Postgraduate loans in Wales

In 2023/24, Welsh postgraduate funding is worth up to £18,770 through a combination of grants and loans - more than is available in any other part of the UK

How much can I borrow?

Welsh postgraduate loans for the 2023/24 academic year are worth up to £18,770 to contribute towards your tuition fees, study costs and living expenses. They are made up of a combination of non-repayable grants and repayable loans.

If your course starts on or after 1 August 2023, you'll receive:

• a maximum grant of £6,885 and a loan of £11,885 if your household income is £18,370 or below
• a grant of £1,000 and a loan of £17,770 if your household income is £59,200 or more (or if you choose not to take your income into account).

If your household income is between £18,370 and £59,200, the grant portion of your funding will be somewhere between £1,000 and £6,885, with a loan making the total up to £18,770. You don't have to borrow the maximum loan amount that's available to you.

For the full breakdown, see Student Finance Wales - What's available.

Am I eligible for a Welsh postgraduate loan?

You must:

• be a UK national or have settled status
• normally live in Wales
• have lived in the UK, Channel Islands or the Isle of Man for the past three years
• be under 60 years of age on the first day of the first academic year of your course
• not already hold a Masters degree or higher qualification.

If you're a European Union (EU) national, you're eligible if you:

• have normally lived in the UK, Gibraltar, the European Economic Area (EEA) or Switzerland for the past three years
• have settled status under the EU Settlement Scheme (EUSS)
• will be studying your postgraduate course at a university in Wales.

You may also be able to get a loan if you are a refugee (or a relative of one), have been granted discretionary leave to remain in the UK, are an EEA or Swiss migrant worker, a child of a Swiss national, or the child of a Turkish worker.

If you can't get a Masters loan in Wales, consider other sources of postgraduate funding.

Is my course eligible?

Your course should be a full standalone taught or research Masters degree worth a minimum of 180 credits and be studied at a UK university or by distance learning.

Full-time courses should take one or two academic years to complete. Part-time courses can take two to four years.

The loan can only be used for full Masters courses, not to top-up a lower-level qualification such as a postgraduate diploma (PGDip) or postgraduate certificate (PGCert) to a Masters.

For distance learning, you must be living in Wales on the first day of the first academic year of your course and in the UK for the whole of your course.

Separate Doctoral loans of up to £28,395 (2023/24) are available for PhDs in Wales. Read more about PhD loans.

Courses that qualify for undergraduate funding - such as Initial Teacher Training (ITT), integrated Masters degrees and the Master of Architecture (MArch) - aren't eligible for postgraduate loans. You also can't get a postgraduate loan if you're eligible for NHS funding or a Social Work Bursary.

How do I apply?

Apply for postgraduate funding in Wales at Student Finance Wales - Forms. Only apply once for your entire course, not each academic year.

You can apply before your place at university is confirmed and then change your course details later. Complete the online form, provide any evidence requested, and sign and return the declaration. You'll need your passport details, course information, bank details and National Insurance (NI) number.

The deadline for applying is nine months after the first day of the last academic year of your postgraduate course. In other words, it's possible to apply for a loan after your course has started. Paper application forms are available from Student Finance Wales if you're unable to apply online.

How will I receive my loan?

Your grant and loan will be paid directly into your bank account. You'll receive three equal instalments throughout the academic year. If you're studying for more than one year, the total will be spread evenly throughout your course.

When do I start repaying my loan?

You'll start repaying your Welsh postgraduate loan in the April after your course finishes at a rate of 6% of any income you earn over £21,000 (£1,750 a month).

Interest will be charged on your loan from the date you receive the first instalment. This will usually be calculated at the retail price index (RPI) plus 3%, meaning that the interest accrued will be the annually reviewed RPI percentage, plus an additional 3%. However, due to inflation, the interest rate for postgraduate loans is capped at 7.3% until 31 August 2023. The rate currently stands at 6.3%.

If you leave your course or switch to an ineligible course, you'll have to repay what you've borrowed so far and the income threshold won't apply - you must start repaying straight away.

Postgraduate loans have to be repaid concurrently with your undergraduate student loan. This means that you may find yourself repaying up to 15% of your income over £21,000 - 9% for your undergraduate loan and 6% for your Masters loan.

Find out more

• Search for postgraduate courses in Wales.
• Learn about Masters degrees.
• Get the full lowdown at Student Finance Wales - Masters Finance.