Postgraduate masters loans
Home fee-paying students could qualify for a postgraduate masters loan to help fund your studies, including fees and the cost of living.
Key points
- Loans are available to home fee-paying students studying eligible masters courses.
- The amount you’ll get is not based on your income or your family’s.
- The majority of masters courses are eligible, but there are some exceptions.
The information on this page relates to the academic year 2024-2025 for Student Finance England.
Students from the devolved nations can find out more information from the websites below:
Wales - Student Finance Wales
Northern Ireland - Student Finance Northern Ireland
Scotland - Student Awards Agency Scotland
How much can I borrow?
If you are starting your course in the academic year 2024-2025, you can borrow up to £12,471.
A lower amount of loan is available if you are already registered on a course:
| Course start date | Maximum loan available |
|---|---|
| Between 1 August 2023 and 31 July 2024 | £12,167 |
|
Between 1 August 2022 and 31 July 2023 |
£11,836 |
| Between 1 August 2021 and 31 July 2022 | £11,570 |
| Between 1 August 2020 and 31 July 2021 | £11,222 |
The loan is intended to be a contribution towards the costs of studying a postgraduate masters course.
How will the loan be paid?
The Student Loans Company will pay your loan directly to you in three instalments per year of study. Each year’s amount will be paid in three instalments of 33%, 33%, and 34%.
If your course lasts for more than a year, the loan will be divided equally across each year of your course.
After your application has been approved, you’ll be sent a letter with your payment dates. You can also check them in your online account.
Can the loan be used to pay tuition fees in instalments?
As part of the registration process, you can decide to pay your fees in three instalments across the year.
For more information about paying your tuition fees as a postgraduate taught student, please visit our web pages:
Tuition fees for postgraduate taught home fee-paying students
Which courses are eligible?
Your course must be worth at least 180 credits at an eligible university or college in the UK. If you're not sure whether your course is eligible, you should contact the Student Fees team.
Examples of postgraduate masters qualifications include:
- MSc (master of science)
- MA (master of arts)
- MPhil (master of philosophy)
- MRes (master of research)
- LLM (master of law)
- MLitt (master of letters)
- MFA (master of fine art)
- MEd (master of education)
- MBA (master of business administration)
Courses can be full-time (lasting 1 or 2 academic years) or part-time (lasting 2 to 4 academic years - no more than twice the length of the equivalent full-time course).
Masters courses that are currently funded by the undergraduate support system, such as integrated masters and Masters of Architecture, will not be eligible. Neither will other postgraduate qualifications that do not result in a masters qualification, such as a postgraduate diploma.
For more information about eligibility, please visit the government website:
When can I apply for a postgraduate loan?
Applications usually open in the May or June before you start your course.
You only need to apply once for a postgraduate masters loan for your course.
The deadline for a one year course is nine months after the first day of your academic year. For courses longer than this, the deadline is nine months after the first day of the final academic year of the course.
Repayments
When will I pay my loan back?
Loan repayments will commence from the April after course completion and when your income is over the threshold set by the government: this is currently £21,000 a year.
Your repayments automatically stop if you stop working or your income goes below the threshold.
How much will the repayments be?
How much you repay depends on your income. You’ll repay a percentage of your income over the threshold (currently £21,000).
The masters loan repayment will be calculated at 6% of income above the threshold.
Repayments will be made concurrently alongside repayment of any outstanding undergraduate student loan.
You can choose to make extra repayments towards your student loan. You can find out more information on the government website:
What about the interest rate?
The loan's interest will be calculated at the Retail Price Index (RPI) + 3%. This interest will accrue from the date the first loan instalment is paid.
You can find out more information about how the interest is calculated on the government web pages:
Frequently Asked Questions (FAQs)
You must be under 60 on the first day of the first academic year of your course.
The academic year is a period of 12 months starting on:
- 1 September, if your course starts between 1 August and 31 December
- 1 January, if your course starts between 1 January and 31 March
- 1 April, if your course starts between 1 April and 30 June
- 1 July, if your course starts between 1 July and 31 July
You will not be able to get a postgraduate masters loan if you already have a master’s degree, or a qualification that’s equivalent or higher.
For more details about eligibility, please visit the government website:
Yes, part-time courses may be eligible. Your course can last 1 or 2 academic years - no more than twice the length of the equivalent full-time course - or up to 3 years where no equivalent full-time course exists.
For more details about eligibility, please visit the government website:
If your course lasts for more than a year, the loan will be divided equally across each year of your course.
Courses with a flexible duration may or may not be eligible depending on a number of criteria.
For more details about eligibility, please visit the government website:
If you are considering studying a course that can be completed in 2, 3, or 4 years, you can contact the Student Fees team to confirm whether you are eligible to apply for a masters loan.
For information about the distance learning courses available, please find more details on our web pages:
Postgraduate distance learning
You can qualify for a loan if you undertaking distance learning, depending on whether you meet the relevant criteria. For more details about eligibility, please visit the government website:
No, you cannot use the loan to study a course in another country.
For more details about eligibility, please visit the government website:
You cannot get a postgraduate masters loan if you:
- Are eligible for an NHS bursary
- Get a Social Work Bursary - unless you only get a Placement Travel Allowance
The exception to this is the Masters Degree in Physician Associate Studies.
For more information, please visit our web pages:
For more details about eligibility, please visit the government website:
Repeat years of study will generally not be funded (even where a previous postgraduate course was not completed, or less than the maximum loan amount was requested).
A repeat year will only be funded where there is proof of compelling personal reasons for repeating an academic year. Please visit the government web page about returning to university or repeating a year for more information:
Whether you qualify for a loan depends on your nationality or residency status.
For more details about eligibility, please visit the government website:
If you have already received a postgraduate loan for a masters course, you will not be eligible for repeat funding (even where you haven't completed the course), unless you have compelling personal reasons for receiving repeat funding for a year of study.
Please visit the government web page about returning to university or repeating a year for more information:
The Department for Work and Pensions (DWP) may take account of the loan when working out any benefits you receive.
If you would like further guidance on the loan's impact on your benefits, you can contact the Student Advice Centre in the Students' Union:
Your postgraduate loan will be written off 30 years after the April you were first due to repay.
Contact
If you have any questions about the postgraduate masters loan, please contact funding@sheffield.ac.uk.