If you're starting a Master's in England, you may be able to borrow up to £13,206 through the government's Postgraduate Master's Loan for a course beginning on or after 1 August 2026.

The system works differently from undergraduate student finance, so there are a few important points to understand.

The loan isn't just for tuition fees

The £13,206 is one total loan for the entire master’s degree. It is paid directly to you, and you decide how to use it towards:

  • tuition fees
  • rent and living costs
  • travel
  • books and equipment
  • other study expenses

This matters because Master's tuition fees are not capped in the same way as standard undergraduate fees. If your course costs £15,000, for example, the postgraduate loan won't even cover the full tuition fee, never mind your living costs.

The amount you receive is not means-tested, so your income and your parents' income do not determine how much you can borrow.

How is it paid?

The loan is normally split into three instalments across each academic year.

For a one-year Master's, you therefore receive the loan throughout that year rather than getting £13,206 upfront. For a course lasting two or more years, the total loan is divided across the course.

The money goes into your bank account, not directly to your university.

Who can get it?

Eligibility depends on factors including your age, residency status, previous qualifications and the course itself.

Generally, the course must be a recognised postgraduate Master's worth at least 180 credits, and it can be taught or research based. Eligible courses can include qualifications such as:

MScMAMResMPhilLLMMBA

You normally cannot receive the loan if you already hold a master’s degree or a higher qualification.

There are also separate arrangements for some courses, particularly certain healthcare, social-work and architecture programmes.

How do repayments work?

The postgraduate loan has its own repayment system.

You currently repay 6% of your income above £21,000 a year.

So if you earn £30,000:

£30,000 − £21,000 = £9,000
6% of £9,000 = £540 per year, or roughly £45 per month.

Repayments normally begin from the April after you finish or leave your course, provided you're earning above the threshold.

What if you already have an undergraduate loan?

You can repay both at the same time.

For example, someone with a Plan 5 undergraduate loan and a Postgraduate Loan can have:

  • 9% deducted from earnings above the Plan 5 threshold
  • plus 6% deducted from earnings above the postgraduate threshold

This is worth budgeting for when considering your expected salary after the Master's.

Don't assume the loan will fund the whole degree

The Postgraduate Master's Loan is best thought of as a contribution towards the total cost, rather than complete Master's funding.

Before accepting a place, calculate:

Tuition fees + expected living costs − £13,206 loan = the amount you still need to fund

Then look at scholarships, university bursaries, savings, part-time work and employer sponsorship to cover any remaining gap.

For expensive Master's degrees, working this out before accepting the offer is particularly important.