How much you can borrow

The loan is not means-tested.

For eligible students, the amount you can borrow varies depending on where you normally live in the UK . Moving somewhere to study does not count as normally living there.

For 2024/25:

• Students living in England, can borrow up to £12,471 (subject to government approval), paid directly to you. It's your choice how much to borrow and whether to use the loan for tuition fees, living costs or other costs.
• Students living in Wales can currently borrow up to £18,950, paid directly to you. It's your choice how much to borrow and whether to use the loan for tuition fees, living costs or other costs.
• Students living in Northern Ireland can currently borrow up to £6,500 (2023/24 figure), paid directly to your university or college to cover tuition fees. If your tuition fees are less than £6,500, Student Finance NI will lend you the lower amount. At the time of writing, the 2024/25 amount has not yet been announced.
• Students living in Scotland will be assessed by The SAAS will ordinarily only fund postgraduate students from Scotland to study at an institution in Scotland. In exceptional circumstances, they may fund study outside Scotland if the course is not available in Scotland.

If you are studying for two, three or four academic years, the loan will be divided equally across each year of your course. Studying part-time may affect your eligibility for funding. Contact your funding provider or speak to the Money Advice team for more information.

You will receive the first payment after your course start date, once your institution confirms that you have registered. The loan will be paid in three instalments throughout the academic year.

How to apply

Check your eligibility and apply online at:

• Student Finance England
• Student Finance Wales
• Student Finance NI
• Student Awards Agency for Scotland.

If you've received funding for your undergraduate study, you should apply to the same funding provider. You can use the same account to apply for the loan. If you haven't applied for funding before, you should apply to the funding body where you normally live.

You can apply for the loan up to nine months after the start date of your course. If the course lasts two years or more, you need to apply within 9 months of the first day of the last academic year of the course.

European Union

You may be eligible to apply for a Postgraduate Master's Loan if you meet certain criteria. Apply to the funder for the country where you studied your undergraduate degree.

If you studied outside of the UK, apply through Student Finance England.

Further details regarding eligibility can be found on the Gov.uk website.

Repayment

Postgraduate loans will be repaid at the same time and using the same method as undergraduate loans. You will be charged interest from the day you get the first payment until your loan is repaid in full or cancelled.

The amount which you repay depends on which repayment plan you are on and the level of your household income. 

Further details on the different repayment plans can be found on the GOV.UK website. 

Useful websites

• FindAMasters.com
• The Student Room website 
• SavetheStudent – Postgraduate loans in England
• SavetheStudent – Postgraduate loans in Wales
• SavetheStudent – Postgraduate loans in Northern Ireland
• SavetheStudent – Postgraduate loans in Scotland