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Financial Aid for Graduate School: Who Qualifies and How to Apply

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Key takeaways

Financial aid for graduate school includes grants, scholarships, fellowships, assistantships and loans.

Exhaust all opportunities for free aid before considering student loans.

If you take out student loans, borrow federal direct loans first. For additional funding, compare offers between federal PLUS loans and private loans to see where you’ll get the best deal.

If you’re considering graduate school, make sure you have a funding plan in place ahead of time. Costs for graduate school can vary greatly depending on the type and length of the program, but there are opportunities to help cut down out-of-pocket costs.

Graduate students can get financial aid through:

FAFSA: The Free Application for Federal Student Aid provides access to federal, state and some school-based grants.

Organization grants: Industry-specific organizations may provide grants to those studying in relevant fields.

Scholarships: State governments, schools and private organizations may provide scholarships for academic excellence or other factors, like studying in high-needs fields or increasing diversity.

Fellowships: Schools, private organizations and government entities offer fellowships based on field of study and academic performance in exchange for research activities.

Assistantships: Schools may award living stipends and tuition waivers to full-time students in exchange for work.

Employer tuition assistance: Employers may offer to reimburse their employees’ tuition expenses as an employment benefit.

Here’s who qualifies and how to apply for each type of aid.

» MORE: How to pay for grad school: 5 strategies for students

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Complete the Free Application for Federal Student Aid, or FAFSA , as your first step to funding your graduate education. Citizens and eligible non-citizen graduate students, including permanent residents and U.S. nationals, are eligible to file.

You must file the FAFSA to qualify for federal and state-based grant awards. Many school-based grants also require the FAFSA.

Federal grants for graduate students include the Teacher Education Assistance for College and Higher Education, or TEACH, grant. The TEACH grant provides up to $4,000 a year to education students who will teach in a low-income school or high-needs field after graduation.

Contact the department of education for your state and your school’s state to learn more about state-based grant opportunities.

Contact your school’s financial aid office to learn more about school-based grants and ask your department head about industry-specific grants.

» MORE: Guide to grants for college

Scholarships

Scholarships are available at the state, local and school levels. These awards are based on various eligibility criteria, which can include field of study and academic achievement. Some scholarships are also need-based or allocated only for certain demographics.

Apply for as many scholarships as you qualify for to increase your chances of getting the most money.

Check the Department of Labor’s Scholarship Finder or National Association of Student Financial Aid Administrators’ state-based scholarship search tool to find programs.

Contact your school’s financial aid office and department head about specific scholarship programs you may be eligible for.

» MORE: How to get a scholarship

Fellowships and assistantships

Eligibility requirements and service commitments for fellowship and assistantship programs vary. While fellowships are offered by schools, private organizations or government agencies, assistantships typically only come from the school.

With a fellowship, you may perform research activities outside of your school and payment may not be directly tied to tuition. As assistantships are generally school-based, they are more likely to directly provide full or partial tuition waivers. Some assistantships also come with living stipends .

Contact your financial aid office about school-based fellowships and assistantships, including teaching and resident assistantships. Search the zintellect database, which has ties to the Department of Education and a consortium of Ph.D.-granting institutions, for government and private-sector fellowships.

» MORE: Is a masters degree worth it?

Employer tuition assistance

According to a 2020 survey by the Society for Human Resource Management, or SHRM, about 47% of employers offer tuition assistance as part of their benefits package. This benefit can be in the form of tuition reimbursement, where the employer gives a lump sum to employees after they prove their tuition expenses. Other companies may pay tuition costs directly to the school, so the employee doesn't have to front the bill.

The amount of reimbursement varies by employer. The most common benefit ranges from $5,000-$5,999, according to a 2019 report by the International Foundation of Employee Benefit Plans.

Contact your human resources team to ask about your company’s tuition assistance benefit. Make sure to verify that graduate school tuition qualifies. You also want to get an understanding of any service commitments that come with accepting the benefit. Some employers require you to stay with the company for a certain period after the reimbursement funds are disbursed.

If you exhaust all of your opportunities for aid that doesn’t have to be repaid, look to student loans to fill the remaining funding gaps for graduate school. Schools may include student loans as part of your aid package, but you have to repay them.

Filing the FAFSA typically qualifies you for direct unsubsidized federal student loans. As a graduate student, you can borrow up to $20,500 each year. These loans will accrue interest while you are in school, but typically come with lower interest rates than their private loan counterparts. They also offer repayment options that private student loans don’t, like income-driven repayment .

» MORE: Government student loans: What are the benefits?

If you still need more funding, compare offers between the Grad PLUS loan from the federal government and options available with private student loan companies .

Unlike other federal student loans, PLUS loans require a hard credit check and may come with a higher rate than you can get with a private lender. But if you think you’ll need the protections of federal student loans, they’re still a better option.

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Best Student Loans for Graduate School in January 2024

MoneyGeek’s study found that the best student loan for graduate school is from Ascent, thanks to its flexible terms and zero fees. Discover more graduate student loan options and explore their pros and cons.

Updated: January 3, 2024

Advertising & Editorial Disclosure

• Grad School Loan Tips
• Graduate Student Loan FAQs

Methodology

A postgraduate degree can help you further your career — but for many students, it can be an investment that requires the help of graduate student loans.

Thanks to their range of benefits, federal student loans are the primary option, but they may not cover the total cost of graduate school. After federal options are exhausted, a private student loan for graduate school can help make up the difference. You can use a private loan to help pay for graduate studies, whether a master’s degree or a Ph.D.

MoneyGeek analyzed the best student loans for graduate school by looking at more than 35 data points in six categories: affordability, accessibility, user-friendliness, customer service, flexibility and transparency.

Ascent Review

Sofi review, discover review, sallie mae review, how to find the right graduate student loan, frequently asked questions about graduate student loans.

Best for students who want flexible repayment terms and quick co-signer release terms.

• 4.36%–14.08% Fixed APR Range
• 1.47%–11.31% Variable APR Range
• $2,001–$200,000 Loan Amount Range
• Non-U.S. citizens and temporary residents Co-signer

WHY WE GEEK OUT

Ascent aims to support student learning through its range of private student loans for undergraduate and graduate students — with or without co-signers. Thanks to its wide range of benefits, MoneyGeek ranks Ascent as the best student loan for graduate school. Students can get flexible repayment options and terms, with payments that you can postpone up to nine months after graduation. Additionally, co-signers can get released after 12 months of consecutive on-time payments.

However, while Ascent has its benefits, it also has some drawbacks. For instance, students who opt for non-co-signed loans may be subject to a minimum income requirement. Ascent may also not cover your school, as there is a list of schools that the provider works with.

PROS & CONS

• Grace period of up to nine months after graduation
• Flexible repayment options and terms
• Co-signer release after 12 months of consecutive on-time payments
• Specific loans based on what you’re pursuing (MBA, medical, etc.)
• No application, origination, disbursement or prepayment penalty fees
• Minimum income requirement for non-co-signed loans
• Not all colleges and institutions may work with Ascent
• Maximum fixed APR is at a whopping 16.24%

Best for students who need to fund the total cost of their education through private loans.

• 3.22%–11.16% Fixed APR Range
• 1.10%–11.68% Variable APR Range
• $5,000 minimum, no maximum Loan Amount Range
• Optional Co-signer

As a leader in providing affordable and accessible financing options to students since 2011, SoFi offers flexible terms and an easy application process to graduate students who need to finance their education. This is proven through the company’s no-fee loans and discount opportunities not often available from other lenders. Ascent also offers an Unemployment Protection program, which puts your loan in forbearance if you are eligible.

While Ascent is a good choice thanks to its flexibility and money-saving opportunities, graduate students may find that some of the discounts are difficult to qualify for. Additionally, Ascent may take up to four to six weeks to disburse your funds.

• No fees of any kind
• Multiple discount opportunities
• Unemployment protection
• Flexible repayment and terms
• Offers career services
• Not all schools are eligible
• Funds may take four to six weeks to be disbursed
• Discounts may be hard to qualify for

Best for those who want to maximize loan discounts.

• 3.99%–11.59% Fixed APR Range
• 1.79%–11.09% Variable APR Range
• $1,000 up to 100% of college expenses Loan Amount Range

Discover Student Loans, provided by Discover Bank, offers loans to students at colleges and graduate schools across the country, covering up to 100% of school-certified costs. Graduate students can take advantage of the company’s various benefits, such as cash rewards for good grades, interest rate reduction for automatic payments or interest-only loans, zero fees and 24/7 support.

However, Discover may not be for everyone. The lender requires that students be enrolled at least half-time and demonstrate satisfactory academic progress (SAP) to qualify. Discover’s variable APR for graduate student loans also caps at a whopping 16.72%. This is higher than other lenders and is not ideal for students with no co-signer or credit history.

• No application, origination, prepayment or late payment fees
• 0.25% reduction in interest rate for automatic payments
• Get rewards for good grades
• Offers in-school or deferred repayment options
• 0.35% interest rate discount
• Students must be enrolled half-time to qualify
• Satisfactory academic progress (SAP) is required for eligibility
• High variable APR maximum of 16.72%

Best for students enrolled less than half time.

