Postgraduate loan

The Postgraduate Loan is available if you are studying a taught postgraduate course (full-time, part-time or distance learning), including Master's by Research, at a UK university (including institutions in Scotland, Wales and Northern Ireland). All of the following must be true:

• you’re a UK national or Irish citizen or have settled or pre-settled status under the EU Settlement Scheme or indefinite leave to remain so there are no restrictions on how long you can stay
• you normally live in England
• you’ve been living in the UK, the Channel Islands or the Isle of Man for three continuous years before the first day of your course
• you are under the age of 60 on the first day of the first academic year of your course.

You might also be eligible if you’re a UK national (or family member of a UK national) and you’ve been living in the UK, the EU, Gibraltar, Switzerland, Norway, Iceland or Liechtenstein for the past 3 years. To be eligible, you must have either:

• returned to the UK on or after 1 January 2018 and by 31 December 2020 after living in the EU, Switzerland, Norway, Iceland or Liechtenstein
• been living in the EU, Switzerland, Norway, Iceland or Liechtenstein on 31 December 2020.

You may be eligible if you’re an EU national, or a family member of an EU national.

If you have previously been awarded a Postgraduate Loan, you will in most circumstances not be eligible for another Postgraduate Loan for a new course, even where you only received part payment of the loan.

However, if you were awarded a Postgraduate Loan for a previous course, but did not achieve the qualification due to compelling personal reasons, you may be eligible for a repeat year of Postgraduate Loan funding.

See the gov.uk website for full eligibility criteria

• Master's courses in all disciplines and subject areas, including Master's by Research (MRes), will be covered by the postgraduate loan scheme - it is intended for full Master's study, typically 180 credits and including a dissertation or equivalent level project
• Postgraduate Diploma (PGDip), and Postgraduate Certificate (PGCert) courses are not eligible for this funding. Applicants who are funding their studies in part by the Student Loans Company postgraduate loan must commit to the full Master's course from the outset with the intention of completing the course in full
• Law courses such as Postgraduate Diploma (PGDip), and Postgraduate Certificate (PGCert), including the Legal Practice Course (LPC), Graduate Diploma in Law (GDL) and Common Professional Examination (CPE) are not eligible for this funding
• Short Courses (also known as Continuing Professional Development courses) such as the Media & Communication or Health & Social Care units are not eligible for this funding
• Integrated Master's degrees are not eligible for this loan as they are usually eligible for undergraduate loans
• Students who meet the residency criteria must be resident in England on the first day of distance learning courses to be eligible for funding
• Part-time courses must have a minimum average intensity of 50% (i.e. a one-year equivalent course, delivered over two years, or a two-year equivalent course over three or four years) to be eligible for funding
• Funding for part-time courses, including those with a placement year will be awarded on a pro-rata basis, with 50% of funding in the first two years.
• A separate loan scheme is available for research degrees and PhDs, up to £28,673 for 2023/24 entry.

See the gov.uk website for full eligibility criteria

Payments will be released following receipt of confirmation from BU that you are in study and on track to complete the course within the specified course duration. This must be confirmed at the start of each academic year of the course.

The postgraduate loan will be paid directly to you in three instalments per academic year. You would receive the first payment after your course start date, once we confirm that you have registered. Each year's amount will be paid in three instalments of 33%, 33% and 34%. The instalments will be paid into a UK bank account, scheduled as follows:

Payment 1: Course start date as advised by the HE Provider
Payment 2: 4 months after the course start month (last Wed of month)
Payment 3: 7 months after the course start month (last Wed of month)

• The postgraduate loans will be repaid under income contingent repayment terms. These terms differ from those that apply to undergraduate student loans
• Interest will accrue at a rate of RPI +3% on all outstanding postgraduate loan balances
• The repayment due date for postgraduate loan balances will be 6 April following the academic year in which the course is completed. 
• Voluntary repayments can be made at any time without penalty
• The UK repayment threshold is currently £21,000. The equivalent monthly threshold is £1,750 and the weekly threshold is £404. Those who are repaying from overseas will have a threshold applied which is based on the cost of living in their country of residence. Repayments from overseas students will be made directly to the Student Loans Company. Any future changes to the thresholds will be confirmed by the Student Loans Company in due course
• The repayment amount will be 6% of income above the relevant threshold. Repayments will be made concurrently with any other student loan repayments due, i.e. borrowers repaying both an undergraduate and postgraduate loan will have a 15% total deduction taken from their salary
• Borrowers may switch to direct debit repayments when they are scheduled to repay in full within two years.
• Write off of any outstanding balance will take place on the 30th anniversary of the date that the loan becomes due for repayment
• You can find out more about the repayment, and how this works alongside your earnings, tax and national insurance contributions on the FindAMasters website.

Head to the gov.uk website to find out more and apply.

There are lots of options for you to consider for your postgraduate funding. Students may find funding in other areas, such as employment contributions, Disabled Students' Allowances and funds from other charities and organisations. Read our funding guide.

• We currently offer a range of discounts and scholarships to support postgraduate students, including a 20% discount for BU graduates and an automatic scholarship from £2,000 when you achieve 2:1 and above. You can read full details of these and terms and eligibility criteria on our funding pages
• Our scholarships and discounts remain subject to change at any time. You can keep up to date on our funding pages.

The Postgraduate Loan is paid directly to you, and you are able to decide where you want to use the funding, although it may or may not cover all your study and living costs.

The cost of our taught full-time Master's courses vary. You may be eligible for scholarships or discounts which will reduce the fee you have to pay. Our accommodation costs also vary, as you may decide to live in a shared flat, studio flat or rent in the private sector. 

You can find full details of course costs, duration and entry requirements on our Course pages.