Master's Loan

Master's Loan

The UK loan for Master’s level study.

Personal Eligibility

An applicant for a Master’s Loan must meet all of the following eligibility criteria:

Residency

Residency – You must be a UK national, Irish national, have indefinite leave to remain, or have and have settled status in the UK via the EU Settlement Scheme and have been resident in the UK for three years by 1st September 2023 to be eligible for the Master’s Loan.   

Different UK countries have different loan amounts and eligibility criteria:

Country resident / nationalitymaximum value of loanadditional information
England£12,167More info: England
Wales£18,430More info: Wales
Scotland£11,500More info: Scotland
Northern Ireland£6,500More info: Northern Ireland
   

The Student Loans Company (SLC) will make residency checks as part of the application process.

Age

Must be aged under 60 on 1st September 2023.

Previous Loans

Any applicant with outstanding SLC loan arrears will not be eligible for a Master’s Loan. Outstanding SLC loan arrears means having missed any scheduled repayments, as opposed to having an outstanding SLC balance.

Previous Study

Any applicant who already holds a Master’s degree or an equivalent or higher level qualification (ELQ) will not eligible for a Master’s Loan. Applicants with lower level qualifications such as Postgraduate Diplomas or Postgraduate Certificate of Education (PGCE) will not affect eligibility for a Master’s Loan.

Master’s are non-means tested meaning an applicant’s financial situation will not be taken into account when eligibility is being assessed.

Course Eligibility

The following courses at Central are eligible for a Master’s Loan:

When to Apply

Applications will be accepted from May 2023 onwards. Find more information.

Payment Information for Master’s loan from SFE

There isn’t a minimum loan request amount. The maximum is £12,167. Payments will be made directly to the student in three instalments per academic year.

If you are on a MA course part-time, over two academic years, or if you are on a two year MFA course, you will receive six equal payments over two academic years. 

Examples of payment schedules for a £12,167 loan:

One Year MA (Full-time, 1 year)

  • Payment 1 – October 2023 - £4,055
  • Payment 2 - January 2024 - £4,056
  • Payment 3 – April 2024 - £4,056

MA (Part-time, 2 years) or MFA (Full-time, 2 years)

  • Payment 1 (Year One) – October 2023 - £2,027
  • Payment 2 (Year One) – January 2024 - £2,028
  • Payment 3 (Year One) – April 2024 - £2,028
  • Payment 1 (Year Two) – October 2024 - £2,028
  • Payment 2 (Year Two) – January 2025  - £2,028
  • Payment 3 (Year Two) – April 2025- £2,028