Loans will be paid directly to students in three instalments per year, meaning that students will receive £5,000 each year, in three instalments per year. You don't need to make another application at the start of the second year: if you continue on the course you will automatically receive the second set of payments. Payment will be subject to the university confirming your attendance, so you will need to have completed the full enrolment process before your first instalment will be paid. Should you leave your programme early, your loan instalments will stop and you'll still have to repay what you've already borrowed.
Loans will be repaid concurrently with any undergraduate loans, at an interest rate of Retail Prices Index (RPI) plus an additional 3%. You will then repay 6% of any earnings over £21,000pa. Repayments will not begin until 2019. All student debt will be cancelled after 30 years.
For full details of the Postgraduate Loan including how to apply either by post or online please visit gov.uk/postgraduate-loan.
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