Master’s (MA) Students can apply for a postgraduate loan of up to £10,906 to help with tuition, equipment and living costs whilst studying their degree. Loans are not based on income or means tested and most students in England & Wales will qualify. (N. Ireland & Scotland have different eligibility). Repayments only start after you complete your degree—but if you earn less than £21,000 per year you will not have to repay.
Your loan will be paid directly into your bank account with the first payment being made after the University has confirmed you have started your course. The loan will be divided equally across each year of your course so it is important when applying for your loan that you have thought about how quickly or slowly you are likely to progress. Loans for the NDA Master’s course are available over 2 or 3 years. You should opt for the one that most accurately reflects your intentions at the start of the course; this can be adjusted during your course if your pace of study is faster or slower than originally planned.
|What?||Student loans for postgraduate Masters degrees in all subjects, available for full-time, part-time and distance learning courses.|
|How much?||Up to £10,906 for students starting on or after 1st August 2019.|
|Who?||UK, EEA and Swiss nationals resident in England or Wales (N.Ireland & Scotland has different eligibility).|
|Where?||Any UK university or partner.|
|Repayment?||6% of income over £21,000 per year, commencing from April following completion. Interest charged at RPI+3%.|
|Restrictions?||Applicants must be under 60 on commencement, without existing qualifications at Masters-level or above.|
For more information see Martin Lewis’ excellent Guide to Part Time Student Loans at the Money Saving Expert website, or see the article on the Money Saving Expert website.
You can also visit the Student Finance England website—although the information is not all in one place and you will have to click onto different sections of the website. For your convenience here is a link to the loans guide from Student Finance England.
Student finance eligibility is different if you live in Wales, Scotland and Northern Ireland: