Yes. Postgraduate loans and professional and career development loans are available to you.
The Government recently introduced postgraduate loans to help cover the cost of tuition fees. You can apply for a non-means tested tuition fee loan of up to £10,000.
Find out more about postgraduate tuition fee loans.
Criteria and details:
- You can apply for a non-means tested tuition fee loan of up to £10,000.
- These loans are only available to those under 60 years of age.
- Eligible courses will award a full Masters qualification and typically involve 180 credits.
- These may be taught, research, distance learning or professional Masters courses across all disciplines.
- Students studying part-time postgraduate courses at a minimum of 50% intensity of full-time study will also be eligible.
- Masters loans are available to EU students who have been a resident in the EU for at least three years prior to the course start date. The specific criteria for EU students’ eligibility is available in the Education (Student Support) Regulations 2011, specifically Part 2, Schedule 1.
- Masters loans are not available to international students.
- Loans will be repaid as 6% of income above a threshold of £21,000. The new loan scheme will be administered by the Student Loans Company (SLC) on behalf of the Department for Business Innovation & Skills (BIS).
- The income repayment threshold of £21,000 will be frozen until 2021.
- Normally borrowers will be liable to repay the loan from the April after completion of the course - April 2018 at the earliest. However, to allow the Student Loans Company and HMRC to develop the new Masters loan product, repayments will commence from April 2019.
- Repayments will be made concurrently alongside any outstanding undergraduate student loan repayments.
- Borrowers are charged interest at RPI+3%.
- Any outstanding Masters loan will be written off after 30 years from the date at which the interest started accruing.
- If you already hold a postgraduate Masters qualification (including an Integrated Masters qualification such as Mpharm), you will not be eligible for the new Masters loan.
For further information and to apply, visit the gov.uk website.
Professional and career development loans (PCDLs)
PCDLs allow you to borrow between £300 and £10,000 to help you pay for your course and training. The bank loans are offered at a reduce interest rate and the government pays the interest while you’re studying.
Find out more about professional and career development loans.