Looks like postgraduate loans 2016 will go ahead...

I've just read that in the autumn statement 2015 the postgraduate loans have been reconfirmed, and no it's for both research and taught masters, and the age range has been lifted up to 60.

I just had a question. I'm already enrolled in a part time masters (its a two year course and I'm in first year). Will I be able to get a loan for the second year in 2016?

Thanks guys...

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Reply 1

SmaugTheTerrible

Original post by Bongo Bongo

Yup they're confirmed.

I'm not entirely sure whether you can get the loan for your second year, but I think you're unlikely to.

I didn't see any reference to students currently undertaking a masters in any of the official documents. There may still be a chance, but I wouldn't get my hopes up.

(edited 8 years ago)

Reply 2

dhr90

This is very interesting. Didn't realise they were confirmed. Thanks!

Reply 3

beautifulbigmacs

Awww bugger! Here come the fee increases for self funders!

It only covers a first masters. It doesn't cover pgcert or pgdip. Need to read more about if it will help me to do a phd.

It's good that getting a loan is an option but I still fear that in the long run its going to make masters fees shoot right up and make such education less accessible in the long run. Giving with one hand, taking with the other and all that!

Reply 4

dhr90

Original post by beautifulbigmacs

I'm not so sure. Maybe the cheaper ones will, but those already costing £10k+ might not for fear of it being seen as just not worth it?

Reply 5

SmaugTheTerrible

Original post by beautifulbigmacs

That is an issue, and one that the government identified. Though they have no plans to cap fees. The loans are very important for many people to have any chance of a masters degree, so it's important to keep that in mind.

Reply 6

beautifulbigmacs

I agree that nobody should be robbed of the chance to do a masters degree.

If bringing in student loans didn't threaten the actual course fees then it would be cool. This is what happened with undergraduate fees though. They now sit at 9k per year and I'm convinced that the availability of loans has normalised such extortion.

If fees stayed at 3k (inflation dependent) per year for both ug and pg then that would make the loans an absolutely fantastic thing. As it stands the fees are just going to shoot up so it's a false economy in terms of debt and in terms of people who may want/need the option to self fund.

Reply 7

TimeWalker

Original post by SmaugTheTerrible

Hi all,

I read a few weeks ago that the loans were confirmed. I've checked SFE to see whether the application process has started and it hasn't.

So does anyone know when the application process (for the loans) opens? Is it somewhere from March-May?

Reply 8

elysium11

Original post by beautifulbigmacs

The Postgraduate Loans Scheme is for Masters (taught or research) only. This is the website where I have found the most information, other than on the government document itself - http://www.findamasters.com/funding/guides/new-uk-postgraduate-loans-scheme.aspx

Here is a link to the actual government response regarding the Postgraduate Loans Scheme, if anyone is interested. https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/479703/bis-15-573-support-postgraduate-study-response.pdf

In terms of loans for PhD programmes, the government is developing a separate scheme - though the details are yet to be confirmed. The suggested maximum value, as it stands, is £25,000. http://www.findaphd.com/funding/guides/uk-phd-loans-scheme.aspx

The challenge, now, is how much debt I can get into within the next 5 years of my life...

Reply 9

dhr90

Original post by elysium11

The challenge, now, is how much debt I can get into within the next 5 years of my life...

I know. Now considering a much more expensive masters thanks to this loan!

Reply 10

TunaTunnel

So happy I'm doing an UG masters at £3000/y

Reply 11

beautifulbigmacs

I don't envy people a few years younger than me. I've been lucky enough not be to bound to one subject area because even in 14/15 my second masters was 4200 in total. It's going to become much harder for people to broaden their subject options if they make a decision that isn't the best match at a young age (which isn't uncommon let's face it).

I'm not being a hypocrite when I say I'd be interested to see a loan for PhDs come out but I really believe that a PhD is a once in a lifetime thing whereas I don't think that masters degrees should be. The loans are probably going to change that and that's a real shame. My stage of life has coincided with a system that has accommodated a second chance but people a few years younger than me might not be so fortunate.

