Postgraduate Loans

Who can get a Postgraduate Loan?

You can apply for a Postgraduate Loan if you:

• are studying a taught or research Master's course - please visit www.gov.uk/masters-loan for further information. Please note that there is a separate Postgraduate Loan for the MPhil, PhD and DProf courses at Chester - visit www.gov.uk/doctoral-loan for further information.
• are under 60 years old at the start of the first academic year of their course, and
• normally live in England.

If you are studying full time, the course can last for one or two years. If you are studying part time, you can study for two years (for the equivalent one-year full-time course) or up to four years (for the equivalent two-year full-time course).

What can you get?

If your course started between 1st August 2022 and 31st July 2023, you can apply for a loan of up to £11,836 as a contribution towards your course and living costs, if your course starts on or after 1st August 2023 you can apply for a loan of up to £12,167. If your course is for two, three or four academic years, the loan will be divided equally across each year of your course. The loan will be paid into your bank account in three instalments during the academic year.

If you have a disability, including a mental-health condition or specific learning difficulty, such as dyslexia or dyspraxia, you might be able to get Disabled Students' Allowances (DSAs). These don't have to be paid back. 

When can you apply?

You can apply now for courses that start or started in the 2022 to 23 academic year. You’ll be able to apply for funding for the 2023 to 2024 academic year from May 2023.  For full details and to apply, please visit the GOV.UK website.

Will interest be charged on your loans?

Interest is charged from the day the first payment is made to you until the loan is repaid in full. Interest will be charged at the Retail Price Index (RPI) plus 3%.

How will you repay your loan?

You have to repay any loan you borrow, and interest will be charged from the day the first payment is made. Interest will be charged at the Retail Price Index (RPI) plus 3%. RPI is a measure of UK inflation and measures changes to the cost of living in the UK. 

Currently, you only start making repayments once your income is over the current threshold of £403 a week, £1,750 a month or £21,000 per year (before tax and other reductions). The threshold amounts change on 6 April every year. Repayments will be based on your income, not what you borrow.

You will need to start making repayments the April after you finish or leave your course. 

What if you already have a student loan?

If you've had other loans from the Student Loans Company for your undergraduate course, you'll also repay these loans. For example if you took a loan for your undergraduate course that started after 1st September 2012, you'll repay 9% of your income over £21,000 towards that loan and 6% of your Postgraduate Loan. So you'll repay 15% of your income over the threshold in total.

A student loan repayment will be taken even if you don't earn £21,000 in a year but exceed the weekly or monthly threshold at any time, for example if you work overtime or get a bonus.

Any loan remaining 30 years after you're due to start making repayments will be written off.

Further information

For further information about the loans and to apply please visit: www.gov.uk/postgraduate-loan.