Study at University of Derby Online Learning with a Postgraduate Loan
You can now borrow up to £10,280 to study at masters level. This is increasing to £10,609 for the 2018/19 academic year.
The loan can be used to pay for your tuition fees or other costs associated with studying, such as living costs or course expenses.
Am I eligible?
- You must normally live in England and be under 60 at the start of the first academic year of your course
- You have to be studying a taught or research postgraduate course in the UK that leads to a full masters qualifications e.g. MA, MSc, MBA, MEd or LLM
- If you already hold a masters qualification or an equivalent higher level qualification you will not be eligible for the new Postgraduate Loan
- The amount you get doesn't depend on your household income.
To check if you are able to get a Postgraduate Loan for your course at the University of Derby, please contact our Student Records and Fees team.
How do I apply?
You can apply for a Postgraduate Loan using the application service at www.gov.uk/postgraduateloan
You should apply as early as possible to make sure your loan is available for the start of your course.
Watch the video below from Student Finance England explaining Postgraduate loans:
When will I get paid?
The Student Loans Company will send you a payment schedule to let you know when you'll be paid once your application has been processed. This will be paid in three equal payments, 1 per trimester.
Depending on which academic year you are applying for, your payment schedule will differ:
Students applying for academic year 2018/19
The total amount you request will be split equally and paid in each academic year (up to a maximum of four if you're studying part-time). For example, if you borrow £10,609 and are studying part-time over four years, you'll be paid £2,652 each year.
Students applying for academic year 2017/18
The total amount you request will be split equally and paid in each academic year (up to a maximum of four if you're studying part-time). For example, if you borrow £10,280 and are studying part-time over four years, you'll be paid £2,570 each year.
Facts about repaying your loan
- Repayments are based on your income, not what you borrowed.
- Interest is charged at the Retail Price Index (RPI) plus 3% from the day we make your first payment until your loan is repaid in full or written off.
- You can make voluntary repayments towards your loan at any time.
Recognised Prior Learning (RPL)
The postgraduate loan is designed to support students faced with payment of a full master’s programme; if you are considering applying for recognised prior learning (RPL), please be aware that if this is granted, you will not be eligible for a postgraduate student loan as you will not be studying the full 180 credits.
If you are asked to study an associate module as an entry requirement to the programme, you will not be able to receive funding for this module; you may therefore need to delay your application for funding until you are undertaking the full master’s programme.
If you are unsure as to whether you will qualify please contact Student Finance England directly to discuss this with them.