Postgraduate Loans: Your Questions, Answered

This is a blog about postgraduate loans for Masters degrees, but it begins by talking about trains. Bear with me. There will be a connection and we'll reach our destination soon (unlike some trains).

I have been on a lot of trains recently. In fact, by my reckoning, I'll have travelled just over 1,900 miles by rail during January and February. If I had five pounds for every one of those miles, I would have the equivalent of an English Masters loan. Sadly this is not how trains or Masters loans work, but it's a fun parallel.

I've been doing all of this travelling for our 2019 postgraduate study fairs, visiting Birmingham, London, Edinburgh, Liverpool, Sheffield and Southampton to talk to prospective students about Masters funding. Next week I'll be doing it in Bristol.

I enjoy these events a lot, though you may not be surprised to hear that this pleasure has very little to do with trains. Instead it's drawn from the opportunity to speak to the people who visit this website, read this blog or subscribe to our newsletter and to try to help with their questions. In the process I get to do something really useful: I get to learn what those questions are.

You see, as detailed as we make our online guides and FAQs, there's no substitute for hearing what prospective students (like you) are actually having trouble with when it comes to postgraduate student finance.

And it occurred to me (on a train) that it might actually be worth picking out some of the more common questions and answering them here. Because if the people coming to our study fairs have these queries, it stands to reason that other prospective students probably do too.

So here they are. Short, simple and quickfire. Far faster than a train.

Do I have to be accepted for a Masters course before I can apply for a loan?

No, though you will need to nominate an eligible Masters during your application.

When can I apply?

Applications for 2019-20 Masters loans should open in June / July this year.

Is the loan means tested?

No. (I told you these answers would be quick.)

Is the amount I can borrow linked to my fees?

No for English and Welsh loans; yes for Scottish and Northern Irish loans.

Can I borrow extra if I'm living and studying in London?

Unfortunately not. There's no 'London weighting' for the postgraduate loan.

Can I get a loan for a Masters by research?

Yes. (There was a longer answer here, but Scotland literally just added postgraduate loans for research Masters. So yes, now you can. Definitely.)

I've already had my maximum undergraduate loan allowance, can I still get a Masters loan?

Yes. They're different allowances. You can have a postgraduate loan for a separate Masters degree even if you've already used an extra year (or 'gift year') during your Bachelors studies.

How do I know which loan to apply for?

Nine times out of ten you'll apply for a loan from the country you lived in before you went to university. The golden rule being that living somewhere to study doesn't change your residency status. The exception is if you go to university in another part of the UK, carry on living there after you graduate and then decide you want to study a Masters. If in doubt, check your address history with student finance.

Can I combine the loan with a scholarship from my university?

Yes.

Will I be able to pay my fees on time?

Universities are used to students applying for courses with postgraduate loan funding. You should find that their fee payment schedule looks suspiciously similar to your loan payment schedule.

When does the interest start?

As soon as you receive your first loan instalment. (But it is written off after 30 years, along with the rest of your balance.)

Can I get a loan if I already have an integrated Masters?

Sadly not. You can't get a loan if you've already earned a Masters through a four-year integrated undergraduate degree (but see below). The exception is the Northern Irish postgraduate loan. All eligible (Northern Irish) students can have up to one of these.

What if my undergraduate degree 'automatically' awarded a Masters?

Some universities (Oxford, Cambridge and the 'Ancient' Scottish universities) award a Masters to their graduates after a year, without requiring any extra study. These 'conferred' degrees don't count as postgraduate qualifications. If you want to get a loan for a 'proper' Masters, you can.

Can I get a loan to study abroad?

You can't get a UK loan to study a full Masters abroad (you need to spend at least 50% of your course in the UK). You might be able to get an Erasmus Masters loan instead.

Can I get a student loan for a '1+3' programme?

Yes, but not a Masters loan. A 1+3 programme eventually becomes a PhD (after a Masters year) so you should apply for a PhD loan for that. You can't also get the Masters loan for your first year.

Something else?

These are far and away the most common postgraduate loan questions I've encountered over the past few weeks, but that doesn't make them exhaustive. If there's something else you wanted to ask, you might find it covered in our postgraduate loan guides and FAQs. You're also very welcome to come along and chat about it at Postgrad LIVE! Bristol.

Now, if you'll excuse me, I have another train to catch. . .