• 3.50%–13.83% Fixed APR Range
• 1.37%–11.76% Variable APR Range
• $1,000 minimum, no maximum Loan Amount Range
• Allowed but not required Co-signer

Since its inception in 1972 as a public banking corporation, Sallie Mae has become a prominent source of private student loans. It’s a great option for students enrolled less than half-time, as most lenders require at least half-time enrollment to qualify.

Apart from its unique eligibility requirements, you can defer Sallie Mae’s graduate student loans for up to 48 months during an internship or fellowship, or six months after graduation. There are no prepayment penalties or origination fees and you have the option to release any co-signers after 12 months straight of on-time payments. However, interest rates can be high depending on your creditworthiness, as Sallie Mae’s maximum variable APR can reach 15.47%.

• Get up to 48 months of deferment during internship or fellowship
• No origination or prepayment penalties fees
• Loans available to less than half-time students
• Co-signer release after 12 months of on-time consecutive payments
• Discounts for interest repayment option
• Lowest interest rate is only offered to interest repayment plans and creditworthy applicants
• No prequalification
• Charges late fees

Since graduate school is a significant investment, finding the right graduate student loan provider is essential. Exploring your options and comparing lenders will help you find the most favorable loan terms.

• Determine the amount you need: Calculate the amount of money you need to cover the costs of your program. Understanding how much you need to cover graduate school, particularly after you exhaust federal student loans , can help you evaluate lenders’ limits.
• See eligibility requirements: Before pre-qualifying with providers or looking at other details, it’s important to narrow down your choices based on eligibility requirements. See if you or your co-signer meets your desired providers’ qualifications.
• Compare providers: Once you’ve identified the providers you qualify for, compare them by prequalifying to see their interest rates and terms. Note that these offers are not official and terms may change once you apply, but they can give a good idea of what you might get.
• Choose a provider and send in your application: After choosing a provider, find out its application process . You can often find this on its website or you can call the lender to talk to an agent.
• Receive funds and start making payments: If your graduate student loan gets approved, wait to receive your funds. The money is usually sent directly to your school, with any leftovers sent to you after all tuition and fees are paid. Make a plan for payment depending on your repayment terms.

Getting a private student loan for graduate school can help fill any gaps that a federal loan can’t meet — but understanding the ins and outs is essential before you apply. Discover more about graduate student loans through MoneyGeek’s frequently asked questions.

We reviewed more than 30 private student loan lenders using 35+ individual data points across six key categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

Within each ranking criteria category, we considered several individual data points that we feel carry the most weight when choosing a private student loan lender. These factors include APR ranges, available loan amount, minimum credit score, minimum income amount, application fees and disbursement time.

With the consumer in mind, we also factor in each lender’s customer support, business ratings and additional features that could make your experience easier and more accessible — like pre-qualification, payment options and mobile apps.

• Ascent . " Graduate Student Loans ." Accessed February 14, 2023 .
• SoFi . " Graduate Loans ." Accessed February 14, 2023 .
• Discover . " Graduate Student Loans ." Accessed February 14, 2023 .
• Sallie Mae . " Sallie Mae® Graduate School Loan ." Accessed February 14, 2023 .
• Federal Student Aid . " Direct PLUS Loans are federal loans that graduate or professional students can use to help pay for college or career school. ." Accessed February 14, 2023 .

Graduate student loans

If you’ve applied for graduate school scholarships (yes, they’re a thing!), you used your savings, and you applied for federal financial aid through the FAFSA –then you might consider a private graduate student loan to cover any remaining grad school expenses.

Browse graduate student loans by category

Choose the right loan to cover your graduate degree or post-graduate studies

Pay for your expenses as you pursue your master's or doctoral degree in a discipline that's not listed below

Business administration

Pay for your expenses as you pursue your Masters of Business Administration degree

Medical & healthcare

Pay for your medical degree expenses in allopathic, general, osteopathic, podiatric, radiology, sports, and veterinary medicine

Pay for your expenses associated with taking board examinations, traveling for interviews, and moving for your medical residency

Pay for your health professions degree expenses in allied health, nursing, pharmacy, and other graduate-level health programs

Pay for your dental degree expenses in general dentistry, endodontics, oral and maxillofacial surgery, orthodontics, pediatric dentistry, periodontics, and prosthodontics

Pay for your expenses associated with taking board examinantions, traveling for interviews, and moving for your dental residency

Pay for your school and associated expenses as you study for your law degree

Pay for your expenses associated with fees and living cost as you study for the bar exam

Frequently asked questions about graduate student loans

Considering a graduate loan to help cover the cost of your next degree? Here are some FAQs to help you understand what types of loans to consider, how to apply, and how much aid you can qualify for.

Which student loans are available for graduate students?

Grad students can apply for federal and private loans.  Federal loans are funded by the federal government, and you apply for Federal Direct Loans and Direct Graduate PLUS Loans by filling out a  FAFSA ®. Private student loans are offered by banks and credit unions, and you apply directly with the lender. Sallie Mae offers private student loans for graduate school. Depending on the professional field that you're planning to enter, you may have different needs for a graduate student loan. For example, medical and dental degrees often require residencies, so it can help to have a deferment period. That’s why we offer graduate student loans designed for specific degrees:  medical school ,  dental school ,  law school ,  MBA , and  health professions graduate school . We also have a  Graduate School Loan for humanities, sciences, and other degrees.

Learn more about the  differences between federal and private student loans for graduate students . footnote 1

How do I apply for a private graduate student loan?

It's easy to apply for a graduate student loan. Use the “Apply for a loan” button on this page to start. You’ll be asked a few questions to decide which graduate loan is right for you. Then, you'll fill out some basic information about you and your studies. The process usually only takes around 15 minutes.

How much can I borrow as a graduate student?

The amount that you can borrow for graduate school generally depends on the loan. Most of our graduate student loans let you borrow from $1,000 up to 100% of the school-certified Cost of Attendance (COA). footnote 2

The COA is an estimate of what you'll pay for expenses like tuition and fees, room and board, books and supplies, travel to and from school, a laptop or other technology, and personal expenses. You’ll most likely find it in your financial aid award letter or on your school’s website.

How do I qualify for a graduate student loan?

Private graduate student loans are credit-based. The lender wants to know how responsible you are with credit before approving your student loan application. That means they'll view your history of borrowing money and paying it back on time. If you believe your credit history isn't strong, consider  adding a cosigner . Their good credit may help you get approved for your loan.

What are the benefits of applying for a graduate student loan?

The greatest benefit to taking out a graduate student loan is being able to pay for the graduate education that's important to you. Most grad students see the expense of getting a degree as an investment in their future. 3  Many believe that it can help them enter or advance in their chosen career field, and potentially reward them with higher earnings. footnote 3

Not sure if this is the right student loan for you?

Learn about the different student loans we offer.

footnote 1. Explore federal loans and compare to make sure you understand the terms and features. Private student loans that have variable rates can go up over the life of the loan. Federal student loans are required by law to provide a range of flexible repayment options, including, but not limited to, income-based repayment and income-contingent repayment plans, and loan forgiveness and deferment benefits, which other student loans are not required to provide. Federal loans generally have origination fees, but are available to students regardless of income.

footnote 2. For applications submitted directly to Sallie Mae, loan amount cannot exceed the cost of attendance less financial aid received, as certified by the school. Applications submitted to Sallie Mae through a partner website may be subjected to a lower maximum loan request amount. Miscellaneous personal expenses (such as a laptop) may be included in the cost of attendance for students enrolled at least half-time.

footnote 3. Source: How America Pays for Graduate School , from Sallie Mae and Ipsos

• PhD Loans – 2023 Guide for Doctoral Students
• Funding a PhD
• A PhD Loan can fund a PhD in any field lasting between three to eight years .
• You can borrow up to £28,673 for courses that started on or after 1st August 2023.
• There are several eligibility restrictions, including that you must be a UK national resident and not receiving other funding (e.g. from Research Council or NHS).
• The repayments will be 6% of your annual income above  £21,000 .

What Is a PhD Loan?

A PhD loan is a form of UK Government loan made available to doctoral students residing in England or Wales. It is designed to help students fund their doctoral programme or equivalent degree, covering basic costs such as the tuition course fees and living costs.

The most common degrees they cover are:

• PhD – Doctor of Philosophy
• EngD – Doctor of Engineering
• EdD – Doctor of Education

Note: PhD Loans are formally known as Postgraduate Doctoral Loans, however, many postgraduate students commonly refer to Doctoral Loans as PhD Loans due to their primary use to fund PhDs.

Am I Eligible for a PhD Loan?

There are several requirements you must meet to be an eligible student for a PhD loan, such as your residency status. The eligibility criteria are summarised below into two categories – those that make you eligible and those that make you ineligible for a PhD loan.

Requirements That Make You Eligible:

• Be a UK or Irish citizen or have settled or pre-settled status under the EU Settlement Scheme , and ordinarily a resident of England or Wales.
• Be under the age of 60.
• Undertake a PhD (or another doctoral degree) that is three to eight years long and provided by a university in the UK.

