Still got to apply for student
finance? Arranging your funding may not be the most exciting part of
uni prep but it’s a very wise use of your time. Moreover, says Andy Topham,
operations manager for the Student Loans Company (SLC), “in most cases, it
should only take about half an hour”.
What students do
The good news is that the process of applying for student finance — which,
depending on where you live and your family income, may include a
tuition-fee loan, a maintenance loan and additional top-up loans or grants —
can be completed online. Some students are also asked to send supporting
documents in the post.
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in England
Have a few key things to hand when filling out the application. Besides
details of the course you’re hoping to study and how much the university in
question charges in fees, students need their UK passport number and
National Insurance number.
To receive maintenance support, you must also provide details of your UK bank
account — although this information can be added later if you wish to set up
a student account when you arrive at university. Once submitted, you can
track the progress of your application online and make changes to it if
necessary.
“Get your application in as soon as you can,” advises Topham. “Base your
funding application on your first-choice university, even if you are waiting
for offers or results, or if you’re undecided. It’s very easy to change
details later.”
What parents do
“It’s best if parents and students fill out the online funding application
together,” says Andy Topham at SLC. This is largely because some students
are eligible for means-tested support.
To enable the funding body to establish what your child can get, you need to
provide information about your income, including your P60 or equivalent
proof of income, your National Insurance number and proof of any income from
other taxable sources. Photocopies of these documents may also be required.
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You don’t need to research government funds and loans available. Once you’ve
provided the information requested, the funding body will make their
calculations and let your child know what they are eligible for.
Being involved in this process also offers a platform for wider conversations
around budgeting and preparing your child for greater financial
independence.
“Arriving at university, students receive the first instalment of their
maintenance loan. That can be exciting, but it’s also hard to know how to
manage it,” says Katie Siddall, welfare officer at the University
of Leeds University Student Union 2012-13.
Parents can help as they know their child’s situation and might be able to
anticipate the kinds of problems they could come up against. “We did some
research last year in which 38 per cent of UK full-time undergraduate
students said their parents influenced the way they spent money,” says
Siddall. “So any help you can give in preparing them for living away from
home will be appreciated.”
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Work out a budget together, have honest conversations and keep up
communications when your child is at university. This year, according to
Siddall, enquiries about money at the University of Leeds Student Advice
Centre increased significantly.
The centre deals with each student on a case-by-case basis, looking at their
expenditure and giving them advice to help maximise their income. “We’ve got
a number of trained advisers, including a money specialist, and services are
linked — so if money worries are affecting a student’s health or studies, we
can support them,” explains Siddall.
Many universities provide information on their student union websites about
grants, loans and bursaries. Some of these are available from the university
or other sources, so it’s worth exploring what your child might be eligible
for beyond government loans and grants.
What the funding bodies do
Once an application is made, the funding body checks it has all the relevant
information in order to process it. If anything is missing, a representative
will place the application on hold while notifying the student.
When complete, they will verify the details and calculate what the student is
entitled to. They aim to let students know within four to six weeks of
receiving all the required information. Thereafter, neither students nor
parents need worry about tuition fees.
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bursaries
All first-time UK students are eligible for a tuition-fee loan to cover course
costs for study anywhere in the UK; Scottish-domiciled students studying in
Scotland receive a full grant covering their tuition fees. These loans and
grants are paid by the funding bodies directly to the university.
Years later, once a student has graduated and is earning above a threshold,
monthly loan repayments will be taken from their salary at source. Again,
students and parents don’t need to do anything to arrange this.
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Maintenance loans and grants, meanwhile, are paid directly into the students’
nominated UK bank account. “It’s a common misconception that students get
these funds as soon as their application is approved,” says Topham. In fact,
the money is delivered in three instalments each year, the first being paid
after students have enrolled on their course.
Most English-domiciled students studying in the UK are eligible for a
tuition-fee loan on their first degree of up to £9,000 a year. They are also
eligible for a maintenance loan — £2,843 a year if they live at home, £3,575
a year if they live away from home outside London, and £4,988 a year if they
live away from home in London during their studies.
These loans are repayable after a student has graduated. Students with a
household income below a certain level, which varies according to where they
live in term time, may receive an additional means-tested repayable
maintenance loan.
Those with a household income under £46,211 can get a means-tested maintenance
grant of up to £3,354.
For their first degree, tuition fees for Scottish-domiciled students studying
in Scotland are covered by the government with a non-repayable grant.
Scottish-domiciled students studying in England, Wales or Northern Ireland
incur fees of up to £9,000 a year, for which they can get a tuition-fee
loan. This is repayable after graduation.
All Scottish-domiciled students with a household income of over £34,000 are
also eligible for a maintenance loan of up to £4,500 a year. This is
repayable after graduation. Students with a household income below £34,000
can apply for further loans and bursaries by filling out the income section
of the application form and providing the requested supporting documents.
The maximum tuition fee charged to Northern Ireland-domiciled students
studying in Northern Ireland is £3,575 a year. Tuition fees elsewhere in the
UK are up to £9,000 a year. For a first degree, the vast majority of
students receive a loan to cover these fees.
Students are also eligible for a maintenance loan — up to £3,750 a year if
they live at home, up to £4,840 a year if they live away from home outside
London, and up to £6,780 a year if they live away from home in London during
their studies. These loans are repayable after graduation.
Students with a household income below £41,065 may also get the Special
Support Grant or Maintenance Grant. These are means-tested, with awards up
to £3,475 a year.
For their first degree, Welsh domiciled students studying anywhere in the UK
are eligible for a tuition fee loan of £3,575 and a Welsh Government funded
tuition fee grant to cover the balance, up to £5,425.
Students are also eligible for a maintenance loan — £3,987 a year if they live
at home, £5,150 a year if living away from home outside London, and £7,215 a
year if living away from home in London. These loans are repayable after
graduation, with up to £1,500 written off when students start repayments.
Students with a household income of up to £18,370 can get a full means-tested
maintenance grant of £5,161 a year. Students with a household income above
£18,370 and up to £50,020 can get a partial grant.
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