance.

Thankfully, we've been able to clear this issue up with the Student Loans Company. They've confirmed that EU students will only need to arrive in England in time for the start of their course not the start of the academic year.

You must still live and study in Enland for the duration of your Masters, but you don't need to arrive as early as 1st September - unless you want to, of course!

Only three days separated the UK's decision to leave the EU and the launch of new student loans open to EU applicants. So we weren't surprised to hear from students worrying that the referendum result would change their eligiblity.

The good news is that it won't.

EU treaties will continue to apply to student fees and funding until the UK actually leaves. This isn't likely to happen for at least two years.

In the meantime the UK government has officially re-confirmed that EU students will be eligible for the new Masters loans for the duration of their courses.

This applies even if your course lasts longer than a year and even if the UK leaves the EU whilst you are studying.

We've blogged in greater detail about the impact of Brexit on postgraduate study, but, for now, you can rest assured that EU students will be able to apply for a Masters loan in 2016.

As part of the online application process you'll need to select the Masters you wish to study.

You'll do this by entering the name of the course into a search field where it will (hopefully) be matched with the same course in Student Finance England's database.

But what do you do if your chosen course doesn't appear?

The following steps may help:

• Check course duration and mode of study - The courses that can appear for your 'search' are filtered according to details you've already selected. So, if you've told the service you're applying to study a four year course, part time, you won't see any one year full time programmes.
• Confirm your course is available in 2016 - The Student Finance England database only includes courses that are running in the coming 2016-17 academic year. Loans will still be available in future years, but those applications aren't open yet and 2017 courses won't appear.
• Contact your university - Universities are responsible for inputting courses in the Student Finance England database. It's possible that the Masters you are looking for has been overlooked, has been entered incorrectly, or isn't eligible for a loan. Your university may be able to help determine if any of these are the case.

If none of the above work Student Finance England may be able to help you. You can contact them on 0300 100 0031 between 8am and 6pm, Monday to Friday.

As happy as we are to see applications for the postgraduate loans finally open, we weren't surprised to hear from a few disappointed students who won't be eligible this year.

This is currently the case for UK students who normally live in Scotland, Wales or Northern Ireland - none of which are offering loans to their students in 2016.

It's not all bad news though. Postgraduate loans have been confirmed in Northern Ireland for 2017 and Scotland has also put forward proposals of its own. A review of postgraduate funding in Wales is also ongoing.

And we haven't forgotten the PhD loans - those are still on the cards for 2018.

Other popular questions concerned the financial context for the loans, with some students asking whether their credit history would be taken into account - or if personal circumstances might limit the amount they could borrow.

Thankfully, the answers to these questions are simple: 'no' and 'no'.

The Masters loans aren't like a private loan. You won't be subject to a credit check and, provided you meet eligibility criteria, you'll be able to borrow whatever you request up to the maximum of £10,000.

The only partial exception to this concerns existing accounts with the Student Loans Company.

You can apply for a Masters loan if you already have an undergraduate loan, but not if your account is in arrears. This could occur if you have been eligible to make payments towards your student loan, but haven't (perhaps as a result of being self-employed or travelling outside the UK).

If this is the case you should discuss your case with Student Finance England. It may be possible for you to settle any outstanding payments and continue with your Masters loan application.