Hey everyone!

So, without being too hasty and assuming you’ve all got plans on what it is you're doing after all the exams, handing in the final portfolio, or taking the essential ‘handing-in-dissertation-selfie’, here's some handy information on the new postgraduate funding loans!

This summer marks the beginning of a new era in student funding, and finally Master's students will be able to get student loans to support them whilst they are studying. The new scheme begins on 1st August 2016 so some of it is still a bit up in the air, but if you’re thinking of doing some postgrad study next year and are worrying about how to pay for it, this should hopefully help!

Who’s eligible?

Almost anyone who is eligible for undergrad funding is eligible for postgrad funding. You have to be a new starter (so not already on your Master's course) and under 60 before you start your course.

Your course should be a full Master's course (rather than say, a diploma), and for 1-2 years (up to 4 if you’re studying part time), and you need to be a UK national living in England.

How much can I get?

You can borrow up to £10,000. This should cover your course costs (the average Master's course costs £8,000) plus a bit towards your living costs. You don’t have to borrow the full amount if you don’t want to, but if your course costs more than £10,000, you’ll have to pay the rest yourself.

How does it work?

If you apply for a Master's loan, the money will be paid directly to you in instalments depending upon the length of your course. It’s basically just like the undergraduate student loans you're familiar with! You have to start repaying in the April after you’ve finished your course, with the first repayments not starting until April 2019 for those starting this year.

How do I pay it back?

The repayment rate is 6%, but you only have to repay 6% of what you earn over £21,000. If you don’t earn that much, you don’t pay anything back. It’s repaid through the tax system, so your repayments will be automatically taken through your salary (or self-assessed self-employed earnings). You will have to repay the debt until it’s paid back or for 30 years, whichever comes first.

I’ve already done my Master’s and am about to start a PhD; what help is there for me?

The Government is currently consulting on whether to make larger student loans available for PhD students, but these won’t come in until at least 2018. 

I’ve done the maths and I think I’m still going to struggle financially by doing some postgrad study. What should I do?

Just like at any point when you’re a student, if you’re having any financial concerns you should contact the SU’s Advice Centre up here on Floor 5.

So, how do I get the cash then?

You will have to hang on a bit, I’m afraid. Applications for the new postgrad funding are not open until 1 August 2016. You can find out more in the meantime at www.slc.co.uk

Good luck with the final few weeks of your study here at Huddersfield!

Thanks for reading and hope this helps :)

Alysia 

VP Wellbeing & Equalities