Postgraduate Masters Loans Application & Requirements
It's been confirmed that new entrants to postgraduate study will, from the academic year 2016/17, be able to apply for a government-backed, non-means tested Masters Loan of up to £10,000.
- The purpose of the loan is to offer a contribution towards the cost of completing your postgraduate study. You can use the loan according to your individual circumstances, such as a contribution towards tuition fees and/or living costs.
- Loans can be up to £10,000 per student, spread over 2 years, with a cap of £5,000 per academic year.
- Applications are non-means tested
- Monies are paid directly to the you, which requires a UK bank account
- You must be resident in England on the first day of the academic year
- You should also be:
- Ordinarily living in England, having resided in the UK for three years before the start date of the course; or
- As an EU student, been originally resident in the EEA/Switzerland for the past three years
- You must be under 60 on the first day of the first academic year
- Previous study
- If you already hold a Master's level or higher level qualification, then you won't be eligible for the Postgraduate Loan
- The Postgraduate Loan will be available to students studying any of the Falmouth Flexible courses
How will I receive my Masters loan?
- Loans will be paid directly to students in three instalments per year, meaning that students on Falmouth Flexible programmes will receive £5,000 each year, in three instalments per year. You don't need to make another application at the start of the second year: if you continue on the course you will automatically receive the second set of payments.
- Payment will be subject to the university confirming your attendance, so you will need to have completed the full enrolment process before your first instalment will be paid. Should you leave your programme early, your loan instalments will stop and you'll still have to repay what you've already borrowed.
How will I repay my Masters loan?
- Loans will be repaid concurrently with any undergraduate loans, at an interest rate of Retail Prices Index (RPI) +3%. You will then repay 6% of any earnings over £21,000pa. Repayments will not begin until 2019. All student debt will be cancelled after 30 years.