If you’re a current undergraduate in your final year, you’re probably thinking about PG study. If you’ve taken a year out after finishing an undergraduate course, most likely this has been on your mind all year. It’s never too early to start thinking about applying for postgraduate study. One of your biggest concerns is how to finance your MA, MSc, MRes or MBA. There are many ways to fund this but one you may not have considered is the government PGL (Postgraduate Loan).
What is the PGL?
Introduced in the summer of 2016 ahead of the 16-17 academic year, it was designed to help eligible students stay at university into postgraduate study. The schemes across England, Scotland, Wales and Northern Ireland are similar but differ in several aspects. See below for further details.
What is the Maximum Value?
At the time of introduction in 2016, the maximum loan value was £10,000. For the current academic year, that rose to £10,280. The figure for the 2018-19 academic year is yet to be released but is likely to go up in line with inflation and be around £10,500. This applies to England only. Wales, Northern Ireland and Scotland are all introducing their own systems.
Who is Eligible?
England: UK and EU citizens who’ve lived in England for three years (i.e. has not lived abroad at any time in the last 36 months), under the age of 60, do not already have a master’s degree or other postgraduate qualification, are applying for master’s courses only and applying to a UK university.
Scotland: Runs a similar system called SAAS. You can apply for a tuition fee loan with a maximum value of £5,500 and a living cost loan (not income assessed) up to £4,500. The same conditions apply as in England.
Wales: Student Finance Wales (SFW); all conditions are the same although the loan value could be up to £17,000 for the next academic year.
Northern Ireland: Same conditions again, but the loan available is smaller – just £5,500 to eligible students.
Are Other Loans Available?
There are two other ways of funding a master’s degree. The first is to check specific details on whichever course you intend to study. Your university may offer bursaries or funding as incentives to study that course. There may also be Arts Council funding available for each course (especially in areas of skills shortage). Be advised though that you may only be eligible if you attain a First Class mark in your undergraduate degree. These are bursaries and grants, not loans.
Also, enquire with your bank regarding any loans they may offer. These won’t be as low interest as the systems discussed above and they may expect payments as soon as you leave your course. Approach these with caution despite any perks they may offer.