The government are launching Postgraduate Loans for students wishing to undertake Masters Level study.
This means if you wish to study our LLM (Masters) Law course in September 2016 onwards, you will be able to take out a loan for the course costs.
Please note: This information is based on what we know to date. You should make no definitive plans based on this information – it is subject to change.
What we know about the loan to date:
Although some of the information surrounding the loans is yet to be determined, we believe the following:
- You can gain a loan of up to £10,000 from the government
- Loans will not be means-tested (ie. Your eligibility to get one will not depend on your household income)
- You can take any amount up to the full £10,000 limit and there will be no minimum loan request amount
- Students aged under 60 can apply
- You can only get loans for one course (ie. You cannot complete another postgraduate qualification and then take out another loan)
- Students from within the EU will be eligible to apply
- The loan is paid directly to you (the student) and not University Centre at Blackburn College – this means University Centre at Blackburn College will invoice you for your Masters degree.
- You will not be eligible for a loan if you have an Equivalent Level Qualification (ELQ) (ie. you already hold another Masters degree, including one studied overseas.)
You will not start repaying your loan until April 2019. From then onwards, repayments will start in the April following the end of your course.
You will only start repaying your loan when you earn over £21,000. Loan repayments will follow the same model as Tuition Fee Loans. The loan will be written off after 30 years, in the same way as the Tuition Fee Loan.
Applying for your Loan
The information surrounding postgraduate loans is still in its infancy but we anticipate that you will be able to apply for a loan from June 2016 onwards. The processing time will be around 4-6 weeks but may take longer if you are a student from outside the EU.
For more information
Please phone 01254 29 29 29 to speak to a member of our Finance team or email email@example.com.