In a recent announcement, the Chancellor, George Osborne announced a generous loan of £10K to students looking at enrolling in post graduate courses.
The Treasure has outlined the criteria to receiving the loan as available to students under the age of 30 and only for PG courses or programs. Students can apply for the same from 2016-2017 onwards. Students paying off their undergraduate loans can concurrently repay this loan too, provided they atleast earn above £21,000 on an annual basis.
There will be interest chargeable on the loan amount of RPI plus 3 per cent, repayable at 9 per cent of earnings above £21,000. The Treasury department will finalize more details in the coming year with inputs from other members.
The Treasury further shared that this move will aid approximately 40,000 students, and an incremental amount of 10,000 to undertake PG courses annually.
The Higher Education Funding Council for England is expected to apportion £50 million in 2015-16 to universities to offer bursaries on a match-funded basis. This allocation is expected to aid and encourage atleast 10,000 students to achieve their education objectives.
“We have launched this financial aid package to encourage more number of students to take up postgraduate studies enabling them to have a better future.
We believe that there will be a perceived increase in the number of enrollments as more people become aware of this new financial aid package,” commented an official on this announcement.
The loan will be available to students across most subjects making it a good incentive for graduate students who hitherto were unable to take on postgraduate level due to financial constraints.