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 £12,167 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 living in England
- be studying a full masters degree of a minimum of 180 credits – you won’t be eligible if you’re studying towards a postgraduate certificate or diploma
- be studying towards a masters degree that can be completed in no more than three years
- be aged under 60 on the first day of the seasonal academic year in which your masters degree begins
- not already hold a masters degree or higher qualification.
If you are considering transferring previously completed credit to your OU masters, this could have an impact on your postgraduate loan eligibility. Contact us for further information.
How do the payments work?
You can receive up to £12,167. If you're studying for three or more years and apply for the maximum loan available, you'll receive up to £4,051.61 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 £12,167 loan for a three-year course starting in October. Alternative payment schedules will apply to different qualification start dates and durations.