Application For PhD loans for doctoral students 2022

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?

PhD loans for doctoral students 2022

The Postgraduate Doctoral Loan will help you fund both course fees and living costs over the duration of your studies – but you’ll have to pay it back and you’ll be charged interest from day one.

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?

students studying

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

money in a purse
Credit: Yevgen Kravchenko, kamui29, Bell Photography 423 – Shutterstock

These are main important key to remember about the Doctoral Student Loan repayment:

  1. 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).
  2. 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).
  3. You’ll only repay 6% of what you earn over the £21,000 threshold.
  4. Your loan will start accumulating interest from the moment you receive your first instalment.
  5. 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

woman on laptop
Credit: astarot – Shutterstock

The Doctoral Student Loan can be applied for online via Student Finance England or Student Finance Wales, where you can also download forms if you wish to apply by post instead.

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.

Leave a Reply

Your email address will not be published. Required fields are marked *