The Department for Education has announced that Doctoral Loans will be available from the 2018/19 academic year.
Their consultation, launched on 4th November, will see financing for the highest level of studies financed for up to £25,000.
If a student has a Masters Loan, the two will be combined so a student only pays back one loan.
Additionally, DfE have announced they are consulting on Student Support Loans for part-time students. Also aimed to launch in the 2018/19 academic year, the loans would provide up to 75% of the level of support offered to full-time students.
The consultation will seek to find information on loan terms, loan eligibility for courses and individuals, and implementation of the scheme.
Universities Minister Jo Johnson said:
“The UK is a world leader in science and research, and a key part of that is attracting the brightest talent from across the world to contribute to the pioneering work being done in our universities and research centres.”
Students’ Union Postgraduate Representative Emili Peake said:
“The introduction of a doctoral loan would mean that fees and finances are no longer boundaries students to PhD level qualifications.
“This is particularly important at UCLan as many of our students have the intellectual capabilities but have low socio-economic-status.
“There are many issues surrounding the welfare of PhD students and access to more funding may assist in alleviating some of these”
“However the implications of increased personal loans should be considered.
“By 2018 students will have already had access higher undergraduate loans and the postgraduate loan.
”The average amount of loan If accessing all of these is likely to be around £80k with interest, which in the long run may be of greater detriment to individuals.
“It is important that unlike the rollout of the postgraduate loan, full details are given so students able to make an informed choice as to whether or not they should access the doctoral loan.”