Quick Answer
The Postgraduate Master’s Loan for 2026/27 is worth up to £13,206 in total for your entire course. It is a single loan that covers both tuition fees and living costs, paid directly into your bank account. It is not means-tested, so your household income does not affect how much you receive. Repayment works differently from undergraduate loans: you repay 6% of earnings above £21,000 per year, and the balance is written off after 30 years.
Table of Contents
- What Is the Postgraduate Master’s Loan?
- How Much Can You Borrow?
- How the Money Is Paid to You
- Who Qualifies?
- Which Courses Are Eligible?
- Master’s Loan vs Undergraduate Student Finance
- How Repayment Works
- What If You Have Both Undergraduate and Postgraduate Loans?
- Extra Funding for Master’s Students
- How to Apply
- How NZ Associates Can Help (For Free)
- Frequently Asked Questions
What Is the Postgraduate Master’s Loan?
The Postgraduate Master’s Loan is a government-backed loan available through Student Finance England for students who want to study a taught or research master’s degree at a UK university. It was introduced in 2016/17 and has since become the main source of government funding for postgraduate study in England.
Unlike undergraduate student finance, which is split into a Tuition Fee Loan and a Maintenance Loan, the Master’s Loan is a single combined amount. You receive one loan that must cover both your course fees and your living costs. How you divide the money between the two is entirely your decision. The university does not receive the loan directly. It goes into your bank account, and you pay your tuition fees yourself.
This is an important distinction. With undergraduate finance, tuition fees are handled automatically between SLC and the university. With a Master’s Loan, the money lands in your account and you are responsible for managing it.
How Much Can You Borrow?
For the 2026/27 academic year, the maximum Postgraduate Master’s Loan is £13,206. This is the total for the entire course, not per year.
| Academic Year | Maximum Loan |
|---|---|
| 2026/27 | £13,206 |
| 2025/26 | £12,858 |
| 2024/25 | £12,471 |
The loan is not means-tested. Your household income, your savings, and your personal circumstances do not affect how much you can borrow. Every eligible student receives the same maximum amount. You can choose to borrow less than the maximum if you wish.
If your master’s course costs more than £13,206 in total (which many do, particularly in London), you will need to fund the difference from savings, part-time work, scholarships, or university bursaries.
How the Money Is Paid to You
The loan is paid directly into your bank account in three instalments per academic year, roughly aligned with the start of each term (33%, 33%, and 34%).
If your master’s is a one-year full-time course, you receive all £13,206 across three payments during that year. If your course is two years (full-time or part-time), the total is split evenly across both years. So on a two-year course, you would receive approximately £6,603 per year, each divided into three instalments.
| Course Length | Approximate Per Year | Approximate Per Instalment |
|---|---|---|
| 1 year full-time | £13,206 | ~£4,402 |
| 2 years full-time or part-time | ~£6,603 | ~£2,201 |
Because the money goes to you rather than the university, you need to manage your payments to the university yourself. Most universities allow you to pay tuition in instalments that align with the SLC payment schedule, but check with your university’s finance team to confirm.
Who Qualifies?
To be eligible for the Postgraduate Master’s Loan, you must meet all of the following criteria:
You must normally live in England and have been resident in the UK for at least three years before your course starts. Students from Scotland, Wales, and Northern Ireland have their own separate postgraduate funding schemes.
You must be under 60 years old at the start of the first academic year of your course. If you turn 60 before your course begins, you are not eligible.
You must not already hold a master’s degree or higher qualification. If you already have a master’s or a doctorate, you generally cannot take out another Master’s Loan. There are exceptions for certain subjects, particularly in STEM and healthcare, so check with Student Finance England if your situation is unclear.
You must hold a qualifying immigration status. This includes UK nationals, Irish nationals, those with settled or pre-settled status under the EU Settlement Scheme, refugees, and people with certain types of leave to remain.
You cannot receive the Master’s Loan at the same time as undergraduate student finance. The two are mutually exclusive. If you are currently receiving undergraduate funding, you must complete or leave that course before starting a master’s with the Postgraduate Loan. Note that PGCE (Postgraduate Certificate in Education) courses are funded through the undergraduate route, not the Postgraduate Master’s Loan.
Which Courses Are Eligible?
Your course must be a full standalone master’s degree worth at least 180 credits. This includes MA, MSc, MBA, MRes, LLM, and other master’s-level qualifications. Both taught and research master’s programmes qualify.
