Postgraduate loans 2016/2017 starters 8 March 2016 at 1:44PM edited 18 March 2016 at 4:48PM in Student MoneySaving 90 replies 46.8K views

MSE_Eesha

Hi!

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Postgraduate loans guide.

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Thanks folks,

Ed-1

"- You must be under 60: If you're 60 or over on the day your course starts, you can't get the loan." It's actually on the first day of the academic year rather than first day of the course (so 1st September for most). See here: Applicants must be aged under 60 on the first day of the first academic year of the course.

"So if you are starting this year, in 2016, and on a one-year course, you'll have an extra year before your repayments start." Of course, the disadvantage to this is the loan also wipes a year later than it otherwise would.

"Therefore while the inflation rate starting in Sept 2016 is unconfirmed, it is almost certain to be 3% plus the previous March's RPI rate of 0.8%, so the amount you owe will grow by a total of 3.8%." The rate from Sept 2016 will be set using the RPI from March 2016 which isn't published until 12th April by ONS (in any case March 2015's RPI was 0.9% so no idea where the 0.8% figure came from).

Mshield

Where are welsh student finance at with regards to their "in the process of discussing a similar postgraduate loan scheme" talks? My permananent resident is North East Wales (a 30 second drive from the English border) so I am unable to obtain a loan, despite having been to University in England for 3 years and being Enlgish myself.

If the the Welsh goverment are planning a similar move, would it realistically be in place for the 2016/17 academic year?

- Matt

postsgradually

Hi Matt

It's pretty unlikely, unfortunately. Neither of the Northern Irish or Scottish proposals will be ready in time for next year and they're a bit further on than Wales. We keep guides to other UK funding (including loans) up to date over at FindAMasters.com. Feel free to take a look, or get in touch with any more detailed questions.



Cheers

- Mark

AliceDhabi

Do you know if this would count with a PGCE instead of a masters?

Ed-1

AliceDhabi wrote: »

Do you know if this would count with a PGCE instead of a masters?

PGCEs are eligible for the standard undergraduate loans so are combined with the balance from previous student loans with a single repayment of 9% of income over the plan 1/plan 2 threshold.

andrar

Great article, it's really cleared this up for me thanks! Just a quick question - do I apply to the uni for the masters course first or the student loans company? I've no idea!

MSE_Eesha

Ed-1 wrote: »

"- You must be under 60: If you're 60 or over on the day your course starts, you can't get the loan." It's actually on the first day of the academic year rather than first day of the course (so 1st September for most). See here: Applicants must be aged under 60 on the first day of the first academic year of the course.

"So if you are starting this year, in 2016, and on a one-year course, you'll have an extra year before your repayments start." Of course, the disadvantage to this is the loan also wipes a year later than it otherwise would.

"Therefore while the inflation rate starting in Sept 2016 is unconfirmed, it is almost certain to be 3% plus the previous March's RPI rate of 0.8%, so the amount you owe will grow by a total of 3.8%." The rate from Sept 2016 will be set using the RPI from March 2016 which isn't published until 12th April by ONS (in any case March 2015's RPI was 0.9% so no idea where the 0.8% figure came from).

Thanks for your comment Ed. We've taken this on board and amended the guide.

Many thanks,

MSE Eesha

Jonno99

Can my son in Holland get a loan for fees and maintenance for a 2-year course starting in Sep 16?

SLC1983

Hi guys, does anyone know if you are credit checked for the postgrad loan? The guide says the loan won't appear on your credit file, but I can't see if it specifically states whether you are credit checked for it or not. Thanks!

agrinnall

sud wrote: »

Would this loan be available for all UK universities or just those in England?

Read the article.