In a move that has been welcomed by universities and other education bodies, George Osborne has announced in the Budget Statement today, the provision of postgraduate research loans up to £25,000 for PHD and masters research students.Mr Osborne also announced that the government will conduct a review into how the government can, "strengthen its funding for postgraduate research."Fee structures for most postgraduate courses can vary enormously between courses and between institutions and are, at present, unregulated. For example, one-year taught masters courses can range in price from around £3,000 to £38,000 per year.A survey in the Times Higher Education found that the average fee for a postgraduate course in 2014-15 was £5,680.The Chancellor signalled in the Autumn Statement 2014 that a new system of postgraduate loans for postgraduate students under the age of 30 would be introduced in 2016-17.Reacting to the news, Steve West, the University Alliance chair and University of the West of England vice-chancellor, said, “We strongly welcome the chancellor’s announcement to develop a government-backed postgraduate loan system. Postgraduate study is vital to ensure Britain develops and grows global talent, which will be key to our future success.”Greg Clark, Universities Minister, said, “By introducing postgraduate loans, students will have greater flexibility to gain the qualifications they need to get on in life and give the UK the skilled workforce we need to secure long- term economic growth.”

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