Using a Masters Loan to fund your Postgraduate course

Date 5 October 2022

We’ll explain how postgraduate Student Finance works and how you can fund your Masters course.

Course Enquiries Team

About Postgraduate Loans

It’s an exciting time, considering postgraduate study, but it can take more thought and organisation than an undergraduate course as often work and life must fit in around it. However, there is help that may make the decision easier than you may have first thought.

Master’s students can now apply for a Postgraduate Loan of up to £11,836 from Student Finance England, terms and conditions apply. If you’re eligible and approved, the loan is paid directly to you, leaving you in control of how you use it, giving you the freedom to ensure your study fits into your life. You can apply for the maximum loan, even if your course costs less, which you’ll only need to start to repay if you earn enough once the course ends.


To be eligible you must be under 60, living in England and doing your first master’s course. Your course must be a full postgraduate master’s degree which can be full or part-time. The Government website has a full list of eligibility criteria.


Students can apply for up to the maximum amount of £11,836. The loan isn’t linked to tuition fees so you can borrow up to the maximum amount, regardless of how much your master’s degree costs. The remaining money can be used for accommodation, living expenses or other things-it’s up to you.

The loan is paid directly to you, not to the university. Payments are divided equally across all the academic years of your course and paid in three instalments per academic year, straight into your bank account. You can only have one postgraduate loan, but you can combine this support with other postgraduate funding.


The Master’s Loan is complementary to any undergraduate student loan you may have, only repaying when you’re earning over £21,000 a year.

You are eligible to start repaying in the April after graduation, from then you’ll repay 6% of earnings above £21,000, if you earn less you don’t repay. Payment is taken directly through company payroll, keeping it simple and no debt collectors involved. If you already have a previous undergraduate student loan you repay both, but they are kept separate.

Interest will be charged above inflation, the Government website can provide further details. After 30 years all and any remaining debt is wiped, postgraduate loans do not go on credit files.


A word of warning…as ever, do your homework. This is the information produced by the Government at the of time of publishing, but things can change.

Find further information regarding the loan on the Government website, you can also find contact details for Student Finance England, you can also view our postgraduate pages for more information on postgraduate study, as well as see what postgraduate courses we have available.

Please see our bursaries and scholarship pages for more information on what funding is available via UON.

Course Enquiries Team
Course Enquiries Team

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