Masters funding for UK student ineligible for new postgraduate loans

I am about to finish my 3rd year of a 4 year integrated masters course - I had applied elsewhere to do my 4th year but was rejected, so will stay on and complete my masters at my current institution as planned originally. This is being funded by the normal student loans at £9k a year. However, I am considering reapplying for the other masters course after completing my 4th year here, since I believe this will help me with international applications to grad schools (although that is for another discussion...).

Anyway, having already completed a masters, I won't be eligible for the new £10k postgrad loans coming in if I want to complete this second masters course (at least I think this is a case - I assume an integrated masters, although technically still an undergrad course, makes me ineligible for this postgrad loan). So I was wondering, aside from funding the £10k per year course myself (which is unlikely) or getting a scholarship (even less likely), what are the options for a home student in funding something like this? Are there other loans which are even comparable in terms of interest rates/ease of paying back over time that are not the standard student loans from the government? My main worry is that it may be quite hard to pay back a normal (non-student) loan if I am only a graduate student, since I won't be earning much.

In summary: I will have completed an integrated masters course, want to apply for another one year masters course, but ineligible for new postgrad loans for this, since will have already completed my (integrated) masters - what are my options? Thanks!

I am about to finish my 3rd year of a 4 year integrated masters course - I had applied elsewhere to do my 4th year but was rejected, so will stay on and complete my masters at my current institution as planned originally. This is being funded by the normal student loans at £9k a year. However, I am considering reapplying for the other masters course after completing my 4th year here, since I believe this will help me with international applications to grad schools (although that is for another discussion...).

Anyway, having already completed a masters, I won't be eligible for the new £10k postgrad loans coming in if I want to complete this second masters course (at least I think this is a case - I assume an integrated masters, although technically still an undergrad course, makes me ineligible for this postgrad loan). So I was wondering, aside from funding the £10k per year course myself (which is unlikely) or getting a scholarship (even less likely), what are the options for a home student in funding something like this? Are there other loans which are even comparable in terms of interest rates/ease of paying back over time that are not the standard student loans from the government? My main worry is that it may be quite hard to pay back a normal (non-student) loan if I am only a graduate student, since I won't be earning much.

In summary: I will have completed an integrated masters course, want to apply for another one year masters course, but ineligible for new postgrad loans for this, since will have already completed my (integrated) masters - what are my options? Thanks!

You don't have many options - as you've worked out, there are no equivalent loans and you won't be eligible for a postgrad loan (having had four years of funding already). Tricky one for people in your position, as you might have made different decisions three years ago if you'd known postgrad loans would be an option.

Are you able to exit from your undergrad with a suitable qualification at this point? - if you were considering transfer then there must be some concerns in your mind already. Don't do this before checking that you would then be eligible for a postgrad loan. But once you've decided to carry on with your undergrad Masters, you're closing down your future options.

There are commercial loans, but only for the truly desperate - their commercial repayment terms mean that you have to start paying back as soon as your course is finished, whatever your financial circumstances at the time.

Alternatively, work for a few years and save up (which was a route often taken before postgrad loans came in).

No easy answers, sorry

SFE have now confirmed that an undergraduate Masters does not make someone ineligible for the new PGL scheme as it is considered a lower qualification. Only a PG Masters would make you ineligible.

See http://www.thestudentroom.co.uk/showthread.php?t=3915037

SFE have now confirmed that an undergraduate Masters does not make someone ineligible for the new PGL scheme as it is considered a lower qualification. Only a PG Masters would make you ineligible.

See http://www.thestudentroom.co.uk/showthread.php?t=3915037

SFE have now confirmed that an undergraduate Masters does not make someone ineligible for the new PGL scheme as it is considered a lower qualification. Only a PG Masters would make you ineligible.

See http://www.thestudentroom.co.uk/showthread.php?t=3915037

That would be great news PQ, but I can't find official confirmation anywhere - do you have any other links? Thanks

That would be great news PQ, but I can't find official confirmation anywhere - do you have any other links? Thanks

Let's tag in @Mark Lee - SFE Official Adviser


Mark have we got a final answer on whether an integrated UG masters would make someone ineligible for a PGL?

I posted here as well:

http://www.thestudentroom.co.uk/showthread.php?t=4075681

and got a response saying that integrated masters DO make you ineligible, unfortunately. But I'm still not sure why other people have been given different answers .

Well that sucks

If I were you I'd apply anyway just in case...there seems a reasonable amount of ambiguity in the messages.

Add in that ELQ rules have been removed for people studying part time STEM subjects and that there were suggestions that this would be extended to full time students too and it wont hurt to see if eligibility changes by the time we get to 2017/18.

It's worth checking out https://grants-search.turn2us.org.uk/ too - try with all your postcodes as some support is geographical. Also checking with universities concerned - a lot of funding available through universities isn't reliant on academic performance so you might be eligible for more than you think.

Well that sucks

If I were you I'd apply anyway just in case...there seems a reasonable amount of ambiguity in the messages.

Add in that ELQ rules have been removed for people studying part time STEM subjects and that there were suggestions that this would be extended to full time students too and it wont hurt to see if eligibility changes by the time we get to 2017/18.

It's worth checking out https://grants-search.turn2us.org.uk/ too - try with all your postcodes as some support is geographical. Also checking with universities concerned - a lot of funding available through universities isn't reliant on academic performance so you might be eligible for more than you think.