Postgraduate Master's loan UK explained

You must be normally resident in England to qualify for the English postgraduate loan. Wales and Scotland operate devolved postgraduate support schemes with different limits and rules.

There is no upper age limit, but you may be disqualified if you already hold an equivalent Master's qualification from a previous course. Check eligibility if you have a postgraduate qualification already.

Plan 2 undergraduate repayments at 9% plus postgraduate repayments at 6% mean a 15% marginal rate on earnings between both thresholds. Budget carefully when you start work with both loans active.

The postgraduate loan is written off 30 years after the April following your course start date if still unpaid. The write-off period is separate from your undergraduate loan.

Employer sponsorship, scholarships and PhD funding may beat borrowing if available for your field. Compare the career uplift from the qualification against the debt you would carry.

Part-time study while working spreads the cost and reduces the need to borrow the maximum loan amount each year. Part-time students receive a lower loan proportionally over a longer study period.