Postgraduate financing is at the top of most students’ to-do lists, and there are lots of ways to find cash to help you fund your postgrad program. Once you've worked out how much it will cost to study and applied for grants and bursaries, including a Postgrad Solutions Study Bursary, another place to check for funding in the UK is with the Government for a Postgraduate Student Loan.
Funding for university courses in the UK is dealt with by each of the four nations of the UK separately, so the funding available and the regulations differ between England, Wales, Scotland and Northern Ireland. In all parts of the UK, the Government will only offer loans for the first masters level course that you take and the total amount of loan is the same regardless of the length of the course. Students who are undertaking a PGCE or a PhD have different student financing options available compared to those who are starting a masters course.
And don’t forget if you need more help funding your postgraduate program Prodigy Finance offers tailor-made loans specifically tailored at postgraduate students by assessing the students' future earning potential based on past achievements to determine individual loan affordability. Find out more here.
If you are starting your postgraduate course after August 2018, then you will be entitled to apply for UK Government Loan of £10,609. You only qualify for a postgraduate loan in England if you have not received funding from the Government for an undergraduate degree in the same academic year. Students must be under 60 years of age and repayment starts once you are earning over £21,000 per year. The application is straightforward, especially if you have applied to England Student Finance before and you can apply online or by post. The deadline for an application depends on the dates of your masters course, and you must apply at some point during the nine-month academic year of your postgraduate course.
Student Finance Wales is the Welsh Government's student loans agency and the total amount available for postgraduate study is £10,280 and the repayment doesn't start until you're earning over £21,000 per year. The application is easy and is done through Student Finance Wales. Unlike your undergraduate student loans, you only need to apply once even if your course is over several years.
Postgraduate loans in Scotland are managed by the Student Awards Agency Scotland (SAAS). Students can apply for up to £5,500 for payment towards tuition fees and only full-time students can apply for a further £4,500 to help with living costs. In Scotland, you repay the loan once you're earning over £17,775 per year. Your application is through the SAAS and can be done online or by post. If you wish to receive your loan in September, then you must apply to the SAAS by the end of June before you start your course. Applications for loans end in the March of that academic year, so if you start in September 2018 then you must apply by the 31st of March 2019 if you wish to receive funding for that year.
Student Finance NI is the Northern Irish student financing body and offers a loan of up to £5,500 to cover the cost of postgraduate tuition fees. Repayment of your postgraduate student loan begins once you are earning £17,775 per year. The Northern Irish Government will also pay the interest, while you are studying and for one month after you have finished studying, on a Professional and Career Development Loan from certain banks. Application for the loan for tuition fees is applied for through Student Finance NI and the Professional and Career Development Loan is applied for through the UK Government.
Please note that the information here does not constitute financial advice. Prodigy Finance is one of many potential funding options for international postgraduate students. Other student funding options are available and Postgrad.com advises you to research all your options thoroughly before making such a commitment. Postgrad.com accepts no responsibility for your choice of loan and does not endorse or support Prodigy Finance. Prodigy Finance Ltd is authorised and regulated by the Financial Conduct Authority, and entered on the Financial Services Register under firm registration number 612713.