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Masters Loans
Masters study is a fantastic investment in your future. Gaining a masters degree is a great way to further your career or even completely change career direction, and it is also a brilliant option for those seeking personal fulfilment or a new life challenge. However, if you want to study a masters degree program, you may well find that you need some help funding your postgraduate studies, and this is where postgraduate masters loans can come in handy.
If you are studying your masters degree in the United Kingdom and need some help funding your studies there are several options available to you. Postgraduate loans options options available to masters-level students include UK Government funding, private commercial loans and bank loans.
home nation status (England, Scotland, Wales or Northern Ireland), government loans provide non-means-tested support for tuition fees and/or living costs, with eligibility typically requiring UK residency, no prior masters degree and being aged under 60 years old at the start of the course. You can check full eligibility requirements on the government’s website.
This table shows the maximum amounts currently available to postgraduate students from the different nations in the UK for courses starting in the academic year 2025/26 (2026 entry).
|
Country |
Details |
|
England |
£12,858 combined loan for tuition fees and living costs |
|
Wales |
£19,255 combined loan for tuition fees and living costs |
|
Scotland |
£7,000 tuition fees loan |
|
Northern Ireland |
£6,500 tuition fees loan |
For students residing in England this figure is set to increase to £13,206 for the 2026–2027 academic year.
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Government masters loans in England
What students are eligible?
Students are eligible for a masters loan if they are usually resident in England and are studying a masters level course on a full-time or structured part-time basis in the UK. For distance learning programs, you must be resident in England for the entire duration of the course. All eligible students must be under the age of 60 on the first day of the course, regardless of study method. Those students who are serving in the armed forces or who are the partners or dependent children of someone in the armed forces do not need to be currently resident in England. You must not already hold a masters-level qualification (or equivalent/higher) or be in arrears with the Student Loans Company (SLC).
What courses qualify?
Any masters level course that is worth 180 credits which includes all types of MSc, MPhil, MLitt, MA, MBA and MRes courses. The subject of the course you are studying doesn't impact on the amount you are eligible for, but if you want more tailored information on studying a postgraduate law program we have the lowdown on law-specific loans. Courses that are integrated with an undergraduate degree or a PhD do not qualify for masters loans but may qualify for other Government loan programs. MArch, a Masters of Architecture, or an MEng, Masters of Engineering, tend to be included in the undergraduate course, so are part of undergraduate student loans rather than postgraduate funding. For health and social care students, you won’t be eligible for a Postgraduate Masters Loan if you are eligible for an NHS bursary, or you receive a Social Work Bursary – except in the case of you only receiving a Placement Travel Allowance.
Who should you apply to?
If you are a masters student resident in England you should apply to Student Finance England. The application is done online, and if you’ve already borrowed money for your undergraduate degree, then you use the same log in details. Alternatively, if you have problems using computers or cannot make an application online, there is an option to fill in a paper version or apply by telephone.
What about the repayments?
Interest accrues from the first payment, but repayments begin in the April after graduation (full time) or four years after start (part time), at 6% on income over £21,000 (frozen for 2026/27). You need to repay any amount you have borrowed from the Government, even if you do not complete your course. Repayments are collected via PAYE or self-assessment; no early repayment penalties. If you move abroad, then there are different, some lower some higher, limits to when you start your repayments.
Can the debt be cancelled?
The debt can be cancelled after 30 years if outstanding, or earlier due to disability/illness preventing work.
Government masters loans in Scotland
What students are eligible?
Students who are usually resident in Scotland can borrow money from the Government to assist with tuition fees and the cost of living while studying. Students who have already completed a masters-level course in the UK or Europe do not qualify for funding. For those students applying for the tuition fees loan there is no upper age limit, but for those applying for the living costs loan the upper age limit is 60 years old on the first day of your course.
What courses qualify?
Similarly to masters funding in England, to get funding when normally residing in Scotland students must be studying a recognised masters program of 180 credits on a full-time or structured part-time basis. This includes all types of MSc, MPhil, MLitt, MA, MBA and MRes courses.
Who should you apply to?
Government loans applications for students who are normally resident in Scotland should direct their application to an organisation in Scotland called the Student Awards Agency Scotland. All students who normally resident in Scotland will use this agency to apply online.
What about the repayments?
In Scotland, most loans are a Plan 4 loan. This means repayments start once you earn over £32,745 (for 2025/26), at 9% above that. Otherwise, the repayments are just the same as England, Wales and Northern Ireland. The current rate of interest for a Plan 4 postgraduate loan is 3.2%.
Can the debt be cancelled?
Yes, for Plan 4 loans the outstanding debt will be written off 30 years after the April you were due to repay.
Government masters loans in Wales
What students are eligible?
Students who are usually resident in Wales and will be under 60 years old on the first day of their course are eligible for Welsh Government funding. You must be studying your first masters-level course and not have received funding from a UK or EU Government for postgraduate studying before.
What courses qualify?
Any full-time or structured part-time course that is at the masters level of 180 credits either on-campus or distance learning online, however any distance learning course must be based in the UK. Therefore, this includes all types of MSc, MPhil, MLitt, MA, MBA and MRes courses.
Who should you apply to?
