What extra support will be provided to Welsh students in order to prevent them from being priced out of higher education, in light of the removal of postgraduate Masters grants in 2024/25?
The Welsh Government has had to make difficult decisions to radically reshape our budget to prioritise our finite resources, as reflected within our spending plans in the Final Budget for 2024-25.
Our principal policy aims in supporting students is to ensure that all those who can benefit from a higher education are not precluded from doing so by cost. The Welsh Government continues to prioritise support for those undertaking their first degree to ensure wide participation in higher education. Support for first degree study has been protected in the budget.
While postgraduate grants will now be removed for new postgraduate Master’s students in the 2024/25 academic year, loans will replace those grants, ensuring that students who are considering a further investment in their higher education have access to a significant amount of financial support from the Welsh Government during their studies.
The maximum amount of loan support has increased for the academic year 2024/25 in line with a measure of inflation. Therefore, eligible students will be able to apply for a loan of up to £18,950, which is not subject to a means-test of household income. A Disabled Students Allowance is also available to eligible students. The support available to eligible new students resident in Wales greatly exceeds that available to students resident in England (£12,471).
The repayment of loans is income contingent. The progressive nature of our repayment policy means the repayment of postgraduate loans only commences when the student is earning above the repayment threshold (currently set at £21,000); and any loan debt balance remaining after 30 years is written off.