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Last week the government announced a new postgraduate student loan system, with the aim of increasing access to postgraduate university courses.

Further details of the postgraduate scheme announced are below.

• The loan scheme will come into effect for the 2016-17 academic year
• Loans of up to £10,000 will be available for all postgraduate taught masters courses
• Loans are income-contingent, meaning the amount to be paid back by the student depends on their income
• The loan will be available to students under the age of 30
• Interest rates will beat commercial rates
• Graduates will pay back their PG loan alongside their UG loan. This could mean giving around 18% of their monthly income above £21,000 in student loan repayments.

To bridge the gap in 2015-16, the Higher Education Funding Council for England (HEFCE) will allocate £50 million so universities can offer bursaries on a match funded basis. Bursaries will be £10,000 each and will benefit 10,000 students.

More information on the bursaries, including how students can apply, will be available as soon as details are confirmed.