The course must be studied at an approved UK higher education provider. Most UK universities are approved, but it is worth checking if you are considering a smaller or specialist institution.
For full-time students, the course can be one or two years. For part-time students, the course must run at a minimum of 50% intensity. Part-time courses equivalent to a one-year full-time master’s can be up to two years. Courses equivalent to a two-year full-time master’s can be up to four years.
Distance learning courses are eligible, including those offered by The Open University, provided they meet the other criteria.
Considering a master’s degree?
NZ Associates can help you understand your funding options, find additional scholarships, and plan your application. Every service is completely free.
Master’s Loan vs Undergraduate Student Finance
The Postgraduate Master’s Loan works very differently from the undergraduate system. Understanding these differences is important, especially if you have already been through the undergraduate process and are assuming the master’s works the same way.
| Factor | Undergraduate (Plan 5) | Master’s Loan |
|---|---|---|
| Structure | Separate Tuition Fee Loan + Maintenance Loan | Single combined loan |
| Maximum amount (2026/27) | £9,790 tuition + up to £14,135 maintenance | £13,206 total |
| Paid to | Tuition to university, maintenance to you | All to you |
| Means-tested? | Maintenance Loan is means-tested | Not means-tested |
| Repayment threshold | £25,000/year | £21,000/year |
| Repayment rate | 9% above threshold | 6% above threshold |
| Written off after | 40 years | 30 years |
The lower total amount and combined structure mean the Master’s Loan is designed as a contribution towards your costs, not a full funding package. For many master’s courses, particularly in London where tuition alone can exceed £13,000, you will need additional sources of funding.
How Repayment Works
Repayment of the Postgraduate Master’s Loan begins in the April after you finish or leave your course. It operates on its own repayment terms, separate from any undergraduate loan you may have.
The repayment threshold is £21,000 per year (for English domiciled students). You repay 6% of everything you earn above that threshold. If you earn below £21,000, you repay nothing.
| Annual Salary | Monthly Master’s Loan Repayment |
|---|---|
| £21,000 or below | £0 |
| £25,000 | ~£20 |
| £30,000 | ~£45 |
| £35,000 | ~£70 |
| £40,000 | ~£95 |
The government writes off any remaining balance 30 years after the April following your course completion. Your employer deducts repayments automatically through your payroll, just like undergraduate loan repayments.
What If You Have Both Undergraduate and Postgraduate Loans?
This is the part that catches many graduates off guard. If you have an undergraduate student loan AND a Postgraduate Master’s Loan, you make both repayments simultaneously. They are not combined into a single deduction. Each operates independently with its own threshold and rate.
For someone earning £35,000 per year with both loans:
| Loan | Threshold | Rate | Monthly Repayment |
|---|---|---|---|
| Undergraduate (Plan 5) | £25,000 | 9% | ~£75 |
| Postgraduate (Master’s) | £21,000 | 6% | ~£70 |
| Total | ~£145 |
This combined deduction is worth factoring into your decision. At £35,000, total monthly repayments of around £145 are manageable for most people, but if you are earning just above the thresholds, the dual deduction can feel noticeable.
One piece of good news: while you are studying your master’s full-time, repayment on your undergraduate loan is paused. You only start repaying both once you have finished (or left) the master’s course.
Extra Funding for Master’s Students
Because the Master’s Loan is designed as a contribution rather than full funding, many students need to find additional sources of support. Here are the most common options:
University scholarships and bursaries. Many universities offer postgraduate-specific scholarships, often based on academic merit, financial need, or subject area. These can range from a few hundred pounds to full tuition coverage. Check your university’s postgraduate funding page and apply for everything you are eligible for.
Research council funding. If you are doing a research master’s (MRes or similar), some courses come with funding from UK Research and Innovation (UKRI) or individual research councils. This can include tuition fees and a living stipend. Your university’s department can advise on availability.
Charitable trusts and professional bodies. Organisations like the Leverhulme Trust, the British Council, and various professional bodies offer postgraduate grants. The Turn2us database also includes postgraduate-specific grants.
Disabled Students’ Allowance (DSA). Postgraduate students are eligible for DSA if they have a disability, long-term health condition, or specific learning difficulty. DSA is not means-tested and does not need to be repaid.
