new Postgraduate loans of up to £10,000 available from September 2016
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Postgraduate loans available from September 2016 The new loans of up to £10,000 are set to benefit many and could break down some of the financial barriers of postgraduate study. Find out more about the loan and who is eligible. First announced as part of the UK’s Chancellor’s 2014 Autumn Statement, these government-backed student loans were confirmed last year for Masters degrees beginning on or after 1 August 2016. The new loans are set to benefit many and could break down some of the financial barriers of postgraduate study. And the good news doesn’t end there for BU students considering further study – we’ve got discounts (some of these apply to staff and staff family members too) and scholarships, including full fee waivers. More about the loan and who is eligible The postgraduate loan is non-means tested, allowing students to borrow up to £10,000 irrespective of the cost of their course. The loan will be available to those aged under 60 years old and will be paid directly to the student over three equal instalments. Students embarking on part-time study will be eligible for the loan, so long as the average annual intensity is 50% in each year (i.e. is delivered over two years) and will receive the loan split equally. English and EU (including EEA & Switzerland) domiciled students (not including Northern Ireland, Wales or Scotland), who have normally been resident* in those countries for the last three years, studying a taught postgraduate course (full-time, part-time and distance learning), including Master’s by Research, are eligible to receive the funding.
Scottish, Welsh and Northern Irish students, who are normally resident* in England, and have been resident here for the last three years, will be eligible for the loan. *Residency will be based on the last three years, but do not include periods of residency purely for the purpose of education,such as studying an undergraduate qualification. For example, a Scottish student who has lived in England for the last three years to undertake undergraduate study would not be eligible. How will BU be handling the loan? As the loan is paid to the student, BU will be responsible for confirming their continued studies once they have enrolled. Faculties have recently been asked to confirm the intensity for all part-time programmes, to establish which will be eligible for this loan. Finance & Performance will allow students to pay their fees over three instalments, so long as they provide a letter or evidence that they will be in receipt of the Postgraduate Loan and complete a debit/credit card payment authority mandate ahead of online enrolment. What about repayment? These loans will be repaid concurrently with any undergraduate repayments at 6% of income above £21,000. A student with an existing undergraduate loan (scheme 2, post-2012) would therefore be paying 15% of their income above £21,000 on undergraduate & postgraduate loan repayments combined. When can students apply? Details about the application process haven’t yet been announced but applications are expected to open in June, issued by the Student Loans Company. Details of the loan and more information about eligibility can be found at www.bournemouth.ac.uk/pg-loan Resources & further information:
If you’d be interested in a short overview of the loans scheme and BU’s approach, please email Matthew Usher to register your interest. |