Home postgraduate loans (PGL)

The loans for 2023/2024 are up to £12,167 per student, are:

• A contribution towards the cost of study. They can be used for fees, maintenance or other costs associated with your study
• Not means-tested
• Paid directly to the student into a UK bank account and therefore the student is responsible for tuition payments to Goldsmiths

Application process

Applications are now open and can be made via the Student Finance England website. You will only need to apply once, irrespective of the length of your programme.

Eligibility

In order to qualify for a loan you must be:

• Under 60
• A UK national, or have EU settled status or indefinite leave to remain, so there are no restrictions on how long you can stay*
• Studying towards your first Masters degree

*You may also be eligible if you are an EU national or have the residency status of refugee, humanitarian protection, EEA or Swiss migrant worker, a family member of any of the previous categories, or a child of a Swiss national or child of a Turkish worker.

Please note Student Finance England, not Goldsmiths, is responsible for assessing your eligibility for this loan.

Course eligibility

The course you want funding for can be full-time or part-time. There are no subject restrictions. It must also be:

• A taught or research-based Masters (ie MA, MSc, MRes)
• Based in the UK (if it has an overseas element, this cannot exceed 50% of the course)

The following courses are not eligible:

• Postgraduate Certificates (PGCert)
• Postgraduate Diplomas (PGDip)
• PGCEs
• MPhil/PhDs
• MSci

Payment

Once Goldsmiths has confirmed your place of study, payments of the loan will be made directly to you in three equal instalments per year.

The first will be on the date the course starts. This will be followed by two further payments - one 4 months from the course start date and one 7 months from the course start date. 

If your programme is longer than 1 year (including part-time) you can apply for up to £5000 in your first year and for the remainder to be paid in your second year. Please note that if your programme is 15 months long, you will receive the final 2 payments after you complete your studies.

Payment on these dates depends on your course provider confirming that you are still attending your course. 

Change of circumstances

Students are able to transfer between eligible Masters programmes and still continue to receive payment.

Repeat years of study are generally not funded, and funding will not continue if you don't complete your programme during the specified time. However, students can suspend and resume their programme without affecting their loan. Payments will stop during the suspension and resume once the student begins studying again. 

If you withdraw from your programme, Goldsmiths will notify the SLC so that no further payments are made.

Repayment

When you start repaying your loan and how much you repay depends on your repayment plan. If you’re not sure which repayment plan you’re on, you can sign in to your online account to check. You cannot choose your repayment plan. If you have more than one loan, you could be on different plans.

If you applied to Student Finance England

The repayment plan you’re on depends on when you started your course and what type of course you studied.

If you started your course on or after 1 August 2023

You’ll be on Plan 5 if:

• you’re studying an undergraduate course
• you’re studying a Postgraduate Certificate of Education (PGCE)
• you take out an Advanced Learner Loan

You’ll be on a Postgraduate Loan plan if you’re studying a postgraduate master’s or doctoral course.

You’ll be on Plan 2 if you take out a Higher Education Short Course Loan.

If you started your course between 1 September 2012 and 31 July 2023

You’ll be on Plan 2 if:

• you’re studying an undergraduate course
• you’re studying a Postgraduate Certificate of Education (PGCE)
• you take out an Advanced Learner Loan
• you take out a Higher Education Short Course Loan

You’ll be on a Postgraduate Loan plan if you’re studying a postgraduate master’s or doctoral course.

If you started your course before 1 September 2012

You’re on Plan 1.

If you applied to Student Finance Wales

The repayment plan you’re on depends on when you started your course and what type of course you studied.

If you started your course on or after 1 September 2012

You’re on:

• Plan 2 if you studied an undergraduate course or a Postgraduate Certificate of Education (PGCE)
• a Postgraduate Loan plan if you studied a postgraduate master’s or doctoral course

If you started your course before 1 September 2012

You’re on Plan 1.

If you applied to Student Awards Agency Scotland

You’re on Plan 4, whether you studied an undergraduate course or a postgraduate course.

If you applied to Student Finance Northern Ireland

How much you repay depends on your income - the amount you earn (including things like bonuses and overtime) before tax and other deductions.

You’ll repay a percentage of your income over the ‘threshold’ for your type of loan, depending on how often you get paid.

The thresholds are different for each plan type.

Plan type	Yearly threshold	Monthly threshold	Weekly threshold
Plan 1	£24,990	£2,082	£480
Plan 2	£27,295	£2,274	£524
Plan 4	£31,395	£2,616	£603
Plan 5	£25,000	£2,083	£480
Postgraduate Loan	£21,000	£1,750	£403

You’ll repay either:

• 9% of your income over the threshold if you’re on Plan 1, 2, 4 or 5
• 6% of your income over the threshold if you’re on a Postgraduate Loan plan

If your income changes during the year

You’ll make a repayment if your income goes over the weekly or monthly threshold for your plan (for example, if you’re paid a bonus or overtime). You can ask for a refund at the end of the tax year if your annual income is less than the yearly threshold for your plan.

Interest

How much interest you’re charged depends on which plan you’re on. You’re currently charged:

• 6.25% if you’re on Plan 1
• 7.8% if you’re on Plan 2
• 6.25% if you’re on Plan 4
• 7.8% if you’re on Plan 5
• 7.8% if you’re on a Postgraduate Loan plan

If you need more information, The Student Room offers resources which explain more about the Postgraduate Loan Scheme. These include FAQs and information on repayments.