Note: A common misunderstanding amongst university students is that a Doctoral Loan can fund an MPhil degree. As an MPhil is a Master’s degree, it does not meet the ‘Doctoral or equivalent’ requirement for being eligible for a Doctoral Loan. Therefore, if you are considering undertaking an MPhil, you should instead be applying for a Postgraduate Master’s Loan. If more appropriate for your situation, you can find out more information about Postgraduate Loans here .

Requirements That Make You Ineligible:

You must not:

• Already hold a PhD or equivalent doctoral degree.
• Already be receiving funding. This includes grants from the Research Council (studentships, stipends & scholarships etc.), a social work bursary or NHS bursary (note that being eligible for an NHS Bursary even if you’re not receiving one will make you ineligible for a PhD loan).
• Already have had a Doctoral Loan before, unless you left your course due to illness, bereavement or another serious personal reason. You are still eligible if you have received an undergraduate loan in previous study.
• Obtain your PhD through publication (as this won’t have a period of study associated with it)

Aspects That Don’t Affect Your Eligibility:

There are several aspects of your PhD course that do not affect your eligibility to receiving Doctoral Loans. These are:

• Your doctoral course – your PhD can be in any subject or field. The underlying requirement is that it is provided by a university in the UK; i.e. a university in either England, Wales, Scotland or Northern Ireland.
• Full-time or part-time course – you need not pursue your PhD full-time to be eligible. The underlying requirement is that your PhD can be completed within eight years regardless of how you allocate your time.
• Taught, research-based or a combination of both – as long as your PhD has an aspect of studying associated with it, the method of obtainment of your PhD will not affect your eligibility.

How Much Funding Can I Get?

The amount of funding you can obtain isn’t means-tested. This means that it isn’t related to your financial background or household income and therefore you can qualify for the full amount regardless of your situation.

The maximum loan amount you can borrow falls into one of three categories:

• Up to £28,673 if your course starts on or after 1st August 2023 ,
• Up to £27,892 if your course started between 1st August 2022 and 31st July 2023 ,
• Up to £27,265 if your course started between 1st August 2021 and 31 July 2022 .

You may apply for a Postgraduate Doctoral Loan in any year of study, however you may not receive the maximum amount if you apply after the first year of your PhD. For annual costs, you may receive:

• Up to £12,167 per year  if your course starts on or after 1st August 2023 ,
• Up to £11,836 per year  if your course started between 1st August 2022 and 31st July 2023 ,
• Up to £11,570 per year  if your course started between 1st August 2021 and 31 July 2022 .

When Will I Get Paid?

Your loan payments will be spread out across all academic years of your course.

Example: If you undertake a full-time PhD over 5 years and apply for a loan amount of £25,000, you will receive £5,000 in each academic year.

Further to this, the allocation for each academic year will be paid in three even instalments, with each instalment paid at the start of a new term.

Example: Continuing with the above example, the £5,000 per each academic year would be paid in three instalments of £1,667.

Your first instalment will typically be paid immediately after your course start date. This is because your university will first need to confirm to Student Finance England (SFE) or Student Finance Wales that you’ve officially enrolled with them before the student loan can be released to you.

How and When Do I Repay?

Repayment terms – You will need to start repaying your loan once you have completed your PhD and started earning an annual income over £21,000 .

Once both these conditions are met, you will start making your repayments at 6% of your income above £21,000 . This means that for the first £21,000 you earn, you won’t need to make any contributions towards your loan repayment, however, anything above £21,000 will be subject to a 6% deduction for repayment towards your student loan.

It’s worth noting that if you work for an employer after your PhD, your repayments will be automatically deducted from your salary and there isn’t anything you will directly need to do. However, if you decide to work for yourself as opposed for an employer, you will need to make the repayments yourself.

Like undergraduate loans taken for undergraduate degrees, a postgraduate Doctoral Loan is subject to interest, which will need to be paid on top of your original student loan value. The interest rate is the retail price index (RPI) plus 3%.

Example: The average UK RPI for 2019 was approximately 2.4%. This means that besides the mandatory 3% that is owed, the average interest rate on a Doctoral Loan in 2019 would have been 5.4%.

It’s worth noting that if you aren’t able to completely repay your postgraduate loan within 30 years from the date of your first payment, the remaining loan debt will be voided.

How Do I Apply?

You can apply in one of two ways – either online , by setting up an account on Student Finance England’s website, or by post , by filling in a printable form on GOV.UK ‘s website. Click the respective below to be taken directly to their websites where you can find out more. Note that you will only have to apply once for Postgraduate Doctoral Loans; Student Finance England will contact you every year to confirm the amount you will receive.

Online Application – Student Finance England

Postal Application – GOV.UK

Note: While English residents and EU students who will study in England need to apply to Student Finance England, Welsh residents and EU students who will study in Wales will need to apply to Student Finance Wales .

The application deadline is based on when your doctoral programme is due to start; you should apply within 9 months of this start date.

Finding a PhD has never been this easy – search for a PhD by keyword, location or academic area of interest.

Other PhD Funding Options

A PhD Loan is only one of several sources of funding to support your PhD studies and living expenses. The other postgraduate funding options available to you are:

• Research Council funding and studentships
• Scholarships and bursaries
• Employer sponsorship
• Charities and Trusts

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Government PhD loans in England

What students are eligible.

Some PhD students are eligible for loans, but many are not because of their alternative funding arrangements. As with all UK Government student loans, students must be usually resident in England for three years before making the application. If you are an EU national, then you must have settled or pre-settled basis if you are starting your PhD after the 1st of August 2021. Other international students must have indefinite leave to remain in the UK and all students must be under the age of 60 on the first academic day of their studies.

What students are not eligible?

Students who are not eligible for a PhD student loan in England are those who have received or will receive funding from one of the Research Councils, those who are getting a Social Work bursary , an Educational Psychology bursary and those who are getting other funding from Student Finance England . If you have received funding for a PhD in the past, then you may not qualify for funding unless you left your course for a serious personal reason. Students who are also eligible to apply for an NHS bursary, even if they don't apply for it, are not eligible for a government PhD loan, and neither are those who already have a PhD. Students who are behind in their payments to the Student Loan Company will also be rendered ineligible.

What courses are eligible?

The PhDs eligible for a PhD loan are those studied on a structured basis either part-time or full-time. PhDs by publication and top-up PhDs are not eligible for Government PhD loans in England. The PhD must last between three and eight years, and the student must have started their PhD on or after the 1st of August 2018. The course must also be based at a UK public university with research degree awarding powers, or the lead university of your PhD must be a UK university and 50% of your time must be spent in the UK for the duration of your PhD. Many postgraduate doctoral qualifications are eligible and these include a PhD or DPhil, Doctor of Engineering (EngD) and a Doctor of Education (EdD).

Is the value of the loan linked to course fees?

No, the amounts you borrow is up to you rather than the Government, as long as it doesn't exceed the annual limit. If you are studying an integrated masters and PhD program, then you can apply for PhD funding but not masters funding.

Who should you apply to and by when?

Students should apply to Student Finance England, either online, using their online forms or by telephone if there is difficulty using a computer, because some reason such as a disability. You must apply within nine months of the first day of the last academic year of your PhD to access any Government loans, and this must be done once you have a secured PhD place.

Does the debt get cancelled at any point?

Any PhD loan that is still outstanding 30 years after the repayments start is cancelled. For students who become unable to work because of disability or ill health any amount they owe is also cancelled.

Government PhD loans in Wales

Which students are eligible.

Those PhD students eligible for a Government PhD loan in Wales are any student that has been resident in Wales for three years and is a UK citizen, an EU citizen with settled or pre-settled status or has permanent leave to remain the UK. International students who are refugees are also often eligible as are many children of migrants and refugees. EU or EEA and Swiss students who are travelling to Wales to study can all access Welsh Government loans. Students must be under 60 years of age on the first day of their course and the PhD must be the first postgraduate doctoral-level course they have studied. Distance learning PhD students are eligible for Government loans if they are resident in Wales for the duration of the PhD. As are those students who are in the armed forces or are the dependents of someone in the armed forces and are based abroad.

Distance learning PhD courses are eligible for Government PhD loans in Wales, as are both full- and part-time PhDs. However, integrated masters and PhD courses are only eligible for masters-level funding. Students must be attending a UK-based publicly funded university or if it is a private university, then the PhD course must be approved by the Welsh Government. Similarly to Student Finance England, a student applying to Student Finance Wales can be based at two universities but must spend 50% of their time in the UK-based institution. The PhD must be research-based and completed in three to eight years. The amount you can borrow is not related to the topic you are studying.

Who should you apply to and when?

You should apply to Student Finance Wales and you can do this before you have a secured place at a university, but funds will not be released until you have a PhD position. The PhD loan applications are done online, but there is provision for those who need assistance with online applications and must be completed within nine months of the first day of your course.

The debt can be cancelled 30 years after the first repayment is made or if the student becomes too ill or disabled to work.

