Re: Postgraduate funding opportunities

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SamBruce1985
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Report Thread starter 4 years ago
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The rules for the new Postgraduate Loan are quite specific and specify a set amount of the loan (30%) to be treated as income as per the Statutory Instrument 2016 No. 743 (page 3) that came into force on 4 August 2016.

http://www.legislation.gov.uk/uksi/2...0160743_en.pdf (see page 3)

http://www.legislation.gov.uk/uksi/2.../contents/made
http://www.legislation.gov.uk/uksi/2...lation/59/made
http://www.legislation.gov.uk/uksi/2...lation/63/made
http://www.legislation.gov.uk/uksi/2...lation/64/made

[(2) In regulation 53(1) (students: interpretation), after the definition of “periods of experience” insert— ““postgraduate master’s degree loan” means a loan which a student is eligible to receive under the Education (Postgraduate Master’s Degree Loans) Regulations 2016;”.

(3) In regulation 59(3) (calculation of grant income)— (a) after “a student loan” insert “or a postgraduate master’s degree loan”; (b) for “such a loan” substitute “a student loan or a postgraduate master’s degree loan. [applied to the below]


(3) Where a student does not have a student loan and is not treated as possessing such a loan, there shall be excluded from the student’s grant income— (a) the sum of £280 in respect of travel costs; and (b) the sum of £352 towards the costs of books and equipment, whether or not any such costs are incurred.

(4) In regulation 64 (treatment of student loans)—

(a) at the end of the heading add “and postgraduate master’s degree loans”;
(b) in paragraph (1), after “A student loan” insert “and a postgraduate master’s degree loan”;
(c) in paragraph (3)— (i) after “a student loan” in both places, insert “or a postgraduate master’s degree loan”; (ii) in sub-paragraph (b), for “such a loan” substitute “a student loan or a postgraduate master’s degree loan”.
(d) after paragraph (4) insert—

“(4A) Where a student is treated as possessing a postgraduate master’s degree loan under paragraph (3) in respect of an academic year, the amount of that loan to be taken into account as income shall be, subject to paragraph (5), a sum equal to 30 per cent. of the maximum postgraduate master’s degree loan the student is able to acquire in respect of that academic year by taking reasonable steps to do so.”.

(5) After regulation 64A(a) insert—

...end
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beautifulbigmacs
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Report 4 years ago
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So 3k will be considered as income which will count towards someone's yearly taxable amount?
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SamBruce1985
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Not really as it would be £3k over two years if part-time so that is £1.5k of your income for the first year assuming you take out the maximum loan of £10k. So approx £20 per week is income but then their are other disregards which make the sum almost £0 income. See above.
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SamBruce1985
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You may need to bring the new laws to the attention of your housing department if they are still giving you the old advice from before the postgraduate student loan.
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