Obtaining an advanced education can be expensive, as most postgraduate students can testify. In fact, many students who are pursuing doctoral studies have had to put other activities on hold, including marriage or starting a family.
Why an Increase in Funding Is Needed
Students have been seeking a funding solution that offers more money for their educations. This extra funding is needed as emerging technologies require that applicants hold a postgraduate degree. According to recent reports, one in seven jobs will require a PhD by 2022.
A Reduction in Tuition
Whilst the Labour party has criticised the government’s plans to increase loan funding, university faculties have supported the added financial assistance. The Labour party believes that reducing tuition fees is a better alternative.
Increased Student Financing
Nevertheless, beginning this year, the UK government is introducing doctoral loans as high as £25,000. This money can be applied to the attainment of a PhD degree or postgraduate research. This is exciting news for doctoral students as the student loans last up to eight years in all subject areas. The loans, which are not means-tested, apply to UK nationals who reside in the UK, are 59 years old or younger, and do not have Research Council studentships.
Applications Are Being Accepted This Year
The funding can be used at all UK universities that regularly award PhDs. The repayment on the loan amount is six percent based on an income of over £21,000 annually. The financing can be combined with a debt for a master’s. Applications are being taken in the spring and summer of 2018.
Students who have lived in the UK for the last three years prior to applying for a PhD are eligible to apply for the loan. This means that England has been their regular residence. Northern Ireland is making plans for its own PhD financing, too, but has yet to set a date. Wales has suggested featuring PhD studentships for PhD candidates.
Therefore, if you are a PhD student, you can now apply for any amount up to £25,000. Because the financing is not means-tested, you can apply for the full amount regardless of your current financial background. However, you cannot obtain the loan if you have already begun your PhD programme. The financing is only intended to support students who begin a PhD curriculum from 2018 forward.
Some of the Specifications
The PhD programme must last at least three years but no longer than eight years. Students have no limitations on what they can study and their PhD proposal is not evaluated as part of the application for financing.
Some Exceptions to Financing
PhDs by publication cannot obtain financing as they are not engaged in an active study period. You also cannot apply for a PhD loan if you are working at attaining a research master’s degree. You need to apply for a postgraduate loan instead.
If you are studying a PhD within a Centre for Doctoral Training, Doctoral Training Centre, or Doctoral Training Partnership, your ability to get the funding will depend on how the research is funded. In this case, any work backed by a Research Council studentship disqualifies a student for eligibility.
Source article: https://www.buddyloans.com/news/loans/phd-student-loans-may-rise-to-25000-11203/