Postgraduate Loans – 9 Things you Might not Know

It’s safe to say that I’ve been following the development of this year’s postgraduate loans for a while – as the FindAMasters Content Editor it goes with the turf.

I remember the initial announced back in 2014, when the now ex-Chancellor, George Osborne, promised to ‘revolutionise’ postgraduate study.

I was relieved in 2015 when the age restriction of 30 was removed and more courses were included.

Now, it’s 2016. George Osborne has gone, Brexit is coming, but postgraduate loans are still very much on the cards. In fact, applications are already open and any Masters course that starts after the 1st of August will be eligible for a loan. That’s next week, by the way.

At this point I’ve read through more thrilling policy documents than I care to count – so you don’t have to (you’re welcome). I’ve also had the chance to chat to lots of prospective students and hear your questions.

Postgraduate loans are basically my Mastermind subject now. (It’s better than stamp collecting. Maybe).

But, rather than put together another guide to the loans, I thought I’d take a different approach and pick out a few details you might not be aware of, a few quirks you might have missed and a few details that might be hard to pin down elsewhere.

When I say ‘a few’, I actually just mean ‘nine’. but, if you want a full guide to the loans, there’s always this one.

Really? - Yes, really.

Since when? - Since the 27th of June.

Can I apply online? - Yes.

Is there a walkthrough? - Sure, our loan application guide has that.

Did you write that? - I did.

So, you actually went through the application process? - Yep. I wanted to study Nineteenth-Century Poetry in Edinburgh.

Will they be giving you a loan? - Hopefully not. I already have a Masters.

... you can read all about the application process (including a quick FAQ) in our Master loan application guide.

£10,000 is the maximum you can borrow with a Masters loan. But you don’t have to request this much.

You can simply borrow the amount of your tuition fees, or take out extra money to cover living costs.

Nothing else has any impact on the amount you can borrow. It doesn’t matter how much your course costs, what you have in the bank or how much your parents earn.

The amount you request also has no bearing on your ability to get a loan. If you’re eligible for a postgraduate loan of £1 you’re eligible for a postgraduate loan of £10,000.

And you can even change your mind later – we explain how in our postgraduate loans guide.

The Masters loans don’t replace or alter any existing funding options. Often, they can actually be combined with them.

If you’re lucky enough to win a scholarship from your university or other organisation, you can supplement that with a loan. And if you’re entitled to Disabled Students Allowance or other support, that’s still the case.

The only exception applies if you’re eligible for public funding (that’s money from the government) that covers all of your costs. This can include some NHS bursaries.

Basically, if the government is funding for your course once, it probably won’t pay for it a second time – it’s best to check with your other funder to be sure.

Your postgraduate loan will be paid into your personal bank account in three instalments per year. And neither your university or the Student Loans Company will have any say in how you spend it.

So long as you’re registered on an eligible course, the money is yours to use for fees, accommodation or other expenses, as you see fit.

Theoretically, there’s nothing to stop you spending the whole lot on pizza. But I wouldn’t recommend that. Unless your Masters is a research project into the effects of eating only fast food for a year or two. And even then…

The new loans are just for Masters degrees, studied as postgraduate courses.

That leaves out courses that aren’t Masters-level (such as PGCE teaching qualifications). It also excludes four-year ‘integrated’ undergraduate degrees like the MEng (Master of Engineering) or the MArch (Master of Architecture).

But many of these already have their own funding options. Undergraduate degrees are normally covered by existing student loans, even if they award a Masters degree. And teacher training courses have their own bursaries.

So, if your course isn’t eligible for a Masters loan, don’t despair straight away. It could be that you don’t actually need one.

Back in 2014, the loans were initially announced for taught courses. They’ve since been expanded to include all Masters degrees – including research qualifications such as the MRes and MPhil.

The only restriction is that courses must be Masters-level. Higher level postgraduate research programmes such as the PhD (Doctor of Philosophy) aren’t covered by Masters loans – and nor are MPhil (Master of Philosophy) degrees that form part of a longer PhD.

That’s just for now though. From 2018, separate PhD loans will already be in place.

This one may seem pretty obvious, but it’s still worth taking a moment to clarify. Provided you’re a UK citizen, your eligibility for a postgraduate loan is based on your residency. Specifically, you need to have most recently lived in England.

It doesn’t matter where you’re from, where your parents live or what national sports team you support. And the Student Loans Company won’t be checking your accent when you apply.

So long as you’re normally resident in England (not just as a student) and have lived in the UK for at least three years, you’ll be eligible.

We’ve covered residency criteria in more detail in our postgraduate loans guide that we mentioned earlier.

Other parts of the UK don’t have loans in place for 2016, but that doesn’t mean they won’t offer them in future.

In fact, Northern Ireland has already confirmed postgraduate loans for 2017. Meanwhile, Scotland is considering loan proposals, whilst Wales is reviewing postgraduate funding for its own students.

Students living outside England may need to be patient, but postgraduate loans will hopefully become a reality across the UK in the next few years.

And you can bet that I’ll be keeping an eye out in the meantime. Even if it means reading more exciting policy documents.*

*It will. It absolutely will mean reading more exciting policy documents.

Three months ago the postgraduate loans were one of the most exciting changes on the way for UK higher education.

Since then we’ve had the EU referendum result, a new government and a set of higher education reforms making their way through parliament.

You can learn more about what these mean for postgraduates by clicking the links above.

But you don’t have to. Not if all you’re concerned about is your eligibility for a loan to begin a Masters from 2016:

• Brexit won’t take place until at least 2018 and loans are available to EU students in the meantime.
• The new government won’t be revoking the loans. They’re already policy and the new education secretary has already celebrated them in parliament.
• The new higher education bill doesn’t change postgraduate student loans.

If you want to study a Masters next year and you’re eligible for a loan, you will be able to apply for one. And you can start now.