How to apply for student finance

Submitted by Anonymous (not verified) on Wed, 01/28/2015 - 19:34

Thinking of going to university this year? Applications for student finance in
England are now open and aspiring students should apply as soon as possible
to ensure their finances are organised for the 2015/16 academic year.

What’s available?
There is a range of finance available to help with university costs, including
tuition fee loans and maintenance loans and grants, to help with your living
costs while you’re studying.

Universities and colleges can charge up to £9,000 a year in fees depending on
the course. Tuition fee loans are available to cover the cost of the fees.

These are repayable only after you leave university or college and are earning
above a certain amount - at the moment it is £21,000 before tax.

There is also funding available to help you with living costs, such as rent
and bills. Depending on your circumstances you may also be eligible to
receive a maintenance grant and extra support is available for those with
children and dependants.

How do I apply?
The Student Loans Company processes all applications for students in England
and Wales and you
can apply online here
.
Applications for students in Wales will be available soon and students
should apply here
.

Help and guidance is displayed throughout the online application process.

Students in Scotland apply to the Student
Awards Agency for Scotland
and Northern Ireland students
should apply to the Education
and Library Board
.

What information do I need when I apply?
Make sure you have all the necessary information to hand when applying for
finance – passport details (password number and validity start and end
dates), your course details, bank account number and sort code numbers and
national insurance number.

If you’re applying for finance based on household income, your parent or
partner will be asked to provide financial information. They should provide
exact figures and details from their 2013/14 P60 as the latest complete tax
year data is required.

How will my funding be paid?
Once your application has been assessed by the Student Loans Company you will
receive an entitlement letter which details how much funding you have been
awarded and you can check your online account for payment dates.

You can keep up to date on your application, by checking for updates about
your student finance in your online account by logging
on here for students in England
and students
in Wales here
.

When accessing your account online you can also update your contact details
and bank details.

It is important that you ensure that your bank details are entered correctly
and if they need to be updated, this should be at least five working days
before payments are made, otherwise you may not receive your funds to the
correct account.

When do I repay my loans?
While you don’t have to pay back grants and bursaries, you must pay back
Tuition Fee Loans and Maintenance Loans and they attract interest.

Repayments are due once you have left university or college. The amount that
is paid is dependent on how much you earn, currently you have to earn
£21,000 or more before tax.

The repayment of student loans is administered through the UK tax system and
currently each month 9 per cent of earnings over £21,000 is taken at source
through the PAYE system.

HMRC liaises with employers or the account holder (if you are self-employed)
and SLC maintains your account and sends you updates, but you can check
online yourself, as your account remains open while your loan is
outstanding.

Top tips for new students:
You do not need a confirmed place to be able to apply for student finance –
you can use your preferred choice of course and update it later.

Send any evidence requested as soon as possible to ensure you don’t hold up
your application

Remember to sign and return your online declaration form – it’s faster to
print off your online declaration form from your own account

Keep a note of the email address you use when applying for student finance and
make sure you choose a password that you’ll remember. The most common calls
to the Student Loans Company are from students who have forgotten their
password.

If you’re applying for funding based on household income, you and your sponsor
(normally parent or partner) must provide the correct financial and personal
information. Your funding can be removed if you are found to have provided
incorrect details.

From the end of February, SLC will start contacting continuing students across
England to progress their funding applications for this year.

Useful websites:
English students: gov.uk/studentfinance

Scottish students: saas.gov.uk

Welsh students: studentfinancewales.co.uk
Northern Ireland students: studentfinanceni.co.uk

Keep
up to date with the latest university application advice via our newsletter

Nichola Malton is Assessment Manager at the Student Loans Company

Check out our Student
Life
section for more advice

Article references
www.telegraph.co.uk