The figuratively speaking Company can pay the mortgage for your requirements

You may use in the event that you plan to study elsewhere in the united kingdom.

You may be qualified if:

  • You are an EU or EEA national, you have resided within the EU, EEA or Switzerland for at the very least 36 months, and you will learn at a northern university that is irish.
  • You are a British nationwide who is been residing in the EU (if perhaps you were staying in Northern Ireland just before relocated), you have resided when you look at the EU for the last 36 months and you will inhabit Northern Ireland whenever your course begins.

Disabled pupils’ Allowances (DSAs): then DSAs can help you if you need help with costs you have to pay in relation to your course as the result of a disability, long-term health condition, mental health condition or specific learning difficulty.

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

If you should be a pre-registration that is postgraduate pupil: you will be entitled to make an application for a 2nd undergraduate loan rather than the Master’s loan if you should be enrolled on a single for the qualifying courses. You are going to 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, even though your program expenses less

Simply how much you could get hinges on whenever you began your program:

Starting on or after 1 Aug 2019: you will get as much as ?10,906.

Started between 1 Aug 2018 and 31 July 2019: You could get as much as ?10,609.

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

You will get the utmost loan quantity whether or not your course has ended 12 months, or even a quantity. The loan will be divided equally across each year in the event your program persists much longer than the usual year.

In the event the program costs significantly more than the most loan amount, you need to fund the others your self.

It is possible to select exactly how much you wish to borrow. It isn’t dependent up on your earnings or the program costs. Then you don’t have to take it if you don’t want a loan.

KEY TIP: You don’t need to determine from the beginning – you’ll raise your borrowing as much as the most until a thirty days before your course ends.

The Student Loans Company will spend the mortgage straight to you personally, to not ever the college

Unlike undergraduate loans where in fact the scholar Loans Company (SLC) will pay the college the tuition costs straight, for master’s courses the cash is compensated for you. In the event that you change course throughout the 12 months to 1 that isn’t entitled to the mortgage, or perhaps you leave through the 12 months, you will not have the last loan repayments. You will nevertheless want to repay that which you have obtained.

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

The timing associated with the repayments differs depending on course size: – One-year master’s: It really is compensated in three instalments. You’ll receive the payment that is first the college confirms your positioning to your SLC, and you will obtain the other two repayments throughout the 12 months.

– two-year master that is: the cash will undoubtedly be split similarly across every year of the program, if you make an application for the total ?10,906 and you also’re on a two-year course, you’ll get ?5,453 per year. It will likely be compensated in three instalments each year.

You are entitled to begin repaying when you look at the April after graduation

The same as for undergraduate loans, you are eligible to begin repaying into the April after the end for the course. If you complete in June, it will likely be listed here April.

But, the initial repayments just weren’t taken until April 2019 due to the way the system happens to be arranged – therefore you will have had an extra year without having to pay if you started a one-year course in 2016.

You repay 6% of every thing attained above ?21,000 – make less and also you never repay

When you’re entitled to begin repaying, you may just really repay if you should be making above ?1,750 a month or ?404 each week – equal to ?21,000 a year (and also this limit is certainly not set to increase until during the earliest 2021).

The quantity you repay for postgraduate loans is 6% of every thing above that, this might be lower 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 task and take a pay cut, your repayments drop appropriately.

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

KEY Suggestion: 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.