What is a postgraduate loan?
Administered and applied for through Student Finance England, a postgraduate loan is a non-means-tested maintenance loan paid directly to you. That means, if you study towards a masters degree and don’t already hold a masters degree or higher qualification, you could be eligible for up to £11,836 of funding.
The loan starts getting paid to you after you start studying, which means you’ll need to register and complete payment by an alternative method in order to begin your studies.
To be eligible for a postgraduate loan, you must:
- be studying a full masters degree of a minimum of 180 credits that started August 2016 or later – you won’t be eligible if you’re studying towards a postgraduate certificate or diploma
- not be linking credit transfer from a PGCE, PGCert or PGDip lower-level course
- be only transferring credit for which you received a postgraduate loan, after 1st August 2016
- living in England
- aged under 60 when the course starts
- studying towards a masters that can be completed in no more than three years and not already hold a masters degree or higher qualification.
How do the payments work?
You can receive up to £11,836. If you're studying for three or more years and apply for the maximum loan available, you'll receive up to £3,941.39 in the first year and the rest in the second and third years. The loan will be paid directly to you rather than to us.
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 includes logging onto your module website and completing module activities, or submitting a Tutor Marked Assignment (TMA).
This example is for a £11,836 loan for a three-year course starting in October. Alternative payment schedules will apply to different qualification start dates and durations.