Wednesday 01-06-2016 - 14:24
In a huge win for NUS, Postgraduate loan regulations have been laid before Parliament meaning that new tuition fee loans will be available for postgrad masters students by the end of June.
On 26 May the Government put to Parliament new regulations which will provide student loans for postgraduate masters students for the first time.
Thanks to our huge success in the #capsoff campaign, these new regulations will ensure that these loans are extended to students in England who are under 60, rather than the original plans to exclude anyone aged 30 or over.
Students will be able to apply for up to £10,000 of funding towards the cost of their masters degree, and the repayment of the loan will be income-contingent with graduates paying it back at 6% of earnings over £21,000.
This represents a huge step forward in student finance for postgraduates, who previously had to rely on their own savings or career development loans with high interest rates and less favourable repayment terms. Many people were denied access to postgraduate study just because they couldn’t get the finance to afford it.
We expect these new loans to help improve access to postgraduate study and are a step towards a fairer and more inclusive postgraduate education system.
The regulations are due to come into force on 16 June 2016 and students should be able to start applying for the loans towards the end of June through Student Finance England for courses starting in the 2016-17 academic year.