Student loan applications: When is the deadline, how do you apply? Simple tips
Prospective undergraduate students have until the end of this week to apply for Student Finance for university. The Student Loans Company has asked that anyone planning to go to university this year gets finance applications in by Friday, May 22.
Funding is available for prospective student from UK and EU countries who have lived here for at least three years.
Those who are returning to university for the second, third or fourth years should renew their existing funding by June 19.
Student Finance England is pushing on as usual, despite the fact that many universities may not be open again in September.
Higher education institutions have moved to online learning in the wake of COVID-19, after being asked to close by the Government back in March.
Students must still pay full fees despite missing out on the university experience.
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How do I apply for student finance?
The best way to apply is online, and as early as possible.
This isn’t because funding runs out, but so that the company has time to go over your application, which they may need further evidence for.
To apply, head to the Student Finance website.
You will need your passport and national insurance numbers, as well of details of offers you have received.
There are two elements to student finance – the Tuition Loan and the Maintenance Loan.
Tuition is set by the university, but the maximum it can charge for courses starting in 2020 is £9,250 a year.
The money is paid directly from the loans company to your university, so you will never actually see this money.
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A maintenance loan to help you with your living costs, such as rent and bills and equipment.
How much you get will depend on your circumstances, so you will need give details of your household finances when you apply.
Your parents or guardians will be sent an email asking them to declare their income.
If you are under 25 and have no contact with your parents you can apply as an “estranged student”.
A full-time student living at home can get a grant if up to £7,747 for the 2020/21 year.
If you live away from home, this rises to 12,010 in London and £9,203 in the rest of the country.
The loan is paid directly into your bank account at the start of each term.
How can I make my application quick and easy?
The most important thing is having everything to hand at the time of applying, such as passport numbers, national insurance, parents finance details.
Double-check everything to make sure it is correct – any inconsistencies will be flagged by student finance and questioned.
Apply early to make sure the money comes in in time for when you start your course.
Universities will not accept you into classes if you have not paid them.
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