Can You Get Student Finance for a Master’s?
If you are thinking about staying at university for a master’s degree, one of the first questions you might ask is: can you get student finance for a masters?
The short answer is yes, many UK students can apply for postgraduate student finance. In England, this is usually called a Postgraduate Master’s Loan, and it can help with both course fees and living costs.
However, master’s funding works differently from undergraduate student finance. The money is usually paid directly to you, it is not based on your household income, and it may not cover the full cost of your course and accommodation.
Here is what you need to know before you apply.
Quick Answer: Can You Get Student Finance for a Master’s?
Yes, you may be able to get student finance for a master’s degree if you meet the eligibility rules.
For students normally living in England, the main option is the Postgraduate Master’s Loan. This can help pay for tuition fees, rent, travel, study costs and other living expenses while you complete your course.
If you normally live in Scotland, Wales or Northern Ireland, the rules are different, so you will need to apply through your own student finance body.
What Is the Postgraduate Master’s Loan?
The Postgraduate Master’s Loan is a government-backed loan for eligible students taking a master’s degree.
Unlike undergraduate finance, there is not a separate Tuition Fee Loan and Maintenance Loan. Instead, you receive one loan that you can use towards both your course fees and living costs.
This means you are responsible for deciding how to split the money. For example, you might use part of it to pay your university, and the rest towards rent, food, travel or study materials.
If you are still comparing undergraduate funding, Unilife’s guide on how much student loan you could get explains how standard student finance works.
How Much Can You Get for a Master’s Loan?
For courses starting on or after 1 August 2026, eligible students in England can get up to £13,206.
For courses that started between 1 August 2025 and 31 July 2026, the maximum is £12,858.
The amount you receive is not based on your income or your family’s income. You can choose to borrow the full amount or a smaller amount, depending on what you need.
The loan is normally paid in three instalments across the academic year. If your course lasts more than one year, the loan is usually split equally across each year of study.
What Can You Use the Loan For?
You can use a Postgraduate Master’s Loan for both tuition fees and living costs.
This may include:
Course fees
Rent or student accommodation
Food and household essentials
Travel
Books, equipment and study materials
Bills and day-to-day spending
The important thing to remember is that the loan is paid to you, not directly to your university. You will need to arrange your own tuition fee payments with your course provider.
If you are planning where to live during your master’s, choosing bills-included accommodation can make budgeting easier because you know more of your monthly costs upfront. Unilife offers student accommodation in Guildford, Winchester and Southampton, with options designed for independent student living.
Who Is Eligible for a Master’s Loan?
Eligibility depends on your course, age, nationality and residency status.
You may be eligible if:
You are studying a full standalone master’s course
Your course is worth at least 180 credits
You meet the nationality or residency rules
You do not already have a master’s degree or higher qualification
You have not already received a master’s loan before, unless there were serious personal reasons
You are not behind on previous Student Loans Company repayments
You can still usually apply if you already have a PGCE, postgraduate certificate or postgraduate diploma, as long as you do not already hold a full master’s degree or higher qualification.
Can You Get a Master’s Loan for Any Course?
No, not every postgraduate course is eligible.
Your course must be a full master’s degree, such as an MA, MSc, MRes, MPhil, LLM, MFA, MEd or MBA.
You usually cannot get a Postgraduate Master’s Loan for:
A postgraduate certificate
A postgraduate diploma
A top-up course
A course integrated with an undergraduate degree
A course that is not registered with an eligible UK university or college
Courses can be taught or research-based. They can also be full-time or part-time, as long as they meet the official course rules.
If you are unsure, check with your university before applying.
How Do You Apply for a Postgraduate Master’s Loan?
You apply online through Student Finance England if you normally live in England.
For the 2026/27 academic year, GOV.UK currently says applications will open from early July 2026. If you are applying for a different academic year, always check the latest official dates before starting.
You only need to apply once, even if your master’s course lasts longer than one year.
Before applying, it helps to have:
Your passport details
National Insurance number
University and course details
Bank details
Any supporting documents requested
If you are also looking at undergraduate funding for a different course, read Unilife’s guide on how to apply for student finance.
How Do Master’s Loan Repayments Work?
Postgraduate Master’s Loan repayments are based on your income.
You only start repaying once you have finished or left your course and your income is above the repayment threshold. Repayments are usually taken automatically from your salary through PAYE if you are employed in the UK.
Postgraduate Loan repayments are currently 6% of your income above the repayment threshold.
If you also have an undergraduate student loan, you may repay both at the same time once your income is high enough. This can reduce your take-home pay, so it is worth understanding before you graduate.
Unilife’s student loan repayment guide explains when repayments start and how the thresholds work.
Is a Master’s Loan Enough to Live On?
A Postgraduate Master’s Loan can be a big help, but it may not cover everything.
Unlike undergraduate finance, the loan is one pot of money for both tuition and living costs. If your tuition fees are high, there may be less left over for rent, bills and day-to-day spending.
Before starting your course, work out:
Your tuition fees
Your rent
Bills and subscriptions
Food costs
Travel
Course materials
Savings or emergency money
Part-time work, scholarships, bursaries, family support or savings may also form part of your plan.
If you are not sure where to start, our student budgeting guide can help you break down your income and outgoings before your course begins.
Final Thoughts: Should You Apply?
If you are planning a master’s degree, student finance can make postgraduate study more realistic. The Postgraduate Master’s Loan gives eligible students support towards both tuition fees and living costs, and repayments are linked to your income after your course.
The key is to plan early. Check your eligibility, confirm your course qualifies, work out your full costs and think carefully about how the loan will fit into your wider budget.
A master’s can be a brilliant next step, but it is much easier to enjoy the experience when your money plan is clear from the start.
FAQs
Can you get student finance for a master’s?
Yes, eligible students can apply for a Postgraduate Master’s Loan to help with course fees and living costs.
How much can you get for a master’s loan?
For courses starting on or after 1 August 2026, eligible students in England can get up to £13,206.
Is a master’s loan based on household income?
No, the Postgraduate Master’s Loan is not based on your income or your family’s income.
Is the master’s loan paid to you or the university?
The loan is paid directly to you, so you are responsible for paying your university and managing your living costs.
Can you get a master’s loan if you already have a master’s degree?
Usually no. You normally cannot get a Postgraduate Master’s Loan if you already have a master’s degree or a higher qualification.
When do you repay a master’s loan?
You repay once you have finished or left your course and your income is above the repayment threshold.
