Tag Archives: student loans

Postgraduate loans

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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.

Student Finance England application service for continuing students is now open!

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typingIf you’re continuing your studies in the 2014/15 academic year, you can now re-apply to Student Finance England (SFE) at www.gov.uk/studentfinance

SFE has advised us that this year’s online application has been designed with significant input from students, making it quicker and easier to apply for funding, as well as being straightforward to navigate and understand.

Their advice is not to wait! The sooner you apply, the earlier an assessment can be completed to ensure that your finance is in place for the new academic year.

Our Finance team will soon be emailing all students with details of the 2014/15 tuition fee to ensure you claim for the correct amount – you’ll have to pay for any difference if you don’t claim for enough so make sure you check your BU inbox!

Miss the deadline?

There is a deadline set by SFE, which is at the end of June. If you miss that deadline you can still apply, but it’s likely that your assessment by SFE will be delayed so you should make sure you have enough money to cover you for the first few weeks. SFE will tell us if you’ve applied for a Tuition Fee loan so there won’t be any problems with you enrolling at the start of term.

Funded by another authority?

Students from Scotland, Northern Island and Wales will be able to apply to their respective authorities soon and you should receive an email shortly.

So, visit the SFE website and get started. Alternatively, contact askBU Students’ Service if you need more information.