If you are planning to study for an online master’s degree with the University of Liverpool, you could be eligible for the UK Postgraduate Loan offered through Student Finance England.
Starting from August 2016, UK nationals, permanent residents, and EU citizens residing in England can borrow up to £10,000 in total, to help pay for the costs of tuition and other expenses. To learn more about Postgraduate Loans and submit your application, visit this page.
You can borrow up to £10,000 through Student Finance England during your programme which will be disbursed in six total instalments over the first two years of your programme.
The loan is not based on your or your family’s income, so any other funding you get, such as scholarships or bursaries, will not affect your eligibility.
You can apply for a postgraduate loan up to nine months after starting your programme as long as the intake was later than 1 August, 2016. You must complete your programme in three years.
It is very important that you do not select the "Main Campus" course. If you do, your loan funds will be delayed by 4-6 weeks.
You can apply for the UK Postgraduate Loan if you are studying for one of our online master’s programmes and you are aged under 60 on the first day of your programme and:
You may also be eligible if you are an EU national and:
If you already have a master’s degree, or a qualification that is equivalent or higher, you will not be eligible.
You can borrow up to £10,000 in total. The loan will be paid into your UK bank account over two years, in six instalments.
You’ll be charged interest from the day you get the first payment until the loan is repaid in full, or cancelled.
The interest rate on the postgraduate loan is currently 4.6% per annum. It is reviewed in September every year and is calculated by adding 3% to the Retail Price Index (RPI).
Repayment begins the April after you have completed two years of your programme and the earliest you will start repaying your Postgraduate Loan is April 2019.
You pay back 6% of your income above £21,000 as long as your income is over the minimum threshold of £21,000 per year or equal to £1,750 a month or £404 a week.
You can also make voluntary repayments at any time.
Any outstanding balance will be cancelled after 30 years of repayment.
Repayment example: You earn £3,000 a month before tax. This is £1,250 over the monthly threshold, so you will repay £75 each month (6% of £1,250).
If you’re employed, your employer will take repayments directly from your salary, along with tax and National Insurance.
If you’re self-employed, HMRC will tell you how much you need to repay after you’ve completed your self-assessment tax return.
To learn more about your potential funding options, contact out student support team on firstname.lastname@example.org
To learn more about Postgraduate Loans and to submit your application, visit this page.
The information provided on this page is for guidance only. The terms of your loan and the eligibility criteria may differ from what is stated here, so please be sure to carefully review the information, loan application and documents provided by the Student Loans Company and Student Finance England. The University of Liverpool and Laureate Online Education are not responsible for these loans.
Students using the UK postgraduate loan to fund their online master’s degree will have to complete their programme within three years.