The loan will be paid by the Student Loans Company to you personally

The loan will be paid by the Student Loans Company to you personally

You may also use in the event that you want to learn some other place in the united kingdom.

You might additionally be qualified if:

  • You are an EU or EEA national, you have resided into the EU, EEA or Switzerland for at the least 36 months, and you should learn at a north irish college.
  • You are A british nationwide that is been surviving in the EU (if perhaps you were staying in Northern Ireland just before relocated), you have resided into the EU for the last 3 years and you should are now living in Northern Ireland as soon as your program begins.

Disabled Students’ Allowances (DSAs): If you will need assistance with costs you need to spend in terms of your program as the result of a impairment, long-lasting health issue, mental health condition or specific learning trouble, then DSAs makes it possible to.

You should not spend them straight back. The quantities you may get vary between areas – some tips about what you might qualify for in England, Scotland (downloads a pdf), Wales and Northern Ireland.

If you are a pre-registration that is postgraduate pupil: you might be qualified to make an application for an extra undergraduate loan rather than the Master’s loan if you should be enrolled on a single regarding the qualifying courses. You will repay both your loans at a rate that is consolidated of% over the earnings limit.

You are permitted to borrow up to ?10,906 for your master’s, even when your program expenses less

Just how much you will get hinges on whenever you began your program:

Starting on or after 1 Aug 2019: you may get as much as ?10,906.

Started between 1 Aug 2018 and 31 2019: You can get up to ?10,609 july.

Started between 1 Aug 2017 and 31 July 2018: you will get up to ?10,280.

You may get the utmost loan amount no matter whether your program is finished twelve months, or a quantity. Should your program lasts more than a 12 months, the loan is going to be split similarly across each 12 months.

In the event your program costs significantly more than the most loan quantity, you will need to fund the others your self.

You are able to select simply how much you intend to borrow. It isn’t dependent upon your earnings or perhaps the program charges. Then you don’t have to take it if you don’t want a loan.

KEY TIP: You do not have to determine in the beginning – it is possible to enhance your borrowing as much as the utmost until a thirty days before your course ends.

The figuratively speaking Company will directly pay the loan for you, not to ever the college

Unlike undergraduate loans where in actuality the scholar Loans Company (SLC) will pay the university the tuition costs straight, for master’s courses the income is compensated for your requirements. You leave during the year, you won’t receive the final loan payments if you change course during the year to one that is not eligible for the loan, or. You shall still want to repay that which you have obtained.

If the course begins on or after 1 August 2019, your loan is split similarly across every year of one’s program, when you submit an application for the entire ?10,906 and you also’re on a course that is two-year you’ll get ?5,453 per year.

The timing regarding the re re payments differs depending on course size: – One-year master’s: It is compensated in three instalments. You will get the very first repayment when the college verifies your placement to your SLC, and you will obtain the other two payments throughout the 12 months.

– Two-year+ master’s: The money will likely be split similarly across every year of the program, if you make an application for the entire ?10,906 and you also’re on a two-year program, you’ll get ?5,453 per year. It is compensated in three instalments each year.

You are entitled to begin repaying when you look at the after graduation april

The same as for undergraduate loans, you are entitled to begin repaying into the following the end of the course april. When you complete in it’ll be the following April june.

Nonetheless, the very first re payments were not taken until April 2019 due to the way the system is put up – so in the event that you began a one-year program in 2016, you’ll have had an extra 12 months without the need to pay.

You repay 6% of every thing attained above ?21,000 – make less and also you do not repay

As soon as you’re qualified to begin repaying, you will definitely just really repay if you are making above ?1,750 an or ?404 per week – equivalent to ?21,000 a year (and this threshold is not set to rise until at the earliest 2021) month.

The total amount you repay for postgraduate loans is 6% of every thing above that, this is certainly less than undergraduate loans that are set at 9% over the limit.

Also then lose your job or take a pay cut, your repayments drop accordingly if you’ve started repaying the loan in a year, but.

Of course in the event that you never make over ?21,000 which means you would will never need to settle a cent.

KEY Suggestion: profits does not just suggest cash from work or self-employment, in many cases income from investment and savings count too, for those who have that, read these links.

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