STUDY FINANCE / ENGLAND / 2026–27
Can you afford your master’s? Know the gap before you apply.
Your tuition fee is only part of the picture. Compare the full course cost with your Master’s Loan, grants, savings and money available while studying.
This calculator assumes you could obtain a standard Student Finance England Postgraduate Master’s Loan for courses starting from 1 August 2026 to 31 July 2027. The loan is paid to you and can help with both fees and living costs. Having a previous master’s degree, prior postgraduate funding or an ineligible course can prevent an award. Funding varies if you normally live in Wales, Scotland or Northern Ireland. Some level 7 courses use different routes. Check eligibility on GOV.UK.
01 / THE NUMBERS
Build your study budget
Enter figures for your entire course, unless a field says “per month”.
02 / THE RESULT
What still needs funding?
Total funding gap
– Enter course costs and funding to calculate your estimated gap.- Total tuition
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- Living costs across your course
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- Total budget needed
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- Expected Master’s Loan
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- Grants, savings and available income
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- Funding available in total
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An affordable total budget does not mean the money arrives when a tuition instalment is due. Your university’s fee dates and SFE payment dates may differ.
03 / WHEN THE FUNDING ARRIVES
How the Master’s Loan is normally paid
A Postgraduate Master’s Loan is paid directly to you in three instalments per academic year, usually 33%, 33% and 34%. It is divided between course years. The first payment requires registration confirmation, so these are amounts, not payment dates.
| Funding year | 1st payment, 33% | 2nd, 33% | 3rd, 34% | Year total |
|---|---|---|---|---|
| Choose your funding amount and years to see illustrative instalments. | ||||
Source: GOV.UK: Master’s Loan, what you’ll get. Instalment values are rounded to pennies and sum to the funding amount you enter. SFE confirms your actual dates and awards.
WHY THE DIFFERENCE MATTERS
A £7,500 master’s does not always mean a £7,500 budget.
With £7,500 in tuition and £500 a month in living expenses for 12 months, the total budget is £13,500. Even a maximum £13,206 England Master’s Loan leaves a £294 overall gap before other funding.
FREQUENTLY ASKED QUESTIONS
Master’s funding questions, answered.
Is the Postgraduate Master’s Loan £13,206 per year?
No. £13,206 is the maximum total loan for an eligible Student Finance England master’s course starting between 1 August 2026 and 31 July 2027. If your course lasts more than a year, it is normally divided equally between the course years.
Does Student Finance England pay my university directly?
No. A Postgraduate Master’s Loan is paid to the student. You remain responsible for paying the university in line with the university’s own fee schedule.
When will I receive the loan?
Normally in three instalments each academic year: 33%, 33% and 34%. Your first payment is after the course starts and your provider confirms registration. Exact dates depend on your account and course.
Can this tool check whether I qualify for a Master’s Loan?
No. Eligibility depends on residence, nationality, age, course type, previous qualifications and other rules. Enter only the amount you expect to receive, and check your eligibility with Student Finance England.
Do standalone master’s courses starting in January 2027 use the LLE?
A standard standalone Postgraduate Master’s Loan remains a separate funding route. Some other level 7 courses, such as integrated master’s degrees or specified courses, can fall within LLE from January 2027. Confirm your exact course funding route with the university and Student Finance England.
Am I eligible if I already have a master’s qualification?
Usually not. Holding a master’s degree or equivalent qualification normally makes you ineligible for another Student Finance England Postgraduate Master’s Loan. Previous postgraduate funding can also affect eligibility. Check your exact situation with SFE.
Can I use this for a part-time or online master’s?
Possibly, but eligible courses must be full standalone master’s programmes, normally worth at least 180 credits, at an eligible provider. Full-time courses last one or two academic years. Part-time courses usually last two to four academic years, subject to the equivalent full-time length, with special rules where no full-time course exists. Separate residency requirements apply to distance learning.
Does the calculator include student loan interest or future repayments?
No. This calculator estimates how to fund your studies, not what you will repay after graduation. For an estimated payroll repayment, use our separate student loan repayment calculator.
PLAN THE NEXT STEP
Explore your options with a clearer budget.
Ready Study Global offers free course application guidance. Funding eligibility and course suitability always need checking separately.
Figures checked against Student Finance England guidance for 2026/27 · Reviewed October 2026 · Ready Study Global LTD is independent of Student Loans Company.