The government offers over £13,000 in Postgraduate Loans to English master's students looking to study at a UK university. But are you eligible for the loan?

Unsurprisingly, the Postgraduate Loan (also known as the Master's Loan) comes with its fair share of small print that can be hard to get your head around at first.

There's a lot of info to take in about funding a master's for students from England, but luckily we've done the hard work for you by simmering it all down to the cold hard facts.

So, if you're considering doing a master's degree now or in the future, or you're already on a postgrad course, read on to find out exactly what master's degree funding is on offer, and whether the Postgraduate Loan is right for you.

If you meet the following criteria, you should be eligible for a Postgraduate Loan:

1. You're a UK national, or you have EU settled/pre-settled status or indefinite leave to remain
2. You've been living in the UK and Islands for at least three years before starting your course
3. You 'normally' live in England, not just for the purpose of studying
4. You're under the age of 60
5. This is your first master's or equivalent degree (excluding postgraduate diplomas or PGCEs)
6. You're applying for a full master's course (as opposed to a graduate diploma or equivalent)
7. You are applying to study at a UK university (whether in England, Northern Ireland, Scotland or Wales, and the Open University is included)
8. You're up to date with your existing Student Loan repayments.

Remember that you'll get your loan from the Student Finance body in the part of the UK you're from, not the country you're studying in.

Note that there are some exceptions to these rules, so it's always worth getting in touch with Student Finance England (SFE) to double-check your eligibility. For instance, if you previously received a Master's Loan but dropped out of your course due to illness, you'd still be eligible a second time around.

There are also several additional conditions on which your application will be judged - we've just kept it simple by listing the main criteria.

How much money can you get from a Postgraduate Loan?

How much you can apply for depends on when your course started. Crucially, unlike undergraduate loans, Postgraduate Student Loans are not based on your household income.

It's also worth noting that no matter how long you're studying for, you'll still only be entitled to the set maximum amount. You'll just have to split it across multiple years rather than one.

Is the Postgraduate Loan enough to cover a master's?

If you don't happen to have a spare £10k lying about to pay for tuition, the Master's Loan is a great door-opener as it makes it easier to study without having to slap down tons of money up front.

In fact, when the loan was introduced in 2016, our National Student Money Survey from that year found that 52% of students were more likely to study for a master's degree following the introduction of financial support.

The big criticism of the Postgraduate Loan is that even the maximum amount may not be enough to cover some course fees, let alone living expenses. You might need to make money during your studies to fund your postgrad education.

If you find the Postgraduate Student Loan isn't enough to cover your master's degree, try some of the best alternative ways to fund your studies below. We also have a guide about the main funding options for postgraduate students.

Do you get Maintenance Loans for master's degrees?

While there is no specific Postgraduate 'Maintenance' Loan, the Postgraduate Loan is meant to cover both tuition fees and living costs. Since you can spend it however you like, it's important to budget properly.

Sources

Save the Student
Eligibility for Postgraduate Student Loans

By Save The Student
Save The Student is the UK's leading student money website, helping you budget your money, make sense of student finance, look for part-time jobs, find extra funding and more. Founded in 2007, the website provides free and impartial guides, tools and verified deals to tackle the real-life money problems students face at university.