Government PhD Loans in Scotland & Northern Ireland

The Scottish and Northern Irish Governments do not offer any loans to PhD students in any form. This includes those masters level students who are studying a masters that is an integrated into a PhD, however these students may well be eligible to apply for a UK Government masters loan .

UK Government PhD Loans… in a nutshell

So, in summary, what PhD loans are avaialble from the UK Governments?

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Other PhD loan options in Scotland & Northern Ireland

Students in Scotland and Northern Ireland will have to find alternative funding methods, such as the UK Research Councils and other funding bodies or private loans. In Scotland and Northern Ireland, PhD students often receive public funds in the form of grants and bursaries from the Research Councils based in Scotland and Northern Ireland. The governments in these home nations fund areas they wish to see more research through these different research councils and organisations. Check with the university you are applying to for your PhD, as they will have a significant understanding of the financing options for your particular research area. As part of your application for a research PhD, you will find that funding your studies will be a large part of your investigations.

Are any private loans available for PhD students in the UK?

There are a few private lenders who work with some universities in the UK to offer specialised loans to PhD students. Lendwise is one good private loan option, this private loan company offers loans of between £5,000 and £100,000 and has the advantage of student-friendly considerations such as fee-free early repayment. This type of lenders will contact your university to ensure that you are studying there, but don't usually require a co-signer for the loan. The amount they will lend to you and the conditions are based on your credit rating in the UK and the subject that you are researching. However, in comparison to UK Government loans, you can receive other funding sources and this does not impact on how much you can borrow.

PhD bank loans

PhD students are able to get bank loans if they meet the eligibility requirements. If you are studying your PhD part time and working at the same time, then your income should allow you to borrow money from traditional banks. For full-time students, borrowing money like this will be less likely as the bank will want to know how you will pay back the money. Also, the repayments will start immediately and you are unlikely to be offered a discounted rate like private or publicly funded student loans. If you have a limited credit rating, then you may find that you cannot have a loan without a guarantor or co-signatory.

PhD loan repayments

Whatever type of PhD loan you opt for, it is crucial that you are fully aware of the repayment terms. So let’s take a look at what these could be.

Here we have compiled answers to frequently asked questions about UK PhD loans. If you still have any unanswered questions about PhD loans please email us and we will do our best to help.

What courses qualify for a UK Government PhD loan?

The PhD loan is only available for students in England and Wales. The PhDs eligible for a PhD loan are those studied on a structured basis either part-time or full-time. PhDs by publication and top-up PhDs are not eligible for Government PhD loans in England. If you are studying an integrated masters and PhD program, then you can apply for PhD funding but not masters funding.

Can I apply for a UK Government PhD loan in Scotland or Northern Ireland?

No – UK Government PhD-funding is only available for PhD students in England and Wales. Other private and commercial PhD funding options are available in Scotland and Northern Ireland.

Are UK Government PhD loans means-tested?

No – all that matters is that you and your PhD are eligible for the loan, your income and savings do not affect your eligibility.

Can I apply for a UK Government PhD loan if I’ve lived outside the UK in the last three years?   

No – to apply for a loan as a UK student you must have lived in the UK for three years prior to your PhD. You can have travelled from the UK for holidays or periods of temporary absence during these three years, but you shouldn’t have become ordinarily resident in another country.

Will my credit history be checked?  

Your personal credit rating and existing debts won’t matter for UK Government PhD loans unless you are in arrears with the Student Loans Company. Your credit history will usually be checked with private funding companies.

Can I get a PhD loan whilst working?

Yes – you can have a job during your PhD studies and still access UK Government PhD student finance. You will also be able to apply for a private loan from companies like Lendwise if studying your PhD whilst working.

When will I have to start making my PhD loan repayments?

Your loan repayments will depend on what home nation or private company you got your loan from. It is important to check the repayment terms before you commit to taking out the loan

Disclaimer:  Prodigy Finance and Lendwise are two of many potential funding options for postgraduate students. Other student funding options are available; research all your options thoroughly before making a commitment. Please be aware that Postgrad Solutions Ltd receives a commission from both parties for any successful loan applications taken out by Postgrad.com and LLMstudy.com users. Postgrad Solutions accepts no responsibility for your choice of loan and does not endorse or support Prodigy Finance or Lendwise. Prodigy Finance Ltd is authorised and regulated by the Financial Conduct Authority, and entered on the Financial Services Register under firm registration number 612713. Lendwise Ltd is authorised and regulated by the Financial Conduct Authority under firm registration number 782496.

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Funding postgraduate study: how to finance your qualification

Now is a great time to study, but it pays to be mindful of long-term costs and benefits

You might think that postgraduate courses and pandemics don’t mix, but Tristram Hooley, chief research officer at the Institute of Student Employers (ISE), says that the demand for postgraduate study actually rises during periods of recession.

“Many graduates sensibly seek to delay their entry to the labour market and enhance their skills while they wait,” he says. “Obviously universities are taking advantage of this situation and pushing postgraduate degrees hard.”

Chris Rea, head of commercial services for graduate careers specialist Prospects at Jisc, which works with research and education partners to develop technologies for teaching, says that despite the government’s current financial constraints, it is business as usual when it comes to postgrad funding.

“Government loans schemes remain popular and there has been no significant change to tuition fees,” says Rea. “There has been some talk about refunds for the first term but that has been focused more on undergraduates than postgraduates. The postgraduate funding instruments are intact – the national master’s and PhD loan schemes, Research Council studentships, charities, foundations and trusts, and university scholarships are all running as usual.”

The impact of the lockdown has probably been felt more acutely by postgraduate students who are working while studying, he says, with the collapse of jobs in traditional student employment sectors. Before you embark on a postgraduate course you should, however, consider the costs against the long-term employment benefits, says Hooley. “Not all postgraduate courses are equal and students should be wary about just staying in education for the sake of it.

“Very few of our ISE members actively require a postgraduate degree. Students would be advised to choose postgraduate courses that clearly lead to jobs and which can demonstrate that they produce employable graduates.”

The average taught master’s course costs more than £8,000, according to figures from FindAMasters and the Times Higher Education but postgraduates fees can vary depending on the subject, university and location. Postgraduate master’s courses can include MSc (master of science), MA (master of arts), MRes (master of research) and LLM (master of law.)

The UK government offers postgraduate student loans of up to £11,222 but the eligibility criteria can vary depending on the student’s course, age, nationality or residency status. There are a number of other options, too: government funding from the seven UK Research Councils (students usually apply through their course provider); scholarships; studentships – postgraduate positions that come with funding, charitable trusts and societies and, if you’re working, potentially your employer.

UK students wanting to study a postgraduate course in Northern Ireland may be able to get financial support from the Department for the Economy. Scottish students may also get help from the Student Awards Agency for Scotland.

Prof Bruce Rayton, academic director of PGT (postgraduate taught) Recruitment and Admissions at the University of Bath, says that despite the current conditions, the prospects for the postgraduate market remain buoyant.

“Every indication is that prospective students still greatly value the opportunity of a postgraduate education and look forward to pursuing their studies when they feel the situation allows.”

Melissa Aitchison, 22, is doing a master’s in politics and contemporary history at the University of Nottingham “I applied to do my master’s last summer, which was quite late in the year but after the pandemic started in March I thought it would be even harder to get a full-time job. I was a student at Nottingham Trent before, but the experience of doing a master’s has been completely different. Funding my course has been one of the biggest challenges for me. Previously, I’d received a core bursary of three payments totalling £750 for each year of my degree, but this was not available for postgraduate study. As master’s students we pay for our own tuition. I have a loan of £11,000, which is split into three payments and my course costs £9,045. I share a house with seven other students and my rent is around £95 a week.

“I earn between £300-500 a month as a waiter at our local Beefeater restaurant, but I was furloughed during the second lockdown last year, which meant my earnings went down. My mum also has to help me out each month or else I just wouldn’t manage. Mum is self-employed so gives me whatever she can afford that month, usually around £100, but it can vary.

“There have been other challenges, too. My housemates and I all got Covid in October and had to self-isolate in our rooms for two weeks. I only have two hours of face-to-face seminars a week for my course so it’s hard to feel part of things at times. I’d have felt lost without my housemates.”

Saurav Dutt, 35, is doing a master’s in law at King’s College London “We had a fairly swift transition to online learning when the pandemic began last year (March 2020) but e-learning was already a major feature of my master’s course. It’s very convenient in lots of ways and I like the fact I can do it from the comfort of my own home, but not being able to have as much interaction with students and teachers can be a bit challenging at times. I think recorded videos lack the personal touch and it’s much easier to learn, debate and analyse issues in a small classroom.

“My master’s is self-funded and I had initially planned to cover most of the £9,000 costs with my earnings from my job as a contractor in the City but I was made redundant after the pandemic. By then I’d paid off about half of the cost of the course.

“After that, I borrowed from family and worked in various freelance roles to make up the difference. I did think about getting a loan but thought, given the current climate, interest rates would be prohibitive.

“I am looking to do a Doctorate in law after the LLM and teach law. I’m also trying to cultivate a side-gig with digital marketing, creative writing, being an author and research for NGOs.”

