How much can I borrow?
For courses starting in 2022/23, postgraduate students will receive a loan of £11,836 towards tuition fees. You can choose how much you want to borrow, up to the maximum amount. The loan is not means-tested, therefore the amount you receive does not depend on your financial situation.
Does the value of the MBA loan depend on course fees?
The amount you will receive for your MBA loan is not linked to the cost of your course. The total available you can borrow is £11,836 regardless of how much your tuition fees are. Therefore, your course fees could be more than the value of your MBA loan and you will also need to consider additional living costs and other expenses.
Which students are eligible?
MBA loans in England are only available to students who do not already have a masters degree or higher qualification.
Students must be UK citizens or have lived in the UK for at least three years. Students who have either settled in the UK, have pre-settled status or have the permanent right to remain are also eligible. Only students who are under the age of 60 when their course starts can access government funding in England.
How should you apply?
In England, students should apply online at GOV.UK – Masters Loan or complete a paper application from Student Finance England.
What are the application deadlines?
Students must apply within nine months of the first day of their course. Ideally, you should apply as soon as you know you have a confirmed place on the MBA program before any tuition fee payments are due.
What about the repayments?
Depending on how much you earn after you graduate you will begin repaying your loan in the April upon completion of your MBA. Most MBA graduates will start paying their loan back at this time, but the threshold is currently around £21,000. This varies depending on when you took your loan out. Payments are calculated and made through the PAYE tax system or during the self-assessment tax process before any other deductions are made.
UK government Masters loans
If you’re starting a postgraduate course from September 2023, you may be entitled to a government-backed loan.
A postgraduate Masters loan can help with your course fees and living costs while you study a postgraduate Masters course.
UK government loan
You can now apply for funding for the 2023 to 2024 (gov.uk) academic year.
You could be eligible for a loan from Student Finance England if you’re a:
- UK national living in England
or are an EU national with:
- pre-settled status and resident in the UK, Gibraltar, European Economic Area (EEA) or Switzerland for three years prior to the start of your course
- settled status and resident in the UK for three years prior to the start of your course and resident in England on the first day of the academic year of your course
or an Irish national who:
- has been resident in the Common Travel area for three years prior to the first day of the academic year of your course, with at least part of this period spent in the Republic of Ireland.
Key facts
- You could receive up to £12,167
- How much you get does not depend on your household income
- Available in all subject areas for the following postgraduate qualifications MA, MSc, MPA, MBA, LLM, MRes, MLitt, MFA, MEd, and MPhil
- Available for full-time, part-time and distance learning courses
- You won’t start making repayments until you’re earning £22,015 or more
You can also get extra support (gov.uk) if you have a disability.