New announcement on loans for postgraduate students
The Department of Business, Innovation and Skills (BIS) in England recently confirmed its commitment to providing loans for postgraduate master's degrees for the 2016/17 academic year.
Loans of up to £10,000 will be available to English domiciled students studying master's level courses at a UK university, including Swansea University.
- Borrow up to £10,000 towards the costs of postgraduate study, including tuition fees and living costs (paid directly to the student).
- Available to English domiciled students (this includes those currently studying in Wales).
- Available to students under the age of 60.
- Non means tested (not dependent on your family's income).
- Both taught and research master's courses are eligible, including MA, MSc, LLM, MRes, MA by Research, and MSc by Research courses.
- Available for full-time, part-time & distance learning master's programmes (eligible courses must be either 1 or 2 year full-time or 2 or 4 years part-time. Part-time must be a minimum of 50% intensity at the start of the course, compared to the duration of the equivalent full-time course per academic year).
Please note that Welsh, Scottish and Northern Irish domiciled students are not eligible for this loan scheme. The Welsh Government has yet to stipulate whether a similar system will be available to Welsh domiciled students.
Please check this website for further details as they become available, or contact the Money@Campuslife team for more information:
Tel: +44 (0)1792 606699
Professional and Career Development Loans (PCDLs) are offered by a small number of high street banks for students on taught master’s degrees. You may be able to borrow between £300 - £10,000 and the Government pays your interest while you study. Repayments begin once you have finished your course (usually after 1-2 months), so you need to be confident that you will be able to repay the loan. Applications need to be submitted to your chosen bank at least 3 months before your course starts.
To order an application pack or receive further advice/information please call the PCDL helpline on 0800 585 505 or visit the direct.gov website.
If you are advised by a bank or the National Careers Service that the degree you are interested in is not registered on the Professional Career Development Loan list please let us know by emailing StudentFinance@swansea.ac.uk. If the programme is eligible we will then arrange for it to be registered.
Student Funder will lend between £2,000 - £25,000 to postgraduate students who have been offered a place at a UK institution. This private company uses contributions from individual investors to offer deferred loans at a fixed interest rate of 7% (8.3% APR). There is an initial 4% charge for arranging a loan, after which monthly repayments remain at £1 for up to 17 months. Following this grace period, monthly repayments will increase based on your loan value and the loan must be repaid within 66 months. Student Funder loans are expected to go towards tuition fees, but up to 20% may be used for living expenses.
Student Funder also have a crowd-funding platform which allows you to promote yourself to investors. This provides a way to raise funds that do not necessarily need to be repaid. However, Student Funder limits this service during peak times of the year so make sure you check their website for information.
Erasmus+ Master Loans allow students to apply for financial support for their master's studies abroad. Loans are offered by participating banks and student loan agencies on favourable conditions to mobile students, including better than market interest rates and up to two years to allow graduates to get into a job before beginning repayment. You can find more information about the Erasmus + Master Loans at https://www.erasmusplus.org.uk/master-loan