Administered and applied for through Student Finance Wales, 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 £19,255 of funding.
The loan starts getting paid to you after you begin studying, which means you’ll need to register and complete payment using an alternative method to begin your studies.
To be eligible for a postgraduate loan, you must:
If you are considering transferring previously completed credit to your OU masters, this could impact your postgraduate loan eligibility. Contact us for further information.
You can receive up to £19,255. If you're studying for three or more years and apply for the maximum loan available, you'll receive up to £6,418.33 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.
To receive your first instalment, The Open University must confirm to Student Finance Wales that you are actively studying. We will do this after your module start date. Actively studying includes logging onto your module website, completing module activities, or submitting a Tutor-Marked Assignment (TMA).
This example is for a £19,255 loan for a three-year course starting in October. Alternative payment schedules will apply to different qualification start dates and durations.
| October October | January January | April April |
|---|
Year 1 Year 1 | £2,118.05 £2,118.05 | £2,118.05 £2,118.05 | £2,182.23 £2,182.23 |
Year 2 Year 2 | £2,118.05 £2,118.05 | £2,118.05 £2,118.05 | £2,182.23 £2,182.23 |
Year 3 Year 3 | £2,118.05 £2,118.05 | £2,118.05 £2,118.05 | £2,182.24 £2,182.24 |
The earliest you’ll start repaying your loan is the April after you graduate or leave the qualification.
Repayments will only start once you earn £21,000 or more per year. Once you earn £21,000 and over, you’ll repay 6% of your income over the £21,000 threshold in affordable monthly instalments.
For example, if you earn an annual salary of £25,000, you’ll repay only £240 that year (6% of £4,000). That’s just £20 a month.
Interest will be applied to your loan at the Retail Price Index plus 3%, starting from the date you receive the first instalment.
If you’re already repaying an undergraduate loan from Student Finance Wales, your postgraduate loan would be an additional repayment.
