Postgraduate Funding In Wales
Postgraduate loans were introduced to all Welsh masters students in 2017. 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. This year the value of these loans have increased from £10,280 to £13,000.Find your PERFECT POSTGRAD PROGRAM
New Welsh Masters Funding 2018-19: At A Glance
Value of Loan
Students will receive up to £13,000, 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.
Who is Eligible?
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 2018. No loans will be offered to those completing other postgraduate qualifications such as a PhD.
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.
Temporary Loan Scheme
However, this new scheme is temporary – a new system is to be introduced at some point in 2019, which will offer a combination of grants and loans as a contribution to costs, rather than being specifically allocated to fees and maintenance. This will be a similar financial support package to that available to undergraduates. 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