Postgraduate Loans were introduced in the 2016/17 academic year. The information here applies if you plan to start a full masters qualification after 1st August 2017.
Loans are issued and applied for through Student Finance England.
Please note: You’ll need to have started your masters degree in August 2017 or later. You won’t be eligible for a postgraduate loan if you’re counting any study completed before this date towards your degree. This includes previous Open University study, top-up qualifications and any previous study that counts towards your Open University qualification under our credit transfer system. If you commenced your Masters from 1st August 2016 you can apply for a postgraduate loan up to 9 months after your course started.
You can receive up to £10,280. If you're studying for three or more years you'll receive up to £3,426 in the first year, and the rest in the second and third years. The loan will be paid directly to you to rather than to us.
The first loan instalment will be paid directly to you after your qualification start date, but not before. For you to receive your first instalment, The Open University is required to confirm to Student Finance England that you are actively studying. We will do this on or after your module start date. Actively studying is taken as logging onto your module website or submitting a Tutor Marked Assignment (TMA).
This example is for a £10,280 loan for a three year course starting in October. Alternative payment schedules will apply to different qualification start dates and durations.
The earliest you’ll start repaying your loan is April 2020.
While your income is below £21,000, you won’t make any repayments. Once you're earning £21,000 and over, you'll then pay back 6% of your income over £21,000, in affordable monthly instalments.
So, for example, if you’re earning an average annual salary of £25,000, a year your repayments would be £20 per month.
Interest will be applied to your balance at the Retail Price Index plus 3%, starting from the date you receive the first instalment. For further information, check the UK government website.
Please note that your loan repayments will be in addition to any repayments you’re making towards an undergraduate loan.
To learn more about Postgraduate Loans and submit your application for the 2017/18 year, visit Student Finance England.
We anticipate that Student Finance England will be accepting online loan applications for the 2017/18 academic year in late May 2017.
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