Postgraduate study can be a costly business and many people have to take out a loan or two to cover their expenditure.
There are Government loans available for UK residents from all four nations of the United Kingdom, as in the UK postgraduate funding from the Government for masters level courses is dealt with differently depending on which
part of the UK you are resident in before you start your course.
Another option to consider alongside or instead of applying for a Government loan is a tailor-made postgraduate loan from Prodigy Finance – a private loans company that offers loans specifically to students which means they better understand the constraints and difficulties of student life. This results in more suitable terms and conditions for postgrad students.
In this blog we’ll take a look at how the funding amongst the four nations differs.
Students who are normally resident in England and starting their course in 2019-2020 can have a loan of up to £10,906 from Student Finance England. The loan is paid directly to the student and can be used for living costs or to pay tuition fees. If you are in receipt of any Government benefits, then you may find that your loan is included in any income you have for means-tested benefits. It doesn't matter how long the postgraduate course is as the loan amount is the same for all students. If your course is longer than a year, then the loan amount is split into equal parts and paid to you each year.
Postgraduate students who are resident in Scotland for the three years before they start their course can apply for two different loans through the Student Awards Agency Scotland. The tuition fee loan is up to £5,500 and is paid directly to the institution by the Government. There is no upper age limit for postgraduate students applying for the tuition fee loan. Like the postgraduate student loans in England, the total £5,500 is split equally across each year of your postgraduate course, if it is more than one year, so the total loan is the same for all postgraduate students. Full-time postgraduate students who are under the age of 60 on the first day of their course are eligible for a loan of up to £4,500 for living costs.
Welsh postgraduate students are able to apply to Student Finance Wales for up to £17,000 in a combination of loans and grants. The total amount of grant and loan you can receive is decided by an assessment of your household income. Postgraduate students whose income is less than £18,370 can apply for a grant of up to £6,885 and a loan of £10,115. Students whose household income is above £59,200 they can apply for a grant of £1,000 and a loan of £16,000. If your income is between £19,370 and £59,200, then you will qualify for a grant and a loan in between the two limits. Students must be over 60 on the first day of their course.
In Northern Ireland postgraduate students who are either citizens of the UK or the Republic of Ireland and have been resident for the last thee years are able to apply for funding through Student Finance Northern Ireland. There is only a tuition fee loan of up to £5,500 which is split equally across each year of your course if your masters level course takes more than one year and the loan is paid directly to your university. There is no upper age limit for the postgraduate student loan.
Postgraduate students on taught masters programs by nation in 2017-2018
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.