Masters degree query x Watch

Studentlaura
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#1
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Can you apply and study a masters degree without paying off your undergraduate bachelor's degree loans and tuition fees?

It's just something I've been wondering. I'm interested in doing a master's right after my bachelor's, although I still have 2 years left - I've only just completed my first year.

Also do you apply for a student finance loan again such as the way I applied for a loan with my undergraduate?

Thank you.
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Doonesbury
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(Original post by Studentlaura)
Can you apply and study a masters degree without paying off your undergraduate bachelor's degree loans and tuition fees?

It's just something I've been wondering. I'm interested in doing a master's right after my bachelor's, although I still have 2 years left - I've only just completed my first year.

Also do you apply for a student finance loan again such as the way I applied for a loan with my undergraduate?

Thank you.
Yes of course. It takes most people many years to pay off their undergrad loan, and many will never do it all with the loan getting written off after 30 years.

You apply for the Postgraduate Masters Loan - it's a similar process.
https://www.gov.uk/masters-loan

The loan is added to your undergrad loan and repaid as 6% of your monthly earnings above £21k. So your undergrad is 9% and postgrad is 6%, means you are in total repaying 15% of your income (above the thresholds).
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KittKatt
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(Original post by Studentlaura)
Can you apply and study a masters degree without paying off your undergraduate bachelor's degree loans and tuition fees?

It's just something I've been wondering. I'm interested in doing a master's right after my bachelor's, although I still have 2 years left - I've only just completed my first year. A couple of my friends went on to do masters straight after the undergrad also

Also do you apply for a student finance loan again such as the way I applied for a loan with my undergraduate?

Thank you.
Yes! You can do a masters without paying off undergrad loans first. I finished my BA in June 2017 and start my masters in September this year..... And haven't even started paying off my undergrad loans yet. (I don't earn enough in my current job to do so!)

As for loans... I applied online for it and it was fine. As far as I know, the masters loan isn't means tested like the undergrad loan is and is a maximum of x amount. This year it's a maximum of £10600 (of the top of my head!)

Good luck!!
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Little Popcorns
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Yes you can get student finance for your masters without paying off your undergrad finance.
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Studentlaura
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(Original post by Doonesbury)
Yes of course. It takes most people many years to pay off their undergrad loan, and many will never do it all with the loan getting written off after 30 years.

You apply for the Postgraduate Masters Loan - it's a similar process.
https://www.gov.uk/masters-loan

The loan is added to your undergrad loan and repaid as 6% of your monthly earnings above £21k. So your undergrad is 9% and postgrad is 6%, means you are in total repaying 15% of your income (above the thresholds).
Are there any help with living costs for example rent, bills? Or does this loan only help fund the masters itself as it fees for the degree?
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Doonesbury
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(Original post by Studentlaura)
Are there any help with living costs for example rent, bills? Or does this loan only help fund the masters itself as it fees for the degree?
You get the loan amount (£10,609 for courses starting in Aug 2018) yourself and it's up to you how you spend it - some masters cost significantly less than the total loan leaving money for maintenance.

Alternatively you will need to fund the difference yourself by working and/or finding scholarships, etc.
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