*Interviews by Georgina Fuller

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PhD loans 2024

PhD loans are available in 2024/25 to help Doctoral students living in England or Wales pay for their course fees and living expenses

PhD loans at a glance

• Worth up to £29,390 for 2024/25.
• For UK nationals resident in England or Wales.
• Study at any UK university that awards PhDs.
• Repayments combined with Masters loans .

How much can I borrow?

With these government-backed postgraduate Doctoral loans, you can borrow any amount up to £28,673 if your course started between 1 August 2023 and 31 July 2024, or £28,673 if it starts on or after 1 August 2024.

PhD loans are not means-tested, so you can apply for the full amount regardless of your financial background. Also, the loan can be used however you like - to cover fees, other study-related costs or to help with your living expenses.

If you have a disability, you may be entitled to additional support in the form of Disabled Students' Allowances .

Am I eligible for a PhD loan?

• be a UK or Irish national or have settled/pre-settled status under the EU Settlement Scheme 
• be ordinarily resident in England
• have lived in the UK, Channel Islands or the Isle of Man for three years before starting the course
• be under the age of 60 on the first day of the first academic year of your course
• not already hold a PhD or equivalent qualification
• not be receiving a Research Council studentship (including fees-only), NHS funding or other government finance towards your PhD.

You can't get the loan if you began your PhD before the 2022/23 academic year.

To discover whether you qualify for PhD funding, see GOV.UK - Doctoral loan eligibility .

Is my Doctorate eligible?

Most full and part-time PhD programmes, Professional Doctorates and PhDs 'upgraded' from Master of Philosophy (MPhil) are eligible, provided they are hosted by a UK university.

Your programme must last for at least three years and no longer than eight years. There are no restrictions on what subject you can study and your PhD proposal will not be assessed as part of your loan application.

PhDs by publication are not eligible because they do not involve an active period of studying. You also can't get a PhD loan for a research Masters degree such as an MRes or a standalone MPhil - for these you should apply for a postgraduate loan instead.

If you're studying for a PhD within a Doctoral Training Partnership (DTP), Doctoral Training Centre (DTC) or Centre for Doctoral Training (CDT), your eligibility depends on whether your research is funded by a Research Council studentship. If it is, you won't be able to get a loan.

How do I apply?

Visit  GOV.UK - Apply for a Doctoral loan for full details of how to apply for PhD funding via Student Finance England.

The deadline for Doctoral loan applications is nine months after the first day of the final academic year of your PhD - meaning you can still apply after you have started studying.

How will I receive my PhD loan?

Your loan will be paid in three instalments (33%, 33% and 34%) per academic year directly into your bank account by the Student Loans Company (SLC). It will be spread evenly across your studies.

You'll stop receiving your loan if you withdraw from your PhD or transfer to an ineligible programme, but you'll still be liable to repay what you have borrowed.

When do I start repaying my loan?

Repayments will start once you have completed your PhD and you're earning at least £21,000 per year (£1,750 per month before tax and other deductions). You'll pay at a rate of 6% of your income over this threshold.

If you're employed, your repayments will be taken out of your salary automatically on a monthly basis. If you're self-employed, HM Revenue and Customs (HMRC) will calculate how much you must repay on completion of your annual self-assessment tax return.

You'll be charged interest on your loan from the date you receive the first instalment from the SLC. This is calculated at the retail price index (RPI) +3%, meaning that that the interest accrued will typically be the annually reviewed RPI percentage, plus an additional 3%. The interest rate currently stands at 7.8%.

Any outstanding balance will be written off 30 years after your loan first becomes due for repayment.

Be aware that if you have previously taken out a postgraduate loan to fund Masters-level study, this will be combined with your PhD loan. You'll therefore repay a single debt at a rate of 6% of your income over £21,000.

However, debt from your undergraduate student loan is paid concurrently rather than combined. This means you may find yourself repaying up to 15% of your income - 9% for your undergraduate loan and 6% for your postgraduate/PhD loan.

What other PhD funding is available?

• PhD studentships
• Research Council funding
• Scholarships and bursaries
• Employer sponsorship
• Crowdfunding

Remember that PhD loans cannot be combined with other public funding such as Research Council studentships or NHS funding.

PhD loans in Wales

In 2024/25, the Welsh government has confirmed that eligible students ordinarily resident in Wales are able to borrow up to £28,655 to study for a full or part-time PhD. As with the postgraduate Doctoral loan scheme for residents in England, it isn't means-tested.

If your course started in 2023/24, you can apply for a loan of up to £28,395.

Explore how and when to apply by visiting  Student Finance Wales .

Doctoral funding in Scotland and Northern Ireland 

PhD loans are not currently available in Scotland and Northern Ireland, but there are other options you can pursue in order to fund your education.

For instance, organisations such as Student Information Scotland and the Department for the Economy (DfE) provide details of the PhD scholarships available to residents of Scotland and Northern Ireland respectively.

Find out more

• Search for PhDs in the UK .
• Learn about PhD study .

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Postgraduate Doctoral Loan

Loan amount

How to apply, check if you're eligible, eu, other eea and swiss nationals, how the loan is paid, repaying your loan.

If you are a Home student, you can apply for Postgraduate Doctoral Loan from the UK government to help with course fees and living costs while you study a postgraduate doctoral course, such as a PhD.

See an estimate of costs for living in London as an Imperial student.

There’s different  funding if you normally live in Wales .

The loan will not be available if:

• you have or will receive Research Council funding which includes stipends and or tuition fee support
• you are receiving a  social work bursary
• you are eligible to apply for an  NHS Bursary
• you are still studying another course and are in receipt of payments from Student Finance
• you already have a doctoral degree or equivalent/higher qualification
• you are receiving a doctorate by publication
• you are behind in repayments for any previous loans from Student Loans Company

Students studying doctoral courses starting on or after 1 August 2024 can get up to £29,390.

The loan is not means-tested, so it doesn't matter what your household income is.

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Students who normally live in England should apply via Student Finance England.

If you’ve taken out a loan with Student Finance England before,  use your account to apply . If you do not already have one,  set up an account .

If you're a Home student living elsewhere, you should apply to your regional funding body.

Explore information about  eligibility for this loan on Gov.uk.

EU, other EEA and Swiss nationals starting courses on or after 1 August 2021 must have settled or pre-settled status in the UK under the EU Settlement Scheme to be able to apply for this type of financial support.

Visit the  EU Settlement Scheme information guide  for more information.

This does not apply to students who are Irish citizens living in the UK or Ireland, who are automatically treated as settled in the UK and do not need to apply to the EU Settlement Scheme to benefit from the right to UK student finance. 

For full information on the nationality or residency status requirement for this type of financial support, please see the Gov.uk website .

The loan is paid directly to you.

It will be divided equally across each year of your course.

You have to repay your loan, but only once you:

• have left university
• are in employment
• are earning over a certain amount

Find out more about repaying your loans .

Alternatively, use our A–Z index

Postgraduate loans for doctoral students

If you’re coming to Manchester this year to begin or continue postgraduate doctoral research, you could qualify for a loan from the UK government.

The maximum loan available for those starting a programme on or after 1 August 2022 is £27,892. Applications are open now.

This postgraduate student loan is paid directly to you and is non-means tested. The loan is a contribution towards the cost of study and is unlikely to fund the full cost of your doctoral studies. You will need to research how to fund any shortfall.

The information on this page is about the loan available to English students studying in the UK. There are similar funding arrangements for UK students resident in Wales; apply online at Student Finance Wales . Students ordinarily resident in Jersey , Guernsey and the Isle of Man may also be eligible for support.

Eligibility

To apply for a postgraduate doctoral loan, you must:

• be a UK or Irish national or have settled or pre-settled status under the EU Settlement Scheme  or indefinite leave to remain so there are no restrictions on how long you can stay;
• normally live in England;
• have been living in the UK, the Channel Islands, the Isle of Man or Ireland for three continuous years before the first day of your course, apart from temporary absences such as going on holiday; 
• UK applicants from Northern Ireland, Wales, Scotland, Channel Islands or the Isle of Man who move to England solely for the purpose of attending the course will not be eligible.

If you’re an EU national or a family member of an EU national

You may be eligible if you’re an EU national or a family member of an EU national, and all the following apply:

• you have settled status under the EU Settlement Scheme;
• you’ve normally lived in the UK, Gibraltar, EU, Switzerland, Norway, Iceland or Liechtenstein for the past three years (this is also known as being ‘ordinarily resident’);
• you’ll be studying at a university or college in England.

You could also be eligible if you’re:

• the child of a Swiss national and you and your parent have settled or pre-settled status under the EU Settlement Scheme;
• a migrant worker from the EU, Switzerland, Norway, Iceland or Liechtenstein with pre-settled status, or a family member of a migrant worker where both have pre-settled status;
• a resident of Gibraltar who is a UK or EU national, or their family member.

You may also be eligible with another residency status. See the gov.uk website for full details.

You must be under 60 on the first day of the first academic year of your course to get a postgraduate doctoral loan.

Previous study

If you have a loan from a previous undergraduate course or postgraduate master’s course, it won’t affect your eligibility for a postgraduate doctoral loan.

