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Student finance: how to apply for last minute funding

Over one million students across England and Wales have already applied for their finance - Alamy
Over one million students across England and Wales have already applied for their finance - Alamy

With A-Level Results Day and Clearing finally here, and the new university year starting  soon, the Student Loans Company is busy getting student finances ready.

More than one million students across England and Wales are already likely to have applied for student finance. But if you’re not quite as organised, there's still time to get your application in.

You can update your course or university details later but it’s best to get the application in as early as possible as it can take six weeks to process an application, if we’ve received all the correct evidence.

Student finance is essential for most people attending university or college, to assist with everyday living costs. Many young people will be moving into rented accommodation and having to deal with their own finances for the first time and some students have their own families to support alongside their studies.

You apply for finance depending on where you ordinarily live and EU students should apply where they are planning to study. The Student Loans Company processes all applications for students in England and Wales.

Students in Scotland apply to the Student Awards Agency for Scotland (SAAS) and Northern Ireland students should apply to their Education and Library Board (ELB).

Students need to reapply for their student finance for each year of funding.

Student finance – what’s available?

Universities and colleges are able to charge different fees for their different courses, up to a maximum amount of £9,000 per year, which is set by the Government.

Tuition fee loans are available to cover the costs of university fees and these are paid direct to the university or college.

Maintenance loans are paid directly to the student to help with living costs while you’re studying; such as food, accommodation and travel. For example, if you’re an English student living away from home in London you could get a maintenance loan of up to £10,702.

In Wales, a tuition fee loan can be taken out to cover the first £3,900 of tuition fees. However, if your university or college charges more than this, you can apply for a Fee Grant of up to £5,100 to cover the difference.

Clearing guide
Clearing guide

You can choose to just take the Fee Grant, but will then have to cover the difference yourself.

Tuition fee loans and maintenance support are available to most students.

Part-time students can also apply for student support.

This year for the first time, students in England can apply for a postgraduate loan of up to £10,000 to help with costs associated with courses starting after 1 August 2016.

Over 22,000 students have applied for funding for taught or research-based mater’s courses, including those studying by distance learning. Details on how to apply can be found: www.gov.uk/postgraduateloan.

Students with special circumstances

If you have dependants or if you have a disability, you may qualify for extra help on top of your main student finance package, depending on your circumstances.

What do you need to apply?

If you’re applying for finance you should have the following information to hand to ensure your application is processed as quickly as possible:

• UK Passport number

• Bank Account details

• National insurance number, which can be found on your national insurance card or letter, a payslip or tax document such as a P45 or P60

• The university or college course details – you should choose the course you’re most likely to start as it’s easy to update your details online at a later date

A-level Results Day

There is a section for parents or partner to complete so it may also be helpful for them to have their National Insurance number to hand, if you’re applying for student finance based on the household income.

Should any evidence be requested, send it straight away.

When you apply online, you should print and send us your signed and dated declaration form to the address provided, to accept and agree to the Terms and Conditions of applying for student finance. You’ll get a copy of this declaration as part of your Student Finance Entitlement letter. If you’ve already printed and sent it, you don’t need to send it again. We can process your application without your declaration but can’t pay you until you send it.

How much you pay back

Your repayments are linked to your income and you only make repayments when your income is over £21,000 a year. Your employer will take repayments from your salary during any pay period where your earnings before tax are over the weekly or monthly threshold.

You are charged interest from the day your first payment is made until your loan is repaid in full. Interest is added to the total amount you owe every month.

The interest rate is based on the UK Retail Price Index and will vary depending on your circumstances. Full details on the interest rates charged while studying and after you leave your course can be found at: www.studentloanrepayment.co.uk

The postgraduate loans are also repayable and interest rates will be reviewed annually by adding 3% to the Retail Price Index (RPI).Repayments will start when the borrower is earning over £21,000.

Useful websites

English students: gov.uk/studentfinance

Welsh students: studentfinancewales.co.uk / cyllidmyfyrwyrcymru.co.uk

Scottish students: saas.gov.uk

Northern Ireland students: studentfinanceni.co.uk

‎Top tips to be student finance savvy

- Apply online now and send any requested evidence straight away.

- If you’ve applied for support based on your household income, remind your parents or partner to send their details too.

- If you need to update your course, university or tuition fee loan amount, do it online by logging into your online account.

- You need to sign and return your online declaration form if you apply online. Log into your online account and follow the instructions on your ‘To-do’ list.

- Remember, you won’t be paid your student finance until you register and attend your university course. We’ll send you details of your instalments and when you’ll be paid.

- Double check the bank details provided to us to ensure they are correct.

- If you need help with your application, contact us. You can call us – students in England should call 0300 100 0607 and students in Wales should call 0300 200 4050. Our dedicated customer advisors also answer your student finance questions regularly on our social media channels –facebook.com/SFEngland and Twitter.com/sf_england and Student Finance Wales: facebook/SFWales and Twitter.com/sf_wales.

Derek Ross, director of operations and customer services at the Student Loans Company