Students who are resident in Wales can apply for masters loans online to Student Finance Wales.
What about the repayments?
Just like England, repayments start the April after you graduate at 6% of your earned income above the earnings limit which is currently £21,000 before tax and deductions.
Can the debt be cancelled?
Again, just like masters loans in England, the outstanding debt will be written off after 30 years.
Government masters loans in Northern Ireland
What students are eligible?
Any UK citizen or national of the Republic of Ireland who has been resident in Northern Ireland for three years before your course starts are eligible for Government student loans. The course must be the first masters level course that the student has studied either within the UK or the EU.
What courses qualify?
Similarly to England, Wales and Scotland, masters courses must be full-time or a structured part-time course over two or three years and at the masters levels worth 180 credits. This includes all types of MSc, MPhil, MLitt, MA, MBA and MRes courses. Distance learning online and on-campus courses are both qualify, but they must be based in the UK or the Republic of Ireland.
Who should you apply to?
If you want to apply for a Government masters loan and normally reside in Northern Ireland you should apply to Student Finance Northern Ireland. Students can apply online or via a printed form.
What about the repayments?
Students start repaying their loans once they earn over £25,000 per year before tax and deductions (for Plan 4 loans) up to £32,745 (for Plan 4 loans) from the April after they have graduated. Repayments are deducted at 6% of earned income over the threshold paid through the tax system.
Can the debt be cancelled?
Yes, the debt can be cancelled after 30 years from the first day of your course.
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What about private loans?
There are a few private loans companies that work with masters-level students to provide loans to cover fees and even living expenses. We recommend thoroughly researching all your options before making a commitment.
Can you get bank loans as a masters student?
Traditional high street banks in the UK offer personal loans, but not specific student loans due to the UK Government's provision in loans to postgraduate students.
What about international students in the UK?
EU/EEA/Swiss nationals with settled/pre-settled status may access loans if meeting residency rules. Students from outside the EU/EEA do not meet the necessary residency requirements and should look at other avenues of funding such as scholarships, loans from their home nations, and of course they can apply for commercial private loans.
Masters loans repayments at a glance
Whatever masters loan you opt for to help fund your studies, you need to make sure you can keep on top of the masters loans repayments. Postgraduate government loans all repay at 6% above £21,000 (2026/27 threshold).
|
Agency |
Repayment terms |
|
Student Finance England |
Repayments begin in the April after graduation (full-time) or four years after start (part-time), at 6% on income over £21,000 (frozen for 2026/27). |
|
Student Awards Agency Scotland |
On a Plan 4 loan repayments start once you earn over £32,745 (for 2025/26), at 9% above that. |
|
Student Finance Wales |
Repayments start the April after you graduate at 6% of your earned income above £21,000. |
|
Student Finance Northern Ireland |
Repayments being in the April after graduation once you earn over £25,000 (for Plan 4 loans) up to £32,745 (for Plan 4 loans) at 6% of earned income over the threshold. |
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We have compiled answers to frequently asked questions about UK masters loans. If you still have any unanswered questions about masters loans please email us and we will do our best to help.
What courses qualify for a UK Government masters loan?
The masters loan is available for all types of masters program, including MSc, MPhil, MLitt, MA and MRes courses.
Are UK Government masters loans means-tested?
No – all that matters is that you and your masters course are eligible for the loan, your income and savings do not affect your eligibility.
Can I apply for a UK Government masters loan if I’ve lived outside the UK in the last three years?
No – to apply for a loan as a UK student you must have lived in the UK for three years prior to your masters course. You can have travelled from the UK for holidays or periods of temporary absence during these three years, but you shouldn’t have become ordinarily resident in another country.
Will my credit history be checked?
Your personal credit rating and existing debts won’t matter for UK Government masters loans unless you are in arrears with the Student Loans Company. Your credit history will usually be checked with private funding companies like Prodigy Finance and Lendwise.
Can I get a masters loan whilst working?
Yes – you can have a job during your masters studies and still access UK Government masters student finance. You will also be able to apply for a private loan from companies like Prodigy Finance and Lendwise if studying your masters whilst working.
Can I apply for a second UK Government masters loan?
No – you can’t apply for a second masters loan if you have already had one for a previous masters course.
Can I get a UK Government masters loan if I already have a masters degree?
No – UK Government masters loans are only available to people who do not have existing masters-level qualifications (or higher).
Can I apply for a UK Government masters loan if I already have a Postgraduate Certificate or Postgraduate Diploma?
Yes – you can apply for a loan for a masters degree if you already have a PG qualification below masters level, such as a PGCert or PGDip.
Can I apply for a UK Government masters loan if I already have a PGCE?
Yes – you can still apply for a masters loan if you already have a PGCE.
Can I get a UK Government masters loan if I already have a PhD?
No – you can’t apply for a loan if you already hold a PhD (or other doctorate), they are only available if you don’t already have existing qualifications at masters level or higher.
Will I still receive Disabled Students’ Allowance if I have a masters/MBA loan?
Yes – payments and eligibility for Disabled Students’ Allowance (DSA) are separate from postgraduate loans.
When will I have to start making my masters loan repayments?
Your loan repayments will depend on what home nation or private company you got your loan from as the table above illustrates.
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