You can only get a postgraduate doctoral loan if you don’t already have an equivalent doctoral qualification or a higher-level qualification such as a PhD.

If you borrow a postgraduate doctoral loan for a course but don’t complete it, you won’t be able to get a second postgraduate doctoral loan. However, if you have to withdraw from your course for compelling personal reasons, such as illness, you may still be able to apply for another postgraduate doctoral loan.

Other eligibility

You won’t be able to get a postgraduate doctoral loan if you are getting any Research Council funding.

Course eligibility

The course you’re studying must be a full postgraduate doctoral course leading to a qualification such as:

• subject specialist doctorates: a formal programme of study such as a PhD;
• integrated subject specialist doctorates: a supervised research project undertaken alongside a more structured taught course, or may depend on successful completion of taught elements and be undertaken in later years. Integrated doctorates normally offer exit awards at master's level based on successful completion of taught course units (students must register for the doctoral degree at the outset to be eligible for a postgraduate doctoral loan);
• professional and practice-based doctorates: post-experience qualifications aimed at mid-career professionals, for example, an Engineering Doctorate (EngD).

A postgraduate doctoral loan isn't available to students wanting to ‘top up’ a lower-level qualification to a doctoral degree. Your course must be a full standalone doctoral course. The loan is available whether you are studying your course in person or by distance learning, and your course can be:

• a full-time course lasting at least three years;
• a part-time course lasting up to eight years.

How to apply

You only need to apply once for the postgraduate doctoral loan, as the application and funding are for the duration of your course. If you’re studying over three or more academic years, you’ll get a letter each year confirming your payments for the upcoming academic year.

The quickest way to apply for a postgraduate doctoral loan is online .

If you can’t apply online, you should download a paper application form .  

When to apply

You should apply as soon as possible so that the Student Loans Company can contact you if they need any further information or evidence. You must apply no more than nine months after the first day of the last academic year of your course.

Please note if you apply after your first year, you might not get the maximum loan amount. 

When you’re paid

You get the first payment after your course start date, once your university or college confirms that you’ve registered.

The loan will be paid in three instalments of 33%, 33% and 34% each year. After your application has been approved you’ll be sent a letter with your payment dates or you can check them in your online account.

Interest will be charged from the day the first payment is made to you and will be charged at the Retail Price Index (RPI) plus 3%.

You’ll be due to start making repayments the April after you finish or leave your course, or the April four years after the beginning of your course, whichever is sooner. You’ll only start repaying when your income is over £21,000 per year, £1,750 a month, or £404 a week.

You will repay 6% of what you earn over the threshold. So if you’re paid monthly and earn £2,500 per month before tax, you’ll repay 6% of the difference between what you earn and the threshold.

For example:

• £2,500 - £1,750 = £750
• 6% of £750 = £45

The following table shows how much you’ll repay towards your loan: 

Previous loans

If you have had a previous loan from the Student Loans Company, you’ll continue to repay these loans at the same time. How much you’ll repay depends on when you started your undergraduate course. 

Courses that started after 1 September 2012

If you borrowed a loan for an undergraduate course that started after 1 September 2012, you’ll repay 9% of your income above £27,295 a year towards that loan and 6% of your income above £21,000 a year towards your postgraduate loan. If you borrowed a postgraduate loan for a master’s course as well as a doctoral programme, the repayment amount due will remain at 6%, combining both postgraduate loans.

The table below shows how much you’ll repay towards your loans. 

Find out more

Find out more about the Doctoral Loan on the UK government website.

Go to gov.uk

Helping you make the most out of your money

Searching Money Mentor . . .

Can i get a postgraduate loan if i already have a master’s.

Updated March 20, 2023

In this guide

With student debt already a big issue for many young people, taking your studies one step further may be a financial concern. There is help available for those wanting to study for a master’s or a PhD.

However a postgraduate loan can be more complicated for those who want to study for a second master’s qualification.

Below, we explain:

Am I eligible for a postgraduate loan?

When to apply for a postgraduate loan, how to apply for a postgraduate loan, do i qualify for other funding.

• How to repay my loan
• Postgraduate loan FAQs

For more general information on student funding, see the Times Money Mentor Guide to student finance .

Master’s loans and PhD loans

For most postgraduate students, the first step on their extended academic journey will be a first master’s degree. 

It is relatively simple to get a master’s loan for this through the English government. Though of course you will have to pay it back, with interest, over time.

You can use this loan however you like – to cover tuition fees or living expenses – and the maximum you can receive in England for courses starting after August 2022 is £11,836 paid in three instalments each year.

The loan will count as income for certain means-tested benefits, so your benefits may reduce.

For those who continue further and study for a PhD (doctorate), there is a similar PhD loan with an upper limit of £27,892 for doctorates started on or after August 1, 2022. This is also not means tested.

There is more information on how to apply for a postgraduate loan, and about the other options for those looking for funding, on the government website here .

The rules are slightly different in Wales, Scotland and Northern Ireland. See the Student Awards Agency Scotland website ,  the Student Finance Wales site , or Student Finance NI .

Looking for tips on cutting living costs? This student explains how they decided to live on a boat to reduce their bills to £1,000 a year.

If you are looking to finance further study, you will need to check your own eligibility for a postgraduate loan.

To be eligible for a master’s loan, you must be:

• A UK citizen, normally resident in England and have lived in the UK for three years before the first day of your course.
• Under 60 years old on your first day studying the course.
• Studying either a taught or research-based master’s course.

You will likely not be eligible if you:

• Already have a PhD or another master’s qualification
• Have started and not finished another master’s course. This is unless you can prove “compelling personal reasons” (CPR) such as illness or bereavement for why you did not finish your degree.

If you are applying for a PhD loan, most of the eligibility requirements are the same. However, you can have received a loan for a master’s degree and still be eligible for PhD funding.

If you are receiving specific funding such as a social work bursary or funding from the Research Council, you cannot have a PhD loan as well.

Further exclusions are covered here so you can check whether you meet the criteria.

Find out more here about how to find a student loan to study abroad.

If you are thinking about postgraduate study, it can be a good idea to apply for finance as early as possible.

Applications for the following academic year usually open in June and you do not need to have applied for the course itself to request the loan – although you will have to be registered on a course before you receive any payments. 

You can apply after the course has started but must do so at least nine months from the start of your final year.

So, for example, if you are studying a one-year master’s starting in September 2022, you must apply by June 1, 2023.

You can apply online or by post for a master’s loan. If you already have student finance details from your undergraduate course, you can use these to apply online.

In England you apply via Student Finance England, in Wales via Student Finance Wales, in Northern Ireland via Student Finance NI and in Scotland via Student Awards Agency Scotland.

You can download the English master’s application form here , while information from the other devolved nations is available on their websites.

If you have changed residency between the four nations since your undergraduate degree, you will need to apply for your master’s funding by post as you cannot hold online accounts with more than one student finance agency.

Applying for a postgraduate maintenance loan will require you to have certain documents and details ready. Here is some of what you will need:

• Details of the course you want to take and where you want to study (although you do not need to have applied or have been accepted)
• Your passport details – although if you do not have one, you can use details from a birth certificate or adoption certificate
• Your address history
• UK bank details (although you can add these later if you do not have a UK account).

Is a university degree worth it? We explain what you need to consider when weighing up the value of a degree .

If you are asking yourself whether your postgraduate loan will be enough , perhaps there are other places you can look for a maintenance loan or grant.

Some types of postgraduate courses attract their own funding. There may also be organisations you can apply to for grants, bursaries or loans even if you do not qualify for the government scheme.

These may include the below.

Studentships

These are funded by UK Research and Innovation in the main, and tend to be available for courses that lead to a job where there is a shortage of candidates.

There are studentships for some medical and healthcare courses through an NHS bursary , as well as for teacher training and social work.

Charities and trusts

You may find that there are specific grants available to you if you come from a low-income background, achieve academic excellence or are seeking a certain course.

Use the Educational Grants directory, available in local libraries or at websites such as The Scholarship Hub (free for basic searches).

Learned societies

These societies, which represent academic disciplines or professions, sometimes offer funding for postgraduate study.

Check out the  British Academy , the  Royal Academy of Engineering  and the  Royal Society .

Private bank loans

If you are not eligible for a postgraduate loan, you may be able to take out one of these private postgraduate maintenance loans – but they can be expensive. There is more information here .

Employer sponsorship

You could also check with your employer whether it is willing to sponsor you if the training is directly relevant to your role.

Disabled students’ allowance

You may get financial help if you have a mental health problem, long term illness or any other disability.

This can be in addition to any student finance you get.

Postgraduates can get support of up to £20,580 a year.

How to repay your loan

Interest on a postgraduate loan begins to rack up from the day that you receive your first payment.

You are due to start paying the loan back either:

• In the April after you have finished the course, or
• The April four years after the start of your course, if the course is longer than four years. 

However, you only have to begin the repayments once your income has reached a certain threshold.

Currently, if you take out a master’s or a doctoral loan in England, Wales or Northern Ireland, you will only have to start the repayments when your income is over £403 a week, £1,750 a month or £21,000 a year (before tax and other deductions).

