Postgraduate Masters Loan

A Postgraduate Master’s Loan can help with course fees and living costs while you study a postgraduate master’s course.



Postgraduate Master's Loan

Students living in the UK can apply for a Postgraduate Master's Loan. This funding can help with your course fees and/or living costs while studying for a master's degree, such as an MA or MSc. It is a fixed,non means tested amount payable over the duration of your course.


Funding for postgraduate loans is different depending on where in the UK you normally live. Moving somewhere to study does not count as normally living there.


If you live in England, your application will be assessed by Student Finance England. Find the loan eligibility criteria on the website.


If you live in Wales, your application will be assessed by Student Finance Wales. Find the loan eligibility criteria on the Student Finance Wales website.

Northern Ireland

If you live in Northern Ireland, you can check your eligibility on the Student Finance NI website.


The Student Awards Agency for Scotland will ordinarily only fund students from Scotland to study at an institution in Scotland. In exceptional circumstances, they may fund study outside Scotland if the course is not available in Scotland. Further information is available on the Student Awards Agency for Scotland website.

European Union

From 2021/22 the eligibility rules for home fee status are changing for some EU Students. The rules are extremely complex and EU students should check their eligibility before enrolling on a post graduate course.

Please refer to the UK Government website to see how this change affects you at :

Where EU students are not eligible for home fees, they will be required to pay international fees.



Interrupting or withdrawing from your PG course

Please contact UPSU Advice Centre if you are looking to interrupt or change your PG course as the regulations differ from undergraduate funding.


How much can I borrow?

For 2022/23, you can borrow:

  • Student Finance England: up to £11,836 which is paid directly to you. It's your choice how much to borrow and whether to use the loan for tuition fees, living costs or other costs.

You will receive the first payment after your course start date, once your university or college confirms that you have registered. The loan will be paid in three instalments throughout the academic year (if your course duration is one year).

You can request a change in the amount of your loan up to one month before your course end date.

How to apply

You can apply online at:

If you've received funding for your undergraduate study, you should apply to the same funding provider and you can use the same account to apply for the PG Loan. If you haven't previously applied for funding, you should apply to the funding body where you normally live.

You can apply for the loan up to nine months after the start date of your course. If the course lasts two years or more, you can apply for the loan up to nine months after the start date of your second academic year.


Postgraduate loans will be repaid at the same time and using the same method as undergraduate loans.

The repayment rate for your postgraduate loan will be 6% of the amount you earn above £21,000 per year. If you also have a loan for your undergraduate study, you will repay this at the same time once you have exceeded the income threshold.

Loans will usually start to be repaid from the April after your course ends, once you are earning over £21,000 per year, similar to the undergraduate loan scheme. You will be charged interest from the day you get the first payment until your loan is repaid in full or cancelled.

The rate for RPI is reviewed annually. For the most recent information regarding interest rates, see the Student Loan Repayment website.


Page last updated March 2022