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Postgraduate Loans in Scotland 2022

Doing a postgraduate diploma however not sure about Student Finance? Here’s your full information to funding, fully tailor-made to Scottish students.

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Postgraduate levels are a good way of increasing your skillset, immersing your self in a topic you actually love and boosting your profession prospects (all whereas avoiding the actual world for just a bit whereas longer!).

However, they do come at a value and funding is not fairly as freely out there as it’s for undergraduate levels. Plus, simply to make issues much more complicated, funding for Scottish students is not the identical as it’s for students dwelling in the remainder of the UK.

If you are unsure how a lot issues are going to price – and the way you are going to cowl it – we’ll take you thru the whole lot from tuition charges to dwelling prices step-by-step.

Eligibility for Scottish Postgraduate Loans

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First factor’s first: the cash that will help you cowl your postgraduate diploma comes from the Student Awards Agency Scotland, which we’ll confer with as SAAS from right here on out.

To be eligible for a grasp’s funding in Scotland, you have to:

Residence circumstances

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To qualify for an SAAS Postgraduate Loan, you want to have ordinarily been a resident within the UK, Channel Islands or Isle of Man for three years previous to the related date, and you want to be ordinarily resident in Scotland on the related date.

Here are the related dates:

  • 1st August in case your course begins between 1st August – thirty first December
  • 1st January in case your course begins between 1st January – thirty first March
  • 1st April in case your course begins between 1st April – thirtieth June
  • 1st July in case your course begins between 1st July – thirty first July.

If you aren’t a UK nationwide, you should be settled within the UK, with official settled standing, on the related date.

What this implies is that you simply can’t simply transfer to the UK/Scotland to your training to obtain the funding – it’s important to be dwelling there anyway.

If you do not meet the residence circumstances above, there are some exceptions which imply you may nonetheless be eligible for a Postgraduate Loan in Scotland, together with:

  • Asylum seekers with go away to stay within the UK
  • UK nationals who have been born and have spent the better a part of their life within the UK
  • UK nationals who’ve returned to work or examine after dwelling within the EU
  • Republic of Ireland nationals
  • EEA and Swiss nationals granted everlasting residence within the UK.

These are only a small handful of the exceptions – you’ll find full particulars right here.

If you are finishing a postgraduate course instantly after ending your undergraduate diploma, it is best to apply to the identical funding physique (e.g. Student Finance England, SAAS, and many others.) for postgraduate funding as you probably did as an undergraduate.

This means in case you’re an English student who studied in Scotland for 4 years, financed by Student Finance England (SFE), additionally, you will apply to them for postgraduate funding, not SAAS.

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Living in Scotland to your undergraduate diploma isn’t classed as being ‘ordinarily resident’ there. However, in case you graduate and work in Scotland for a number of years first, this can possible make you eligible for SAAS funding.

Eligible programs

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Unlike undergraduate levels, that are a bit extra simple, postgraduate programs are available a number of totally different styles and sizes – and never all of them are eligible for monetary help.

Crucially, you want to be learning a Postgraduate Diploma or grasp’s degree course. Examples embrace:

  • Postgraduate Diploma (PG Dip)
  • Master of Science (MSc)
  • Master of Research (MRes)
  • Master of Philosophy (MPhil)
  • Master of Letters (MLitt)
  • Master of Business Administration (MBA).

Since the 2019/20 educational yr, analysis grasp’s have additionally been eligible, however not these that are a part of an built-in PhD programme.

Courses will be taught, research-based or distance studying, however there must be a minimal quantity of contact time between you and educating workers – so on-line programs may not be eligible.

Course period

Postgraduate Diplomas can final not than one yr, whereas grasp’s programs, together with research-based ones, should be not than two years.

If you are learning part-time, your course should take not than twice the size of an equal full-time course on the identical college to finish. If there is no such thing as a full-time equal, the course can take not than three years.

So, for instance, if the full-time model of your course lasts two years, you possibly can obtain funding for a most of 4 years in case you’re learning part-time.

Studying in England, Wales or Northern Ireland as a Scottish student

If you are learning in England, Wales or Northern Ireland, you may nonetheless be capable to obtain help an SAAS Postgraduate Loan.

You want to satisfy the necessities outlined above – each the residence circumstances and eligible course necessities – and your course should not be out there in Scotland.

This principally means in case you may have studied your course in Scotland however simply fancied England as a substitute, you will not be eligible for funding. But in case you had no selection however to move elsewhere for the course you need to do, then you definately’ll nonetheless get the dosh.

Finally, in case you tick all of the containers, be sure you apply to your finance earlier than the deadline.

SAAS advisable that you simply utilized by thirtieth June 2021 to make sure the whole lot was processed in time for the beginning of your course, however you possibly can normally apply lengthy after your course has began. In reality, the precise time limit for 2021/22 funding purposes is thirty first March 2022.

Tuition Fee Loan for postgraduate levels in Scotland

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All eligible postgraduate students can apply for a Tuition Fee Loan of as much as £5,500 from SAAS to cowl course tuition charges.

All students can apply for the complete quantity, no matter family revenue, and the cash goes straight to your college or faculty – you will not see it in any respect.