You repay 6% of what you own over the threshold and will have to pay back student loans from your undergraduate course at the same time.

The threshold in Scotland is £25,375 a year and you repay 9% of what you earn over that, but any undergraduate loans are combined with the postgraduate loan – you don’t repay two at once.

You can start to clear your loan whenever you like; there are no penalties for early repayment. Any part of the loan still outstanding 30 years after you were due to start the repayments will be written off. 

Managing student finances well is key. In most cases you can apply for an ordinary student bank account or extend the one you already have to keep your finances stable.

Find out more here about our Guide to student bank accounts .

Frequently asked questions

How will i receive my postgraduate loan.

Your postgraduate loan will be paid into your nominated UK  bank account .

When will I receive my postgraduate loan?

You will receive the first payment after your course start date, once a university has confirmed your registration. The loan will be paid in three roughly equal instalments each year.

Can I combine my loan with other funding?

This depends on the type of funding. Studentships cannot be combined with postgraduate loans, but other types of grants may be, on a case-by-case basis.

Are loans available for international students?

The postgraduate loan is not usually available to international students unless they meet certain criteria. EU nationals with settled status and Irish nationals can gain access to the loans.

There are other options available for those from abroad, including the Chevening Scholarships funded by the Foreign, Commonwealth & Development Office.

What is the maximum loan a student can get?

This depends on which part of the UK they live in. In England, it is £11,863 for a master’s loan and £27,892 for doctorates started on or after August 1, 2022. 

Important information

Some of the products promoted are from our affiliate partners from whom we receive compensation. While we aim to feature some of the best products available, we cannot review every product on the market.

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• Education and learning
• Student finance

Doctoral Loan

How to apply.

You can apply now for courses that start or started in the following academic years:

• 2023 to 2024
• 2022 to 2023

Check whether you’re eligible before you apply.

You only need to apply once for the Postgraduate Doctoral Loan. Student Finance England will write to you in the summer to tell you how much you’ll get in the next academic year.

You will not be eligible for an Adult Dependants’ Grant, a Childcare Grant or Parents’ Learning Allowance from Student Finance if you’re studying a doctoral course.

Apply online

If you’ve taken out a loan with Student Finance England before, use your account to apply .

If you do not already have one, set up an account .

Apply by post

If you cannot apply online, apply by post – the address is on the form.

If your course starts in the 2023 to 2024 academic year

Download Postgraduate Doctoral Loan application form and notes - 2023 to 2024

Download ‘Student loans - a guide to terms and conditions’

If your course started in the 2022 to 2023 academic year

Download Postgraduate Doctoral Loan application form and notes - 2022 to 2023

Courses that started before 1 August 2022

Contact Student Finance England Postgraduate Loan Team if you cannot apply online.

Read the student finance privacy notice to find out how the information you provide will be used.

When to apply by

The deadline for applying depends on when you start your course.

You need to apply within 9 months of the first day of the last academic year of the course.

The academic year

The academic year is a period of 12 months.

If your course started on 17 October 2021 and you’re studying for 3 years, you need to apply before 31 May 2024.

Proof of identity

Include valid UK passport details in your application.

Use the ‘UK passport details’ form if you need to send the details after your application. Do not send the passport itself.

If you do not have a UK passport (or it has expired), send your original birth or adoption certificate to Student Finance England.

Include your name and address. You should also include your customer reference number if you have one. This is an 11-digit number. You can find it on letters or emails you’ve had from Student Finance England.

If your course starts in the 2023 to 2024 academic year:

Download ‘UK Passport details form’ - 2023 to 2024

If your course started in the 2022 to 2023 academic year:

Download ‘UK Passport details form’ - 2022 to 2023

If you’re an EU national

If you have settled or pre-settled status under the EU Settlement Scheme, you only need to provide your share code to prove your immigration status and identity . You do not need to send your passport. Someone will contact you to ask for your share code after you apply.

If you do not have settled or pre-settled status under the EU Settlement Scheme, send your non-UK passport or identity card the first time you apply.

Supporting information

You should use the evidence return form for extra information to support your application, for example evidence of your residency status.

You may also be asked to complete the UK employment status form.

Download ‘Document return form’ - 2023 to 2024

Download ‘UK employment form’ - 2023 to 2024

Download ‘Document return form’ - 2022 to 2023

Download ‘UK employment form’ - 2022 to 2023

Change an application

Use your online account to change your personal details, for example bank or contact details. Contact Student Finance England directly if you do not have an account.

Change the amount you’ve asked for

Use the loan request form to change the amount you’ve applied for - you cannot do this online.

Download ‘Loan request form’ - 2023 to 2024

Download ‘Loan request form’ - 2022 to 2023

Other changes

Use the change of circumstances form if you need to change any other details, for example your university or course. You cannot do this online.

Download ‘Change of circumstances form’ - 2023 to 2024

Download ‘Change of circumstances form’ - 2022 to 2023

Taking a break or withdrawing from your course

Contact Student Finance England Postgraduate Loan Team and your institution straight away if you need to withdraw from your course. It may affect your future payments and eligibility for funding.

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Lendwise Postgraduate Loan

Fund your studies now.

Easy online application. Get a fast, no-obligation quote that does not effect your credit score.

Apply for a loan

Receive your Provisional Loan Offer* within 48 hours

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*Loan proposals offered to UK residents only, subject to Lendwise terms and conditions.

Postgraduate Loan

Lendwise offers private postgraduate student loans with fair, student-friendly terms at competitive rates for students who require funding to further advance their education with a postgraduate degree. Lendwise Loans can also be used alongside the Government postgraduate loans, effectively bridging the funding gap that often exists so students have better chances of fulfilling their ambitions through the pursuit of higher education.

Key Features:

Applications are assessed based on future earnings potential, not just a credit score

Borrow up to £100,000

Fixed interest rates

No early repayment fee

No repayments during full-time study

Frequently asked questions

What are postgraduate studies.

Postgraduate studies refer to courses that are being taken after a first university degree (BSc, BA, LLB). The most usual postgraduate study qualification is the Masters Degree (MSc, MA, LLM) whilst the highest is usually doctorate level studies (PhD). There are also many other postgraduate studies such as certificates (PgCert) and diplomas (PgDip) which can be accomplished in a similar or less time and usually cost less but do not confer the same title level to the student.

Do postgraduate studies have tuition fees?

The tuition fees for postgraduate study vary widely depending on the university, programme, how competitive the entry to the programme is, and range from a few thousand pounds to top ranked two year MBA programs that might reach or exceed £100,000 in tuition fees. One must also not forget to budget for maintenance or living expenses during the time of the course, lost earnings during the time studied (although the objective and aim of most of these courses is better preparations and tools to achieve higher earnings when accomplished) and servicing ongoing financial obligations.

Are postgraduate studies sponsored by government?

The UK government has recognised that postgraduate studies are becoming mainstream, a necessity rather than an optionality and since 2016 has been providing student finance for masters courses and doctorate level courses with postgraduate loans.

What is the cost of a postgraduate course?

The tuition fee cost of a postgraduate course can range from £2,500 a year for some distance learning diplomas and masters courses all the way up to nearly £100,000 for an executive MBA from a very exclusive and competitive business school. In addition to the tuition fees any aspiring student will be spending considerable time effort and the decision to embark on a postgraduate course is not an easy one. Considering also that in almost all cases the government student finance will only offer a government postgraduate loan once or only for the first attempt and that this opportunity is eligible until the age of 60, one should not rush into the decision of undertaking such an endeavour. The cost of the course and the institution offering it matter as much as the skills that each course offers, the opportunities for practical training or industry placements, the network of friends and associates that one can cultivate during the course and keep all their lives through friendships and alumni network and how employers view the graduates of any program as potential employees or the opportunities offered for entrepreneurship.

Who is eligible for student finance for a postgraduate course?

Following the exit of the United Kingdom from the European Union at the end of 2020, residents of the United Kingdom (as well as the Republic of Ireland) will be eligible for student finance from the UK Government using a postgraduate loan. The amounts offered, the courses and universities eligible differ in each of England, Wales, Scotland and Northern Ireland and the fees and funding pages. Dedicated student finance platforms like Lendwise look at a large number of data points to decide on granting a postgraduate loan that can assist a student if the government loan is not enough to cover the cost of studies. Previous credit history, education, employment, employment prospects and salary expectations are some of the key areas that are assessed to ensure that the any loan is affordable and will be affordable by a student and become a helping force in their lives and not a burden.

Postgraduate loan payments

Postgraduate loans in England and Wales are not paid directly to the Universities, as the practice is with undergraduate student loans but are paid directly to the student’s bank account in three equal instalments. The student then has to pay the university tuition fees. If the tuition fees are lower than the postgraduate loan the students can use the remainder funds for their maintenance and living expenses during the course. If the tuition fees are higher than the postgraduate loan amount (as is usually the case) the student is responsible for the remainder amount and this is usually funded through savings, parental contribution, earning while studying or dedicated student finance platforms like Lendwise . In England for courses that started after the 1st of August of 2022 the postgraduate loan amount is £11,836 and is paid in three instalments to the student’s account. Practically, when dedicated student finance platforms are used, they settle part or all of the tuition fees directly with the university finance office and the students use the government postgraduate loan to finance their maintenance and living expenses as for most individuals there is no maintenance loan from government similar to the undergraduate student loan.