My personal interest in this is that it makes me think "better pursue that psychology PgCert offer in September because you may not be able to afford the increased fees in a few years time. If you think it's expensive now it's probably manageable at a push now where it might not be later." Equally though I stand by what I say about it not being right about how it may restrict others opportunities in the long run.

(edited 8 years ago)

Reply 12

beautifulbigmacs

If the loan goes up to 10k and your course cost 7k, could you borrow 3k to live off for the year? Or is the loan fees only?

Reply 13

dhr90

Original post by beautifulbigmacs

If the loan goes up to 10k and your course cost 7k, could you borrow 3k to live off for the year? Or is the loan fees only?

What I've read says it goes to the student to use for tuition or accommodation however they see fit, once their attendance is confirmed.

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Reply 14

gattolampone

Hi guys, glad there is a chat about this.
I was really happy until I realised that I won't be eligible as I am a Welsh student. The Scots have brought in a similar scheme and Northern Ireland has said they are considering it, but nothing from Wales. Getting all my info from here http://www.findamasters.com/funding/guides/new-uk-postgraduate-loans-scheme.aspx
Absolutely gutted as I thought I could afford to do a MA, and now it seems like a distant dream (unless I get a scholarship.. ha ha)
Anyone else on the same boat?

Reply 15

elysium11

Original post by dhr90

I know. Now considering a much more expensive masters thanks to this loan!

Considering so many Masters courses are £9k a year, you still need a bit of money from somewhere. Still, I would rather scrape and afford it with a government loan and slow repayments than get a Continuing Professional Development loan with the Co-operative Bank...

Good luck with your applications! Hopefully the only thing standing in the way previously was money :smile:

Original post by beautifulbigmacs

My personal interest in this is that it makes me think "better pursue that psychology PgCert offer in September because you may not be able to afford the increased fees in a few years time. If you think it's expensive now it's probably manageable at a push now where it might not be later." Equally though I stand by what I say about it not being right about how it may restrict others opportunities in the long run.

Completely agree with how it can be a motivating factor! All the more reason to do it now while it has its value. It sucks how £10k isn't enough for some people and so doesn't open as many doors as it could for people who can't afford it. At least it has eased the burden a little I guess. Lucky that your course is relatively cheap!

Reply 16

elysium11

Original post by TimeWalker

I think the cycle for applying for Student Finance starts around April for undergraduate loans so it definitely won't be for a while yet!

Reply 17

username2228735

I've always been sceptical of loans for education. The focus should instead be on providing more scholarships for students who can't afford the masters rather than providing a loan for anyone and everyone.

Reply 18

beautifulbigmacs

Original post by Aceadria

That's still a form of streamlining. The grant system at undergraduate level used to put students whose parents earned above x but refused to help their child in an awful situation between a rock and a hard place.

Reply 19

beautifulbigmacs

Original post by elysium11

For the rest of my life I hope I remain rock and roll/ assertive enough to see any masters that is much over 5k and in my head be able to say "piss off!" to it. And even then I wouldn't be looking at doing the whole course (remember people, it's worth checking if a masters offers PgCert and or PgDip as exit awards...be aware though that the loans are only for full masters courses and PgCert and PgDip is an option for self funders). On the self funding front, 9k is property money I reckon. If there comes a day (and sadly I fear there will) where the going rate of a masters is 9k, I would urge young people to put that kind of money into buying a home instead. Don't get me wrong I think masters are very valuable but not to the extent that it's worth financially crippling yourself for (I'm throwing the increased earnings potential argument out of the window here because 9k over the course of a year or two is a massive spend over that period of time relatively speaking).

The PgCert I want to do is less than 2k. It's a head mash because that's such a big chunk of money to me....It's absolutely massive. Trouble is I'd be gutted if in a few years time doing that exact same course wasn't even a slightly an option due to fee increases.