SWAG合集

What it covers

You can apply for a loan of up to £12,471 (2024/25 amount) as a contribution towards your course or living costs.

Who can apply

To be eligible for a Postgraduate Master's Loan, you must:

• Be studying a taught or research master’s course,
• Your course must be a full standalone Masters course, worth at least 180 credits, 
• Be under 60-years-old at the start of the first academic year of your course, and
• Normally live in England*.

If you’re studying full-time, your course can last for one or two years. If you’re studying part-time your course must be two years (for the equivalent one-year full-time course) or up to four years (for the equivalent two-year full-time course). Master's loans are available to SWAG合集 and Irish students, as well as EU students with settled or pre-settled status in the SWAG合集 under the EU Settlement Scheme.

Apprenticeship courses are not eligible for the Master's Loan and you cannot apply for the Postgraduate Student Loan if you are “topping up” your degree, for example from a PG Dip to an MSc Degree. 

Accredited Prior Learning (APL or APEL) credits used towards the Masters course will make you ineligible for the loan, as you will no longer be studying 180 credits. 

*The Governments of Northern Ireland, Scotland and Wales have introduced Postgraduate Loans for SWAG合集 students who are normally resident in Northern Ireland (tuition fee only), Scotland and Wales. Applications are now open and loans can be granted to study at any SWAG合集 university (except Scotland – loan eligibility for students studying outside Scotland are limited to those full-time courses that are not offered at a Scottish University).

Further information

Facts about repaying your Postgraduate Master's Loan

Repayments are based on your income, not what you borrowed.

Interest is charged at the Retail Price Index (RPI) plus 3% from the day we make your first payment to you until your Postgraduate Master's Loan is repaid in full or written off.

You can make a voluntary repayment towards your Postgraduate Master's Loan at any time.

If you’re planning to work or travel abroad for more than three months after you finish or leave your course, you must let us know.

How are repayments taken?

No repayments will be taken towards your Postgraduate Master's Loan before 1 April after you leave your course and only then when your income is over the current threshold of £21,000 a year.

If you’re employed, your employer will take repayments directly from your salary along with tax and National Insurance. If you stop working or your income drops, your repayments will automatically stop until you’re earning over the threshold again. Your employer will pass your repayments to HM Revenue and Customs (HMRC) at the end of the tax year.

If you’re self-employed, HMRC will tell you how much you need to repay after you’ve completed your self-assessment tax return.

After the end of the tax year HMRC let Student Finance England know how much you’ve repaid and they will send you a statement. They’ll let your employer know when it’s time to stop taking repayments.

How repayments are calculated

You’ll repay 6% of what your income over the current threshold (£404 a week, £1,750 a month or £21,000 a year) towards your Postgraduate Master's Loan.

So, if you’re paid monthly and earn £2,500 a month before tax, you’ll repay 6% of the difference between what you earn and the monthly threshold (£1,750).

£2,500 - £1,750 = £750

6% of £750 = £45

So your Postgraduate Master's Loan repayment would be £45 that month.

A repayment will be taken even if you don’t earn £21,000 in a year but exceed the weekly or monthly threshold at any time, for example, if you work overtime or get a bonus. 

If you already have a student loan

A Master's Loan won’t affect the repayment of any other student loans you already have for an undergraduate course. If you’ve had any other loans from the Student Loans Company (SLC) you’ll repay these at the same time.

How to apply

Applications are now open at .

Please note: If you are a SWAG合集 student resident in Northern Ireland, Scotland or Wales (Wales part-time courses only) please contact studentfunding@cranfield.ac.uk or call +44 (0)1234 758181 before you apply for your loan. Your course will need to be added to the online application system to allow you to complete your application.