Part-time work. Many master’s students work alongside their studies. If you are studying part-time specifically to maintain employment, the part-time study route may suit your situation.
How to Apply
Applications for the 2026/27 Postgraduate Master’s Loan are open now through the GOV.UK website. You can apply from the summer before your course starts, and the deadline is nine months after the first day of the last academic year of your course, so you can apply even after your course has begun.
To apply, you will need your National Insurance number, proof of identity (UK passport or birth certificate), your university and course details, and your bank account information. The process is straightforward and largely mirrors the undergraduate application, though it is a separate form.
Once your application is assessed, you will receive a Notification of Entitlement in your online account confirming your loan amount. Payments begin once your university confirms your attendance.
How NZ Associates Can Help (For Free)
Postgraduate funding is less well publicised than undergraduate student finance, and many graduates assume there is no government support for master’s study. NZ Associates can help you understand the full funding picture, from the Master’s Loan itself to university scholarships, DSA, and charitable grants.
As a registered UCAS centre based in Stratford, East London, we offer completely free guidance on postgraduate applications and funding. Whether you are a recent graduate looking to continue your studies or someone returning to education after time in the workforce, we can help you plan your funding and application strategy.
Planning a Master’s Degree?
Book a free consultation and we will help you understand the loan, find additional funding, and make sure your application is right. No fees, no catches.
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Frequently Asked Questions
How much is the Postgraduate Master’s Loan for 2026/27?
The maximum is £13,206 for the entire course. This is a single combined loan covering both tuition fees and living costs. It is not means-tested.
Is the Master’s Loan paid to me or to the university?
The Student Loans Company pays it directly into your bank account in three instalments per academic year. You are responsible for paying your university tuition fees yourself from this loan.
When do I start repaying?
Repayment begins from the April after you finish or leave your master’s course. You repay 6% of earnings above £21,000 per year. If you earn below £21,000, you repay nothing.
Do I repay the Master’s Loan and my undergraduate loan at the same time?
Yes, if you have both. Each loan has its own threshold and rate. Undergraduate repayment is 9% above £25,000, and Master’s repayment is 6% above £21,000. Student Finance England deducts them separately. However, your undergraduate repayments pause while you study your master’s full-time.
When is the Master’s Loan written off?
The government writes off any remaining balance 30 years after the April following your course completion. This is different from the undergraduate Plan 5 write-off of 40 years.
Can I get the Master’s Loan if I already have a degree?
You can get it if you have an undergraduate degree but do not already hold a master’s or higher qualification. If you already hold a master’s degree, you generally cannot take out another Master’s Loan, though exceptions exist for certain STEM and healthcare subjects.
Is a PGCE funded through the Master’s Loan?
No. The undergraduate student finance route (Tuition Fee Loan + Maintenance Loan) funds PGCE courses, not the Postgraduate Master’s Loan. Teacher training bursaries may also be available depending on your subject.
Can part-time master’s students get the loan?
Yes. Part-time master’s courses are eligible provided they run at a minimum of 50% intensity. The total loan amount is the same, but it is spread over a longer period. Our guide to part-time student finance explains how intensity-based funding works.
Can I get a Master’s Loan for a distance learning course?
Yes, provided the course is a full standalone master’s degree at an approved UK provider, worth at least 180 credits, and meets the intensity requirements.
Can NZ Associates help with postgraduate applications?
Yes. We provide completely free guidance on postgraduate funding, including the Master’s Loan, university scholarships, and DSA. Book a consultation here.
Written by George Turner, UK Student Finance and University Admissions Specialist with over a decade of experience guiding students through UCAS, SFE, SAAS, SFW, and SFNI applications.
Reviewed by a Senior Student Finance Consultant and UK Higher Education Specialist with hands-on experience in undergraduate and postgraduate admissions.
Last updated: 15 September 2026
Further Reading
- Student Finance for a Second Degree UK
- University Bursaries and Scholarships UK 2026/27
- Student Finance for Part-Time Students UK 2026/27
- Disabled Students’ Allowance (DSA) UK 2026
- What Happens If You Drop Out of University UK
- How to Apply for Student Finance England 2026
- UK Student Finance Criteria 2026/27
- Lifelong Learning Entitlement UK
- Mature Student University UK Guide 2026/27
- Access Courses to University UK 2026
- Education Consultant vs Applying Yourself
- Free UCAS Help in London
