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Study at Derby with a Postgraduate Loan
You can now borrow up to £10,280 to study at masters level. You can use this to pay for your tuition fees or other costs associated with studying, such as living costs or course expenses. In order to access this funding, you must meet the eligibility criteria set out by the Student Loans Company.
- 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 masters qualifications e.g. MA, MSc, MBA, MEd or LLM. The Master's course you are studying must be a standalone, eligible course of 180 credits. Recognition of other Learning (ROL) or Accredited Prior Learning (APL or APEL) credits used towards the Master's course will make you ineligible for the loan, as you will not be studying 180 credits.
- 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 should apply as early as possible to make sure your loan is available for the start of your course. You can apply for a Postgraduate Loan using the application service at www.gov.uk/postgraduateloan
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. Depending on which academic year you're applying for, your payment schedule will differ:
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 £2,750 each year
Students applying for academic year 2016/17
If your course is longer than one year you can get up to £5,000 in your first year and the rest in your second year. If you're studying part-time you can only get payments in the first two years of the course.
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.