The loan will be paid by the Student Loans Company to you personally

You could use in the event that you want to learn some other place in britain.

You may additionally be qualified if:

  • You are an EU or EEA national, you have resided into the EU, EEA or Switzerland for at the least 3 years, and you should learn at a north Irish college.
  • You are a British nationwide who is been surviving in the EU (if perhaps you were located in Northern Ireland just before relocated), you have resided into the EU for the last 36 months and you will are now living in Northern Ireland if your program begins.

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Disabled pupils’ Allowances (DSAs): If you may need assistance with costs you need to spend in terms of your program because of a impairment, long-lasting health issue, psychological state condition or specific learning trouble, then DSAs makes it possible to.

You should not spend them straight back. The amounts you will get vary between areas – this is what you might qualify for in England, Scotland (downloads a pdf), Wales and Northern Ireland.

If you are a pre-registration that is postgraduate pupil: you might be qualified to make an application for a moment undergraduate loan as opposed to the Master’s loan if you’re enrolled on a single regarding the qualifying courses. You will repay both your loans at a rate that is consolidated of% over the earnings limit.

You are permitted to borrow up to ?10,906 for your master’s, regardless if your program expenses less

Simply how much you may get is determined by once you started your program:

Beginning on or after 1 Aug 2019: You could get up to ?10,906.

Started between 1 Aug 2018 and 31 July 2019: you may get up to ?10,609.

Started between 1 Aug 2017 and 31 July 2018: you will get up to ?10,280.

You will get the most loan quantity whether or not your program is finished twelve months, or perhaps a quantity. The loan will be divided equally across each year in the event your course persists longer than the usual 12 months.

In case your program costs a lot more than the utmost loan quantity, you need to fund the others your self.

You can easily select simply how much you intend to borrow. It isn’t dependent upon your earnings or the course costs. Then you don’t have to take it if you don’t want a loan.

KEY TIP: You don’t need to determine in the beginning – you can easily enhance your borrowing as much as the utmost until a before your course ends month.

The Student Loans Company will directly pay the loan for you, to not the college

Unlike undergraduate loans where in fact the scholar Loans Company (SLC) pays the college the tuition charges straight, for master’s courses the funds is compensated for your requirements. In the event that you change program throughout the 12 months to 1 that isn’t entitled to the mortgage, or perhaps you leave through the year, you will not get the final loan repayments. You will nevertheless need certainly to repay everything you have obtained.

In case the program begins on or after 1 August 2019, your loan is split similarly across each year of one’s program, if you make an application for the total ?10,906 and you also’re for a course that is two-year you’ll get ?5,453 per year.

The timing for the payments differs depending on course size: – One-year master’s: It really is compensated in three instalments. You’ll receive the very first repayment whenever the college verifies your positioning into the SLC, and you should have the other two repayments throughout the 12 months.

– two-year master that is: the amount of money will soon be split similarly across every year of one’s program, when you submit an application for the entire ?10,906 and you also’re for a two-year program, you’ll get ?5,453 per year. It should be compensated in three instalments each year.

You are entitled to begin repaying within the April after graduation

The same as for undergraduate loans, you are qualified to begin repaying into the April after the end of this program. If you complete in June, it will likely be the next April.

Nevertheless, the very first repayments were not taken until April 2019 due to the way the system happens to be put up – therefore in the event that you began a one-year course in 2016, you’ll have had an additional 12 months without the need to spend.

You repay 6% of every thing attained above ?21,000 – earn less and you also do not repay

As soon as you’re entitled to begin repaying, you can expect to just actually repay if you should be making above ?1,750 a or ?404 per week – equivalent to ?21,000 a year (and this threshold is not set to rise until at the earliest 2021) month.

The quantity you repay for postgraduate loans is 6% of every thing above that, this is certainly less than undergraduate loans that are set at 9% over the limit.

Also if you have started repaying the mortgage in per year, then again lose your work and take a pay cut, your repayments drop appropriately.

Needless to say in the event that you never make over ?21,000 this means you would will never need to settle anything.

KEY TIP: earnings doesn’t mean money from just work or self-employment, in certain cases income from investment and cost savings count too, for those who have that, read these links.