Administered and applied for through Student Finance England, a postgraduate loan is a non-means-tested loan paid directly to you. That means if you study towards a masters degree and don’t already hold a masters degree or higher qualification, you could be eligible for up to £13,206 of funding.
The loan starts being paid to you after you begin studying, which means you’ll need to register and complete payment by an alternative method before you can start your studies.
To be eligible for a postgraduate loan, you must:
If you are considering transferring previously completed credit to your OU masters, this could impact your postgraduate loan eligibility. Contact us for further information.
You can receive up to £13,206. If you're studying for three years and apply for the maximum loan available, you'll receive up to £4,402.00 in the first year and the rest in the second and third years. The loan will be paid directly to you rather than to us.
To receive your first instalment, The Open University must confirm to Student Finance England that you are actively studying. We will do this on or after your module start date. Actively studying includes logging onto your module website, completing module activities, or submitting a Tutor Marked Assignment (TMA).
This example is for a £13,206 loan for a three-year course starting in October. Alternative payment schedules will apply to different qualification start dates and durations.
| October October | January January | April April |
|---|
Year 1 Year 1 | £1,452.66 £1,452.66 | £1,452.66 £1,452.66 | £1,496.68 £1,496.68 |
Year 2 Year 2 | £1,452.66 £1,452.66 | £1,452.66 £1,452.66 | £1,496.68 £1,496.68 |
Year 3 Year 3 | £1,452.66 £1,452.66 | £1,452.66 £1,452.66 | £1,496.68 £1,496.68 |
You’ll start repaying your loan the April after you stop studying.
Repayments will only start once you earn £21,000 or more per year. Once you earn £21,000 and over, you’ll pay back 6% of your income over the £21,000 threshold in affordable monthly instalments.
For example, if you earn an annual salary of £30,000 a year, you’ll pay £45 per month towards your loan. Interest will be applied to your loan at the Retail Price Index plus 3%, starting from the date you receive the first instalment.
Any repayments will be in addition to those you make towards an undergraduate loan from Student Finance England.
As postgraduate loans from Student Finance England are paid in instalments, and only after you’ve paid your tuition fees and your module has started, an Open University Student Budget Account (OUSBA)* postgraduate-linked loan can help you cover your fees upfront. You can then use your postgraduate loan instalments to make repayments to OUSBA, with larger repayments when your funding arrives and smaller interest-only payments in between.
Find out more about OUSBA postgraduate-linked loans.
*Open University Student Budget Accounts Limited is a subsidiary firm of The Open University.
