Postgraduate Funding In Wales
Wales has introduced a new postgraduate funding system for 2019 and masters students are now able to claim up to £17,000 through a combination of loans and grants. Postgraduate students that normally live in Wales you can apply for this postgraduate funding to study anywhere in the UK, EU student can apply for funding to study in Wales. The funding is provided by Student Finance Wales on behalf of the Student Loans Company, and repayments do not start until you have graduated and earn over £21,000 a year.Find your PERFECT POSTGRAD PROGRAM
New Welsh Masters Funding 2019-20: At A Glance
Value Of Funding
Students beginning a masters degree program in the 2019-20 academic year could receive up to £17,000 towards tuition fees and living costs from a combination of a non-means-tested loan and a means-tested grant. The size of the grant (from £1,000-£6,651) depends on the household income and the remainder of the £17,000 will consist of a postgraduate loan of up to £16,000 from Student Finance Wales. Students who don’t want their household income to be taken into account, can choose to receive the £1,000 grant and the postgraduate loan of up to £16,000. Students can also choose how much of the postgraduate loan you’d like to request, as long as the total amount of funding including the grant is not more than £17,000. Certain students will have to find extra
Who Is Eligible?
Postgraduate funding in Wales is available to UK students who have lived in the UK, Channel Islands or Isle of Man for the past three years and are ordinarily resident in Wales (not just living there to go to university) and EU students who have lived in the EU (including the UK), EEA or Switzerland for the past three years. Applicants must also be under 60-years-old on the first day of the first academic year of the course and not already hold a masters degree. UK students who normally live in another part of the UK are unlikely to be eligible for Welsh Masters funding. Please check with Student Finance Wales for up-to-date information on eligibility.
How Are The Payments Made?
The money is paid to the student rather than the university in regular instalments for the duration of the course. The value of each instalment depends on how much loan is requested, how much the grant eligibility is for and how long the masters course is. If the masters course is longer than one year, the postgraduate funding will be divided across each year of the course.
What Are The Repayment Terms?
Repayment terms will be similar to those for undergraduate loans. Graduates needn't repay anything until their income exceeds £21,000 a year, £1,750 a month, or £404 a week, before tax and National Insurance, 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. The earliest you’ll start repaying your Postgraduate Loan is April 2019.
How To Apply
Applications for Welsh Masters Funding are open for masters degree courses beginning in the 2019-20 academic year. The easiest and quickest way to apply is online at www.studentfinancewales.co.uk/pgfinance although it’s also possible to apply via post. Go to Student Finance Wales for more information and to apply.Find your PERFECT POSTGRAD PROGRAM