However, with many full-time grasp’s programs in Scotland costing within the area of £8,000 – £12,000, you may discover the loan is not sufficient. And if the price of your course is greater than the utmost loan quantity, you will must discover a option to make up the distinction. We undergo some extra funding choices beneath.

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If your course lasts a couple of yr, the loan is break up evenly throughout every year of examine.

If you may have beforehand studied for a postgraduate qualification, with monetary help from UK or EU public funds, then you definately might not be eligible for the Tuition Fee Loan – nevertheless, you’ll nonetheless be capable to apply for the Living Cost Loan.

Living Cost Loan for postgraduate examine in Scotland

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You can apply for a Living Cost Loan of as much as £4,500, which isn’t income-assessed.

The loan is break up throughout every year of examine in case your course lasts longer than a yr. So, for a full-time two-year course, you’ll obtain up £2,250 a yr to cowl your dwelling prices.

The Living Cost Loan is accessible to any student on an eligible postgraduate course who meets the residence standards.

It is not out there to students learning part-time or to Irish students in Scotland.

The principal downside with the Living Cost Loan is that it possible is not sufficient to cowl your dwelling prices. In reality, you will be fortunate if it even covers your lease for the yr.

Therefore, even if you’re eligible for the loan, you will want to consider utilizing a part-time job or some financial savings to high up your revenue. Plus, there’s data about another funding sources for postgraduate students beneath.

Have a have a look at the typical student dwelling prices, together with the typical price of lease at every college within the UK, for an concept of how a lot cash you will want.

Repaying your Postgraduate Loan

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Now the scary half – paying all the cash again. What most students do not realise, nevertheless, is that it is not scary in any respect, and loan repayments are fully manageable.

Here’s an outline of key issues to recollect about Postgraduate Loan repayments in Scotland:

  1. You do not begin repaying your Student Loan till the April after you graduate.
  2. You will repay 9% of any revenue you make over £25,375 a yr.
  3. If you have already got a Scottish undergraduate loan, your Postgraduate Loan debt will merely be added to this. Each month you will make a mixed reimbursement to them each (moderately than two separate funds) that’s no bigger than it might be in case you simply had an undergraduate loan. If you may have an undergraduate loan from elsewhere within the UK, you will repay that individually.
  4. The cash shall be robotically deducted out of your pay every month – look out for it in your payslip. If you are self-employed, it will likely be deducted by means of your self-assessment tax return.
  5. If you are working and dwelling overseas, you will must make various preparations to pay.
  6. The rate of interest at present stands at 1.5%.
  7. You could make further repayments to be able to pay the loan off faster. However…
  8. The loan shall be written off after 25 years. Any debt that’s nonetheless left to pay again at that time shall be wiped!

The desk beneath provides you an concept of how a lot you will be paying again relying in your wage:

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Monthly repayments for the Postgraduate Loan in Scotland

Annual wage Plan 4 month-to-month repayments (sixth April 2022 – fifth April 2023)
£25,375 £0
£30,000 £35
£35,000 £72
£40,000 £110
£45,000 £147
£50,000 £185
Scottish Postgraduate Loans are repaid below what’s often called Plan 4 – discover out extra about that right here.

Other funding sources for postgraduate examine

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If you are not eligible for the funding outlined above or do not assume it is sufficient to cowl your prices, then all hope isn’t misplaced! These are a number of the various postgraduate funding sources we advocate trying out:

  1. Discretionary funds

    Universities obtain discretionary funds from the Scottish authorities to assist students who both have monetary difficulties whereas learning, or who’re struggling to start out the course as a result of monetary causes.

    Universities normally resolve who they provide this cash to, and the way a lot they provide, based mostly on who wants it most. Importantly, nevertheless, to be eligible for this cash you have to additionally meet the residency necessities and have utilized for the utmost Student Loan you’re entitled to.

    Therefore, this funding is greatest for students who want further help on high of the Tuition Fee Loan and Living Cost Loan in the event that they discover it does not stretch far sufficient.

  2. Disabled Students’ Allowance (DSA)

    If you may have a incapacity, studying problem or well being downside (psychological or bodily) that impacts your capacity to check, you might be able to obtain funding.

    Like all the opposite funding choices on this web page, you possibly can obtain the Disabled Students’ Allowance (DSA) as a postgraduate student, no matter your family revenue. For extra data, take a look at our devoted DSA information.

  3. Childcare funds

    This is cash the Scottish authorities gives to assist students cowl the prices of childcare whereas learning, together with childminders, after-school golf equipment and daycare. Universities obtain this cash after which resolve who to award it to (and the way a lot to offer), so you will have to use by means of your establishment.

    You should be learning on a full-time course and be eligible for the Tuition Fee Loan to be able to obtain this cash.

  4. Grants, bursaries and scholarships

    Since funding for postgraduate examine is not as simple and freely out there as it’s for undergraduates, there are extra grants, bursaries and scholarships on the market. This is principally free cash that you do not have to offer again, however competitors for it may be robust.

    Check out this record of bursary and scholarship sources for extra info on the place to search for funding and how you can get your mitts on it.

You may also come throughout adverts for personal student loans, however we advocate solely taking these out as a final resort. See our information about Future Finance and the alternate options for extra info.

Our information to fast cash makers ought to provide help to edge in direction of absolutely funding your grasp’s.