Funding a second master’s

If you already hold a master’s, or had a master’s loan before, there is no second loan. What that leaves.

  • No Master’s Loan

    Already hold a master’s or equivalent

  • No second loan

    Had a Master’s Loan before

  • Still eligible

    Hold a PGCE, PGDip or PGCert only

  • No Master’s Loan

    Aged 60 or over at the start

There is no Master’s Loan for a second master’s. GOV.UK excludes anyone who already holds a master’s degree or an equivalent such as an integrated master’s (MEng, MChem, MSci), and anyone who has had a loan or grant for a master’s before. The ways to pay are your own money, an employer, scholarships, and a StepEx loan on partner courses.

Courses for this guide

Master’s courses in the finder

Set “Already hold a master’s or higher?” in Your details to see each course without the loan.

You are seeing example figures, not yours

We have filled in figures for a typical applicant so you can see how the finder works. Change them to yours and every result updates.

Courses with a StepEx loan

StepEx Lender Ltd offers loans for these courses. Approval is not guaranteed.

The University of Law

StepEx loanSee the representative example
MA Law (Conversion) Non London Full Time

MA · Full time · 1 year

StepEx loan: 48 months · 9.0% APR representative

Fee
£15,150

Fee for 2027/28

£1,944 more than the SLC master's loan covers
Affordability
Outcomes
University employment rate: 90%

The University of Law

StepEx loanSee the representative example
MA Law (Conversion) Non London Part Time

MA · Part time · 2 years

StepEx loan: 60 months · 7.6% APR representative

Fee
£15,150

Fee for 2027/28 · whole course, over 2 years

£1,944 more than the SLC master's loan covers
Affordability
Outcomes
University employment rate: 90%

The University of Law

StepEx loanSee the representative example
LLM Legal Practice (SQE1&2) - Part-time Non London

LLM · Part time · 2 years

StepEx loan: 60 months · 5.1% APR representative

Fee
£15,450

Fee for 2027/28 · whole course, over 2 years

£2,244 more than the SLC master's loan covers
Affordability
Outcomes
University employment rate: 90%

Our ranking is impartial: whether a course has a StepEx loan is not a factor. All courses are ranked by affordability, then graduate pay at 5 years. Courses with a StepEx loan are also shown in a separate section above.

More about how we rank

Top 5 of 2710 courses

2468 likely affordable · affordable first, then highest graduate pay at 5 years

Sort

City St George's

Corporate Risk Management MSc

MSc · Full time · 1 year

Fee
£16,000

Fee for 2026/27 (September 2026 entry)

£2,794 more than the SLC master's loan covers
Affordability
Outcomes
University employment rate: 89%

City St George's

Quantitative Finance MSc

MSc · Full time · 1 year

Fee
£16,500

Fee for 2026/27 (September 2026 entry)

£3,294 more than the SLC master's loan covers
Affordability
Outcomes
University employment rate: 89%

Loughborough

MSc Finance

MSc · Full time · 1 year

Fee
£14,000

Fee for 2027-28

£794 more than the SLC master's loan covers
Affordability
Outcomes
University employment rate: 84%

Loughborough

MSc Accounting and Finance

MSc · Full time · 1 year

Fee
£14,000

Fee for 2027-28

£794 more than the SLC master's loan covers
Affordability
Outcomes
University employment rate: 84%

Durham

Finance

Master’s · Full time · 1 year

Fee
£17,500

Fee for September 2027 entry

£4,294 more than the SLC master's loan covers
Affordability
Outcomes
University employment rate: 93%

Open Affordability or Outcomes on any course for the detail. Courses with a StepEx loan are marked and get no preference in the order. How we work it out

Paying the university directly assumes three instalments: at the start, after 4 months and after 7 months. Estimates based on the figures shown, not advice. A StepEx loan is subject to identity, affordability and credit checks; approval is not guaranteed.

Who is excluded

GOV.UK’s list: you already have a master’s degree, or an equivalent such as an integrated master’s; you have a qualification higher than a master’s; or you have received a loan or grant for a master’s course before (unless it was only a Disabled Students’ Allowance, or you left for a serious personal reason such as illness or bereavement). An integrated master’s from your first degree counts (MEng, MChem, MSci and similar).

Ways to pay

  • Student loan. Where the course qualifies, the Master’s Loan of £13,206 (England; other UK nations differ, see the nations guide).
  • Pay the university. Ask about paying in instalments across the year; the university’s own page sets the dates.
  • Employer. Some employers pay all or part of a fee, usually with a condition that you stay for a period afterwards.
  • Scholarships and discounts. University scholarships and alumni discounts, see the scholarships guide.
  • StepEx loan. On the courses listed on the finance availability page, credit from StepEx Lender Ltd lets you pay the fee in monthly repayments after a deposit. Approval is not guaranteed. The representative example for each course is on the provider’s page.

A StepEx loan is credit from StepEx Lender Ltd, available on the courses listed on the finance availability page. Approval is not guaranteed. The representative example for each course is on the provider’s page.

Ways to pay

  • SLC

    The government SLC master's loan. The amount depends on where you live.

    How the SLC master's loan works
  • Pay the university directly

    Usually in three instalments: at the start, after 4 months and after 7 months.

  • StepEx loan

    Available on some courses here. See the representative example on the provider page.

    Check finance availability

Questions people ask

The Postgraduate Doctoral Loan is a separate product for a PhD or equivalent, with its own rules. It does not fund a second master’s.

No. The exclusion is about what you already hold, not how you study.

Related guides

  • Buckingham two-year degree and the FEA

    A £27,750 two-year degree, a Student Finance England loan that stops at £15,660 or £16,310, and a future earnings agreement for the rest. What an FEA is.

    Read the guide: Buckingham two-year degree and the FEA
  • Psychology conversion MSc

    Psychology master’s we checked cost £7,100 to £30,400, most within the Master’s Loan. Accreditation, part-time routes and the gap.

    Read the guide: Psychology conversion MSc
  • Funding an MBA

    MBA fees of £39,700 to £81,000 for 2027 against a £13,206 loan. Employer sponsorship, school scholarships and what the loan covers.

    Read the guide: Funding an MBA

Sources and dates

Estimates, not advice.

Questions about these guides? Contact us.