Postgraduate loans are now going to be offered to all Welsh masters students. In most cases, applicants must be ordinarily resident in Wales, although EU, EEA and Swiss residents studying in Wales may also be eligible. Welsh students will qualify for one of these postgraduate loans wherever in the UK they decide to study.Find your PERFECT POSTGRAD PROGRAM
Students will receive up to £10,280, with any student able to borrow the full amount. This mirrors the funding currently offered to English students. Money will be provided by the Student Loans Company, this is the same body that currently manages undergraduate loans in the UK. Postgraduate loans differ from undergraduate loans in that they're paid directly to the student. Though these loans will cover the fees for most masters courses, which are usually between £6,000 and £8,000, some courses are more expensive. Certain students will therefore have to find extra funding such as a Postgrad Solutions Study Bursary worth £500.
Applicants may be studying any masters degree course, provided it's a full-length degree and a postgraduate masters program (as opposed to a masters degree beginning at undergraduate level). The support is for new students only – their courses must begin after August 1st 2017. No loans will be offered to those completing other postgraduate qualifications such as a PhD.
Repayment terms will be similar to those for undergraduate loans. Graduates needn't repay anything until their income exceeds £21,000 a year, at which point 6% of their income will be deducted. If the full amount has not been repaid after 30 years, the remaining debt will be cancelled.
However, this new scheme is temporary – a new system is to be introduced at some point after 2017, which will offer a combination of grants and loans. Students will then be able to receive a maximum of £17,000 in financial support. Funding may also become available for PhD students. Funding for Welsh postgraduate students was previously difficult to come by. The new loans will open doors for students and make postgraduate education more accessible than ever before.Find your PERFECT POSTGRAD PROGRAM