Not everyone knows that you can apply for student finance months after you start your university degree. However, if you have decided to do this, make sure you do it by the deadline. The SLC is reminding new full-time undergraduate students in England that they must apply for student finance before the deadline on 21 May. The student finance deadline for returning students is 25 June.
Applying before the deadline is the best way for students to ensure they have their finances in place for their studies. New students can apply now even if they are unsure which course they will study, or what university they will be attending.
It’s important to remember:
- Applications can take six to eight weeks to process. Students do not need to contact SLC during this time to check on the status of their applications. They will be contacted if any additional information is needed.
- Students can also check their application’s progress in their online account and view a ‘to do list’ of any action they need to take.
- Parents and partners (sponsors) may also need to provide details of their household income if they are supporting a student’s application. Once a student applies the named sponsor(s) will receive an email explaining the steps they need to take. More information on supporting a student finance application can be found at https://www.gov.uk/support-child-or-partners-student-finance-application
- Students may be asked to submit evidence to support their applications
How does my parent’s income affect my student loan?
Your parent’s income will affect your student loan. However, it depends whether you are a Dependent Student or an Independent Student. Everyone’s student loan comes in two parts – tuition fees and maintenance loans. Everyone, regardless of their parent’s income, is entitled to up to £9250 a year in loan to pay their tuition fee’s. As long as you are a full-time resident in England (and have been for at least three years.) Your uni will decide the fee and the money is paid directly to them. Read more about how your parents income affects your student loan here.
When do I have to repay my student loan?
Concerns about debt can put a lot of students off of university. However, the Student Finance system in the UK is pretty good and it might take years before you have to start paying back your loan. Read out guide about Student Finance repayment for a full breakdown.
Student Finance deadline:
Derek Ross, SLC Executive Director of Operations, said: “So far this year, we have already experienced a significant increase in students applying for finance. Applications have increased by more than 10% year on year. We are anticipating that this will be the busiest academic year ever.”
“We are urging students to get their applications in before the upcoming deadlines. By doing so they can be confident that they will have their student finance in place before their studies begin in the Autumn.”
“Throughout the year we will be making even more resources available online to support students as their student finance journeys progress. They can also keep themselves up-to-date on the latest information by following Student Finance England on Facebook, Twitter and Instagram.”
Students should apply for Student Finance online at https://studentfinance.campaign.gov.uk/