Student Finance: We love it and we are grateful to have it. However, there’s no sugarcoating it, sorting out your Student Finance can be a nightmare. With applications in full swing at the moment, the stress is real and the process brings up many questions. You’re probably asking, “does my parent’s income affect my student loan?” and “How much student finance will I get?” Trying to sort out your finances before you start university can be really stressful, especially when you realise that you are stuffed up on the application. However, don’t stress- it’s not too late to sort it out. Here’s what happens if you make a mistake on your student finance application.
Firstly, don’t panic!
Whether you made a silly mistake or you decided to change course last-minute, it’s important not to panic if you have stuffed up your Student Finance application. Take a deep breath and get on to that computer. Time is of the essence when sorting out any uni-related admin so procrastinating won’t do you any good.
Changing your Student Finance application for Full-time students
So, the great news is that it’s easy for Full-time Uk students to change their Student Finance application. If you are applying for a full-time degree you simply need to log in to your Student Finance account and amend the details. You can do this for the following reasons:
- You’ve changed your course, university or college
- You’re repeating a year
- You’ve changed your name or marital status
- Your Tuition Fee Loan amount has changed
- You’re living somewhere new
If you are unable to make these changes online, or you need to change something else, you can complete a Change of Circumstances (CO1) form
If you’re unable to make the changes online, you can upload a completed CO1 Form to your online account and Student Finance can make these changes for you. You can do this while your application is being processed or anytime in the academic year after it has been approved.
Changing your Student Finance details: Part-time students and EU students (CO2 or EUC01 form)
- Changed university or college
- Changed course (but stayed at the same university or college)
- If you have left your course
- If your name has changed
- If your address and contact details have changed
It’s important to bear in mind that if you have changed you uni or course, then you may need to pass it on to them to fill out a section in your application. Once completed, you need to send the form online via your online account or by post to Student Finance England.
Their address is:
Student Finance England
PO Box 210
Darlington DL1 9HJ
You must tell Student Finance if your household income changes
At any point during your studies, you must tell Student Finance if your household income changes. In this case, your parents or partner must:
- Correct any mistakes relating to their household income
- Tell Student Finance England if they think their household income will be at least 15% lower than the tax year that they submitted details for.
You must tell Student finance if your parents or sponsor have another child
Likewise, your parents or sponsor must fill in a PFF2 form to tell Student Finance England if they have any more children.
What happens if you have been overpaid by Student Finance?
If you didn’t realise that you made a mistake in your Student Finance application and as a result, you have been overpaid then you must inform Student Finance. It’s tempting not to say anything but knowingly receiving more finance is an offence and you’ll need to repay any money that you are not entitled to. This includes money that you have already been paid.
So, now you know what happens if you make a mistake on your student finance application! Student Finance can seem stressful but it’s important to remember that mistakes happen all of the time. If you are still unsure what to do then simply give them a call on 0300 100 0607. Their offices are open Monday to Friday from 8am to 8pm. They are also open at weekends from 9am to 4pm.