How is a postgraduate loan repaid?

Repayments for a postgraduate loan do no start until after graduation and until earnings have reached a certain threshold published by the government. When earnings rise above the threshold a set percentage of ones salary is deducted by the employer to go towards repayment of the loan. This repayment amount does not increase if the student has undergraduate student loans or will take a doctorate loan later. Depending on the student finance agency (Student Finance England, Student Finance Wales, Student Awards Agency Scotland (SAAS) , Student Finance NI) after the age of retirement or a number of years after the loan is taken the remainder amount is written off. It should be also noted that student loans are not reported to credit rating agencies and do not appear on your credit report.

In the case of private postgraduate student loans if the course is full time and the student is not working it is usually expected that repayments will start after the end of the course and with an additional grace window to allow for finding employment and settling down into professional life. In the case of part time courses, short courses, bootcamps and remote courses it is usually expected that repayments start one month after the start of the loan. This practice is beneficial to the students as they do not incur interest for a longer time and over a larger loan balance.

What is the interest rate for a postgraduate loan?

Currently for the postgraduate loan the interest rate is 5.4% per annum. This changes every September and is pegged to the Retail Price Index (RPI), which measures inflation in the United Kingdom, plus 3%. For private postgraduate loans the interest rates vary by provider and for each individual depending on their circumstances. Lendwise aims to provide lowest possible interest rate that can be achieved from Lenders on its platform and if the calculated rate is too high or unattainable to be affordable to the student then a loan proposal will not be presented. Currently loans on the Lendwise platform have been funded at rates between 7% and 12%.

Where do I apply for a postgraduate loan in England?

To see if one is eligible for a postgraduate loan in England they should apply to Student Finance England. Application usually open in March for courses starting in September onwards and one can apply until the 9 months after the start of the last year of their course. It is however strongly recommended for anyone aiming to pursue a postgraduate course to begin their budget early and confirm their financing sources as early as possible. The Lendwise loan application form providers a budget calculator that allows the student to enter their budgeted expenses and sources of funding and see whether and how much they need for a university postgraduate course. For more information and detail on eligibility criteria for Student Finance England the Lendwise Postgraduate Student Loan Almanac has gathered a lot of information useful to the student.

Where do I apply for a postgraduate loan in Scotland?

To see if one is eligible for a postgraduate loan in Scotland they should apply to Student Awards Agency Scotland (SAAS). Application usually open in March for courses starting in September onwards and one can apply until the 9 months after the start of the last year of their course. It is however strongly recommended for anyone aiming to pursue a postgraduate course to begin their budget early and confirm their financing sources as early as possible. The Lendwise loan application form providers a budget calculator that allows the student to enter their budgeted expenses and sources of funding and see whether and how much they need for a university postgraduate course. For more information and detail on eligibility criteria for Student Awards Agency Scotland (SAAS) the Lendwise Postgraduate Student Loan Almanac has gathered a lot of information useful to the student.

Where do I apply for a postgraduate loan in Wales?

To see if one is eligible for a postgraduate loan in Wales they should apply to Student Finance Wales. Application usually open in March for courses starting in September onwards and one can apply until the 9 months after the start of the last year of their course. It is however strongly recommended for anyone aiming to pursue a postgraduate course to begin their budget early and confirm their financing sources as early as possible. The Lendwise loan application form providers a budget calculator that allows the student to enter their budgeted expenses and sources of funding and see whether and how much they need for a university postgraduate course. For more information and detail on eligibility criteria for Student Finance Wales the Lendwise Postgraduate Student Loan Almanac has gathered a lot of information useful to the student.

Where do I apply for a postgraduate loan in Northern Ireland?

To see if one is eligible for a postgraduate loan in Northern Ireland they should apply to Student Finance Northern Ireland (Student Finance NI). Application usually open in March for courses starting in September onwards and one can apply until the 9 months after the start of the last year of their course. It is however strongly recommended for anyone aiming to pursue a postgraduate course to begin their budget early and confirm their financing sources as early as possible. The Lendwise loan application form providers a budget calculator that allows the student to enter their budgeted expenses and sources of funding and see whether and how much they need for a university postgraduate course. For more information and detail on eligibility criteria for Student Finance Northern Ireland (Student Finance NI) the Lendwise Postgraduate Student Loan Almanac has gathered a lot of information useful to the student.

Do I need a guarantor for a postgraduate loan?

Regarding the government postgraduate student loan no guarantor is required and the loan and amount is not means tested or subject to a student’s credit record nor reported in it. Some private lenders may require a guarantor. Lendwise loans do not require a guarantor.

What is the postgraduate loan amount?

The postgraduate loan amount one can get depends if they are resident in England, Scotland, Wales or Northern Ireland and where they will study.

In England, Student Finance England can provide up to £11,836 if your course starts on or after 1st August 2022.

In Scotland, Student Awards Agency Scotland may offer up to £7000 towards tuition fees for public universities. Students are eligible for funding of courses in the rest of the United Kingdom as long as the same course is not available in Scotland. SAAS postgraduate loans also funds full time postgraduate diplomas that have a study period of one year or less. Students that meet the residency requirement of SAAS may also be eligible for a maintenance loan of up to £4,500.

In Wales, Student Finance Wales allows a maximum of £18,430 which is made up of a loan and a grant (a maximum grant of £6,885 and loan of £11,545 if your household income is £18,370 and below OR a grant of £1,000 and loan of £17,430 if your household income is not taken into account or is above £59,200).

In Northern Ireland, the maximum loan amount offered by Student Finance Northern Ireland (Student Finance NI) is £5,500 for a tuition fee loan and under specific circumstances for a extra help in the form of an allowance that is non repayable for costs related to a disability or long term health condition. Residents of Northern Ireland can use their tuition fee loan for certain postgraduate diplomas or certificates.

Postgraduate loan for a diploma

Student Finance England and Student Finance Wales offer loans for Masters level courses and not for postgraduate diplomas or postgraduate certificates.

Student Finance Northern Ireland offers its tuition fee loan for Postgraduate Master’s, Postgraduate Certificate (PgCert), Postgraduate Diploma (PgDip) which can be studies in university attendance or remotely through distance learning and be research based or taught and can be studies part time or full time but must not last longer than three academic years.

Student Award Agency Scotland (SAAS) offers support for Postgraduate Diplomas but not Postgraduate Certificate courses.

Postgraduate loan for GDL

The Graduate Diploma in Law (GDL) is a postgraduate diploma that allows graduates or professionals without a qualifying law degree to gain the necessary knowledge and skills to progress and be eligible for embarking in a Legal Practice Course (LPC) to become a solicitor or a Bar Practice Course (BPC or previously known as the Bar Professional Training Course (BPTC)) to become a barrister. Students with a non-legal education background are also attracted to such courses as they give a good legal education that is a good to have skill in many industries and professions. Some GDL courses are structured as integrated masters courses and thus are eligible as any other Masters courses for a government postgraduate course. Other students opt for a non integrated masters for the GDL and undertake an integrate masters with their LPC known as the LLM which is again eligible for student finance if it is the first professional qualification. Dedicated student finance platforms such as Lendwise provide private postgraduate loans for the GDL, LPC and BPC.

Postgraduate loan for part time masters

Part time masters courses are usually eligible for student finance under the government postgraduate loan scheme. There may be some eligibility restrictions depending on the time required for completion of the course and the loan is disbursed in instalments that span the length of the course.

Postgraduate loan for MBA

MBA courses are usually eligible for student finance under the government postgraduate loan scheme. Due to their appeal, competition for places and expected boost in employability and earnings the most prominent attract a high number of applications both from the UK and from overseas students. A global student body is a lot of times a major factor in the decision of the students to select a specific business school or course. As the fees are usually quite high in comparison to other postgraduate courses and some courses are 15 or 24 months in duration the government postgraduate loan is not sufficient to cover the tuition fees and / or living expenses and dedicated student finance platforms like Lendwise offer loans that bridge the funding gap.

Postgraduate loan for distance learning masters

Distance Learning masters courses are usually eligible for student finance under the government postgraduate loan scheme. There may be some eligibility restrictions depending on the time required for completion of the course and the loan is disbursed in instalments that span the length of the course.

Postgraduate Loan for Bootcamp courses

Bootcamps are quite a new form of postgraduate course that aim within a short period of time to teach practical skills that can allow an individual to reskill or upskill. There are usually no set prerequisites as each company or training provider makes its own selection and their duration, course content, tuition fee and mode of attendance are set by the training provider. Bootcamp courses are usually not eligible for student finance through the government postgraduate loan but some may be eligible through the apprenticeship scheme. Dedicated student finance platforms such as Lendwise offer:

• Postgraduate Loans for Bootcamps
• Other Professional Qualifications

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