Please note that international students are not eligible for this loan.
Student Loans from the Student Loans Company(SLC) for Postgraduate Students been extended to cover the 2017/18 Academic Year.
The Government have increased Postgraduate Loans of up to £10,280 for eligible students who are studying a taught or research Masters course commencing in September 2017.
These loans will be a contribution towards the costs associated with completing a Postgraduate Masters course and can be used towards tuition fees or living costs as you decide. The loan is non means tested and will be paid directly to you, the student, rather than the University.
Full policy documents will be issued to us soon, but here is the eligibility criteria for 2016/17 as a guide. (We will update this criteria in line with SLC information)
Basic eligibility criteria
- You must be a UK national, or have settled status with the UK, AND have been resident in the UK for three years before the first day of the academic year of your course (please note this date is 1 September, 1 January, 1 April or 1 July whichever precedes the actual start date of the course).
- You must most recently have been resident in England and you must not have moved there from elsewhere in the UK and Islands solely for the purposes of attending the course;
- You may be eligible if you are an EU national or family member of an EU national, or if you have refugee status, humanitarian protection, EEA migrant work, child of a Swiss national or a child of a Turkish worker (full details will be announced soon);
- Postgraduate Masters education provision is a devolved matter for Scotland, Wales and Northern Ireland and therefore those who are ordinarily resident in the Devolved Administrations will not be eligible for the loan;
- Eligibility for the amount of loan will not be based on a means test;
- If you already hold a Masters level qualification you will not be eligible for the loan;
- You must be under 60 years of age on the first day of the academic year of the course (eg if you start in September this date will be 1 September);
- The Masters course you are studying must be an eligible course (if, when you apply for funding, you are unable to find your course listed, please contact the University to check it's eligibility);
- You can take out the loan for both full time (1 or 2 years) and part time courses where the minimum intensity is 50% (2 or 4 years).
- POSTGRADUATE STUDENT LOANS ARE NOT YET OPEN FOR 2017/18. Information can be found on the Government website - https://www.gov.uk/postgraduate-loan/how-to-apply and, if you took out loans for your undergraduate course, make sure you have your Customer Reference Number to hand.
How and when will I receive the money/loan?
Full time course
- Full time Masters courses are usually one year long
- If you are studying on a one year course you will receive the loan amount in three instalments during the academic year.
- The first instalment will be released when LSTM confirms your registration to the Student Loans Company.
- The second and third instalments will be paid on the last Wednesday of the 4th and 7th months after your course start date (eg if you start in September you should receive payments in September/October, January and April)
Repayment terms (2016/17)
- Interest will be calculated at RPI+3% and will accrue from the date the first loan instalment is paid by SLC to you;
- Repayment will commence once you graduate (or leave) LSTM and have an annual income of £21,000 or more (this threshold is frozen until 2021);
- You will pay 6% of your income above the threshold to the loan. Repayments will be made alongside the repayment of any outstanding undergraduate loan;
- Repayments will be due in the April after course completion, subject to your income being above the threshold. However no repayments will be due until April 2019 if you take out a loan for 2016/17, although you can make voluntary payments if you wish;
- Any outstanding Postgraduate Loan balance will be written off after 30 years.