Postgraduate Doctoral Loans: Can You Take a PhD Loan In The UK?

In an era where advanced learning opens doors to both career advancement and groundbreaking discoveries, the pursuit of a Ph.D. holds undeniable allure. However, this pursuit isn’t without its financial hurdles, often requiring students to navigate the intricate fiscal landscape of higher education. Recognizing this challenge, various loan options tailored for Ph.D. candidates have emerged, providing a ray of financial light amidst the academic rigors. In this article, we’ll present the specific qualifications that can make you an eligible candidate for these loans.

What is a PhD loan? Can you take a loan for a PhD?

A PhD loan is a financial arrangement provided by the government to support individuals pursuing postgraduate doctoral studies. These loans are designed to assist students in covering the costs associated with their PhD programs, such as tuition fees, research expenses, study materials, and living costs.

And yes! You can take it because everyone can apply for the full loan amount regardless of its income or financial background.

How much loan can I get for my PhD?

A UK PhD loan is worth up to £28,673 from Student Finance England or £28,395 from Student Finance Wales. The PhD loan permits you to borrow the same amount, regardless of the expenses associated with your specific PhD project or program, but it can be more than the actual cost of your PhD.

Typically, the doctoral loan amount experiences a minor annual rise to accommodate inflation. Yet, this adjustment solely affects new students. The maximum sum you can borrow through your PhD loan will be restricted to the limit applicable at the beginning of your PhD.

These PhD loans are not subjected to means-testing, enabling you to request the complete amount irrespective of your financial circumstances. Furthermore, the loan provides versatility in its usage – it can be allocated towards fees, additional study-associated expenditures, or to assist with your living costs.

Keep in mind that obtaining the loan could influence your qualification for other government-provided benefits. <-

Are you eligible for a PhD student loan?

Basic criteria you must meet to obtain PhD loan in the UK:

• Be below the age of 60 on the initial day of the first academic year of your course.
• Not have previously attained a PhD or an equivalent qualification.
• Not be in receipt of a Research Council studentship (including fees-only), NHS funding, or any other form of government financial support for your PhD studies.
• Hold UK or Irish citizenship, or possess settled/pre-settled status as per the EU Settlement Scheme.
• Have your usual residence in England.
• Have resided in the UK, Channel Islands, or the Isle of Man for a minimum of three years prior to commencing the course.

Can I get a PhD loan if I have a stipend?

The answer is no. You most likely won’t get a PhD loan if you’re already receiving some kind of stipend for example from Research Council Funding (e.g. studentships, stipends, scholarships), a Social Work Bursary, NHS bursary or Student Finance payments for another course you’re studying.

What are other reasons why you might be ineligible for the PhD student loan?

1. You’re behind in repayments on your past Student Loans.
2. You already possess a doctoral degree or a higher equivalent qualification.
3. Your pursuit involves a doctorate achieved through publication.
4. You’ve previously obtained the Postgraduate Doctoral Loan, except for cases where students left their course due to health issues.

Can you get a PhD loan after a Masters?

Yes! Having a loan from a prior undergraduate program or a master’s course at the postgraduate level will not impact your eligibility to receive a Postgraduate Doctoral Loan. However, as mentioned before, you can only qualify for a PhD Loan if you do not already possess an equivalent Doctoral qualification.

Eligible courses for PhD loans: is my doctorate eligible?

Your program’s duration should be a minimum of three years and a maximum of eight years. There are no limitations on the field of study you choose, and your loan application won’t involve an evaluation of your PhD proposal.

PhDs by publication are not eligible because they do not involve an active period of studying. It can be a taught or research-based course (or a combination of both). Also it can be a distance learning course, as long as you live in the UK while studying.

Remember that in the scenario where your course spans two universities, such as in a collaborative research project, and one of these universities is located outside the UK, it’s crucial for the UK-based university to hold the leading role, and you must engage in studies there for a minimum of half the duration of your course.

When is the deadline for PhD loan applications?

You have the option to apply for a PhD loan up until nine months after the commencement of the last academic year of your PhD. This implies that you can submit your application even after you’ve already begun your studies.

If you want to go deeper into how to go through the application process, please visit: Doctoral Loan – application.

How will you receive your PhD loan?

The Student Loans Company (SLC) will disburse your loan in three parts (33%, 33%, and 34%) for each academic year, directly into your bank account. This allocation will be evenly distributed throughout your academic period.

If you withdraw from your PhD or switch to a program that doesn’t qualify, the loan disbursements will cease, but you will remain responsible for repaying the borrowed amount.

When does the PhD loan repayment begin?

You’ll begin repaying the loan after successfully finishing your PhD and attaining an annual income of £21,000 or more (£1,750 per month before tax/deductions). The repayment rate will be 6% of your earnings beyond this threshold.

For those employed, the repayment amount will be deducted automatically from your monthly salary. If you’re self-employed, HM Revenue and Customs (HMRC) will determine your repayment amount during your annual self-assessment tax return.

Is it possible to get a PhD loan as a foreign student?

Typically, doctoral loans within the UK are not accessible to international (non-UK) students. However, there could be an exemption if:

• You possess settled status in the UK.
• You’re an EU national and have submitted an application to the UK’s EU Settlement Scheme.
• You’re an Irish national.
• You or a family member have been granted refugee status or humanitarian protection in the UK.
• You’re 18 years or older and have resided in the UK for a minimum of 20 years and/or half of your life.

PhD student loans in Scotland and Northern Ireland

Unfortunately PhD loans are not offered in Scotland and Northern Ireland. Nonetheless, alternative avenues are accessible for financing your education.

For instance, entities like The Carnegie Trust for the Universities of Scotland and the Department for the Economy (DfE) extend various PhD scholarships to residents of Scotland and Northern Ireland respectively.

If you are thinking about financing your PhD studies, you certainly already have some work experience behind you. Share it on gowork.uk and raise awareness about workplaces in the UK!