or A move to instate a postgraduate loan scheme by 2016 was announced on December 3 by Chancellor George Osborne in his autumn statement.
Students wishing to study for a masters degree will be eligible to receive up to £10,000 in government funded loans to go towards paying for their course.
Until now, students wishing to advance their studies into postgraduate level have had to look towards securing limited government grants and bursaries or to take out a career development loan from banks.
George Osborne said that privately funded courses “deters bright students from poorer backgrounds”
Although the move is expected to bring an extra 10,000 students into further students into postgraduate study, the loans will only be available to people under the age of 30.
Nicola Dandridge, Chief Executive of Universities UK, welcomed the move but the University and College Union said that while it was positive “more radical ideas were needed”.