Student finance: how to apply for last minute funding - Telegraph.co.uk

Submitted by Anonymous (not verified) on Thu, 08/07/2014 - 08:12

With Results Day and Clearing
just around the corner and weeks to go until university term starts, the
Student Loans Company is busy getting student finances ready.

This year, a record number of students have applied early for finance. But if
you’re not quite as organised, there's still time to get your application
in.

>> Clearing 2014: vacancies published on
Results Day

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.

Where you apply for student finance depends on where you are planning to
study. The Student Loans Company processes all applications for students in
England and is, from this year, taking over the processing of applications
for new students in Wales.

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

>> Clearing and Results Day 2014: live webchat
with the SLC

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 directly 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 £7,751.

In Wales, the maximum amount of tuition fee loan available is £3,685. However,
Welsh students can apply for a Fee Grant of up to £5,315 to cover the
difference between the loan and the fee charged.

Tuition fee and maintenance loans are available to most students. Maintenance
grants, which are based on your household income and do not have to be
repaid, may also be available.

Part-time students can also apply for student support.

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

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.

How much you pay back
You must pay back Tuition Fee Loans and Maintenance Loans. You pay interest
on these. You don’t have to pay back other student finance, eg grants and
bursaries.

Your repayments are linked to your income and you only make repayments when
your income is over £21,000 a year.

Visit studentloanrepayment.co.uk
for more information on repayment for full and part-time students.

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.

- 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.

Nichola Malton is Assessment Manager at the Student Loans Company

Be sure to visit our Clearing
section for more advice or check out these pieces:

Ucas Clearing: results day myths and reality

Clearing 2014: vacancies published on Results Day

Clearing and Results Day: your questions answered

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