Following a public consultation, Economy Minister Gordon Lyons has announced an increase to the Postgraduate Tuition Fee Loan from academic year 2023/24.

The maximum amount of Postgraduate Tuition Fee Loan available for postgraduate students from Northern Ireland is currently Pound 5,500. From academic year 2023/24, this will rise to Pound 6,500 - an increase of over 18%.

In addition, the Minister has announced that students from Northern Ireland who choose to study postgraduate taught degrees in eligible institutions in the Republic of Ireland will, from academic year 2024/25, be able to apply for student support in the form of the Postgraduate Tuition Fee Loan.

The announcement comes days after the Minister confirmed increases to the support available for undergraduate students.

The Minister said: "Following my earlier announcement of increases to the student support package available for undergraduate students, I am pleased to also confirm an increase in postgraduate support. This will see the maximum amount of Postgraduate Tuition Fee Loan rise to Pound 6,500 for eligible postgraduate students from Northern Ireland from next academic year, which I hope will better align the loan product with the costs of undertaking postgraduate study.

"In addition, I can confirm that, from academic year 2024/25, Northern Ireland students who are undertaking postgraduate taught courses at eligible institutions in the Republic of Ireland will also be able to apply for this support. This will place postgraduate students on a more equal footing with undergraduates who can already avail of financial support when attending these institutions."

The changes to the maximum level of support available will be enacted following the laying of supporting regulations.