The UK government has introduced a new Doctoral Loan, which allows you to borrow up to £25,700 towards your tuition fees and cost of living during your PhD studies. The loan is paid directly into your bank account in three termly instalments once your course has commenced.
The Doctoral loan is provided by Student Finance England.
Whether you qualify depends on:
If more than one university delivers your course and one is overseas, you’ll still be eligible for the Postgraduate Doctoral Loan so long as:
It can be:
Examples of postgraduate doctoral qualifications include:
You can apply for a loan if your doctoral programme includes an integrated master’s degree (even if you already have a master’s degree).
You must register for a full doctoral degree.
You won’t be able to apply for a separate Postgraduate Master’s Loan.
To qualify for a Postgraduate Doctoral Loan for distance learning, you’ll need to be living both:
This usually doesn’t apply if you’re:
You must be under 60 on the first day of the first academic year of your course.
The academic year is a period of 12 months starting on:
You won’t be able to get a Postgraduate Doctoral Loan if:
You can borrow up to £25,000 for your whole course.
The amount you’ll get isn’t based on you or your family’s income.
The earliest you start repaying is when your annual income is over £21,000 and it’s either the:
Contact Student Finance England if your circumstances change or you leave your course early. You’ll have to pay back any overpayment straight away even if your income is less than £21,000.
You’ll pay back 6% of your income over the minimum amount (‘threshold’). This is £21,000 a year, £1,750 a month or £404 a week.
If you already have a Postgraduate Masters Loan then you’ll make a combined repayment of 6% covering both postgraduate loans.
You’ll be charged interest from the day you get the first payment until your loan is repaid in full or cancelled.
The interest rate on the loan is currently 6.1%.
Interest will be charged at the Retail Price Index (RPI) plus 3%. The interest rate is updated in September every year, using the RPI from March of that year.
The Student Finance Office at the University can be contacted by emailing firstname.lastname@example.org or phoning 01484 472210
Student Finance England have created these 3 videos to explain what Doctoral Loans are, how to apply for one and how you repay the loan.