If you’re a UK national resident in England planning to study for a PhD, then from 2018 you’ll be eligible for up to a loan of up to £25,000 to help pay for your study.
While undoubtedly good news, it’s important to remember that it is a loan and as such it will need to be paid back, in this instance at 6% of your income over £21,000. If you took out a loan for your Masters then these will be combined, but debt from any loans for undergraduate study will remain separate – in other words, you’ll need to make the required payments simultaneously on both.
This loan can’t be combined with Research Council funding, so if there’s any funding available for you through those then you should still focus your efforts on gaining that first, as this won’t need to be paid back. The loan can act as a great secondary option though, and can be combined with other sources of funding; while £25,000 is the maximum amount available, you can take any amount below this, so if you’re successful in gaining funding elsewhere but are still a bit short of what you need overall, it could act as a good way of “topping-up” your funds.
As with anything funding-related, there’s a number of terms and conditions attached, and FindAPhD.com have a great overview of the new loans on their website. For more information about funding postgraduate study, take a look at our guide.