Where to apply for a loan
As of January 2019, the Career Development Loan was discontinued, leaving the Government Masters Loan as the next option to apply for Postgraduate study. This loan is similar to an undergraduate loan, however this loan is paid directly to you, and so can be used to pay your tuition fees, be used like a maintenance loan, or a combination of the two.
How to apply for a loan
You can apply for a Masters Loan online or by post. You must also check that you are eligible for the loan before applying (for example, you will not be eligible if you are behind on repayments on any previous loans from the Student Loans Company).
How much can you get?
With a Masters Loan, you can get up to £10,906 if your course starts on or after 1st August 2019. You can find out more information about Postgraduate fees at Pearson College London on our website.
Paying it back
The earliest you can start repaying is on the first April after you leave your course if your annual income is over £21,000. You’ll then pay back 6% of your income if you earn over £21,000 a year, and if you’re earning less than the threshold then you don’t need to repay your loan. Please note that if you’re repaying an Undergraduate student loan, you’ll still need to continue repaying this and that both loans are kept separate.
The Key benefits of the Masters Loan
- It won’t affect your credit rating, unlike if you were to fund your studies from private investors.
- After 30 years any remaining debt is wiped
- You don’t need to start repaying it until you earn over £21,000 per year
Interested in studying with us? Take a look at the Postgraduate degrees offered at Pearson College London.