The government has recently introduced a Loans for doctoral degrees to help you get a PhD without breaking the bank – but how do they work and how much can you get?
We have make a complete guide that has the laydown on exactly how much you can get, how you’ll receive it and when you need to pay it back.
You Can Also Check:5 Inevitable Things to Expect During The Student Loan Cycle
Who is eligible for the Doctoral Student Loan?
You should be able to receive the Postgraduate Doctoral Student Loan if you’re studying in an eligible course and:
- You’re under the age of 60
- You’re a UK national, Irish citizen, have EU settled status or indefinite leave to remain
- You’ve lived in the UK, Channel Islands or the Isle of Man for at least three years before the start of your course
- Normally live in England or Wales.
You Can Also Check: How To Apply For Postgraduate Loans in Northern Ireland 2022
Doctoral Loan repayment
- You’ll only start paying it back when you’re earning over £21,000 a year (If you’re not on a yearly salary, that’s over £1,750 a month or £403 a week).
- Payments won’t kick in until the April after you graduate, or the April four years after your course starts (if your course lasts longer than four years).
- You’ll only repay 6% of what you earn over the £21,000 threshold.
- Your loan will start accumulating interest from the moment you receive your first instalment.
- Interest is usually worked out at RPI + 3%. This is usually updated every September using the RPI figure from March of the same year. However, in March 2022, RPI was 9% (meaning interest could have been up to 12% for some) which led the government to set a flat rate of 6.3% for all students and graduates until August 2023.
How to apply for the Doctoral Student Loan
For the academic year 2022/23, you should be able to apply for the Doctoral Loan from summer 2022.
Unlike undergraduate Student Finance, you only need to apply once. You don’t need to reapply every year, as you’ll automatically receive the next instalment in your account when it’s due.
Deadline For The Doctoral Student Loan
The deadline for applying for the Doctoral Student Loan is nine months after the first day of the last academic year of your course.
The first day of the academic year depends on when your course starts.