Don’t get stumped by Student Finance – get funded! Our utility walkthrough has every part you should know…
IMPORTANT: Worried about how coronavirus will have an effect on your Student Finance utility? Click right here.
Student Finance is the official authorities funding you apply for in an effort to pay for college tuition charges or dwelling prices whereas learning.
The money is bankrolled and controlled by the federal government, then doled out by an official Student Finance organisation – there’s one for every nation within the UK.
While we are able to’t promise to place the ‘enjoyable’ into funding (we’re cash consultants, not miracle employees) we can do our greatest to make it as painless as potential. Here’s every part you should learn about making use of for funding, together with the Student Finance deadlines in England, Northern Ireland, Scotland and Wales.
Who can apply for Student Finance?
Broadly talking, Student Finance is open to UK nationals who’ve lived within the UK for not less than the final three years.
On a extra regional degree, every of the 4 Student Finance our bodies normally requires you to “normally” reside in that a part of the UK. So, to use for funding from Student Finance Wales, you’d must “normally” reside in Wales.
You may be capable to apply in case you have refugee standing, or when you’re from the Republic of Ireland.
There’s no higher age restrict for Tuition Fee Loans, however when you’re on the hunt for a Maintenance Loan to cowl your dwelling prices, you’ll have to be a UK student aged underneath 60 on the primary day of your course to be eligible.
There’s additionally no decrease age restrict for any Student Finance funding.
You’ll have to be learning a legitimate course at an authorized establishment (test with the uni when you’re undecided), and learning the next schooling course for the primary time.
We cowl the eligibility standards in additional element in our information to Maintenance Loans but when, for no matter purpose, your circumstances aren’t that clear reduce, your finest guess is to contact your Student Finance physique for the total listing of guidelines and regs.
What monetary help is on provide for students?
Here’s a fast abstract of the funding obtainable to students within the UK:
Just prefer it says on the tin, that is borrowed money that you simply’re anticipated to pay again in some unspecified time in the future. The Tuition Fee Loan covers your course charges and is paid on to your college or faculty, so that you by no means really see, scent or contact any of it.
You also can get a Maintenance Loan (click on right here to see how a lot you may get) which, just like the mom of all tooth fairy funds, lands in your bank account at first of every time period (or month-to-month in Scotland, the place the Maintenance Loan is called the Student Loan).
You can use your Maintenance Loan for no matter you want, however the good factor to do is put it in the direction of your precedence prices (lease, payments, meals and financial savings) first.
Bursaries and grants
Bursaries and grants are like once you ask to borrow a teabag out of your flatmate – they’re yours to maintain and so they do not need to be repaid. It’s effectively price taking the time to see what is going on and what you are eligible for, as there are a great deal of uncommon funds on the market!
In Scotland, Northern Ireland and Wales, there are grants or bursaries given by the federal government for dwelling prices.
In England, nevertheless, issues aren’t so beneficiant. For the previous few years (since 2016, in truth), new students have now not been eligible for Maintenance Grants from the federal government.
Crucially, the amount of cash on provide to English students hasn’t gone down. It’s simply that the help is now solely within the type of a loan, which not solely needs to be paid again, but additionally accumulates curiosity over time.
UK students also can apply for further help, together with the Childcare Grant, Parents’ Learning Allowance, Disabled Students Allowance (DSA) and Adult Dependants’ Grant.
Depending on what you’re learning, there may be different bursaries (together with the NHS Bursary) and journey grants up for grabs – Student Finance will let when you’re eligible for just a few explicit funds as soon as they get your utility.
How a lot Student Finance help will you get?
If you’re eligible for the Tuition Fee Loan, you possibly can ask for as a lot or as little as you want (as much as the price of the charges, clearly), irrespective of how a lot revenue you or your of us have coming in. The solely exception to that is when you attend a personal college, by which case your Tuition Fee Loan probably will not cowl your charges in full.
Maintenance Loans, alternatively, are awarded on a sliding scale: the upper your family revenue, the much less help you’ll get (aside from in Wales, the place it merely impacts the proportion of help that comes as a loan or as a grant). How a lot you possibly can apply for additionally varies by nation.
All of this implies we are able to’t offer you exact figures, because it’s completely different for everyone. However, when you head to the next guides, you may see how a lot you may get throughout the UK:
And keep in mind, when you do not suppose your loan will likely be sufficient to cowl your dwelling prices, there may be further funding on the market.
Ask your uni about further help for students from low-income backgrounds, or begin sniffing out bursaries, grants and scholarships for your self.
Applying for Student Finance
These are the solutions to all of your burning questions on making use of for Student Finance:
How to use for a Student Loan
If you come from England, Northern Ireland or Wales, you possibly can both apply on-line or by put up. Scottish students can solely apply on-line. But wherever you are from, we have got your Student Finance web site and deadline listed.
Either approach, you might must ship proof within the put up – issues like your passport or start certificates, or different paperwork when you’re making use of for further help similar to dependants’ grants or DSA.
How lengthy does it take to use for Student Finance?
The kind has sufficient inquiries to rival University Challenge so, relying in your circumstances (and the way organised you might be with paperwork), permit a few hours to finish your utility. And at all times double-check it!
After that, the Student Finance bods reckon it could possibly take not less than six weeks to crunch the numbers and get again to you. That stated, it might be longer when you depart it till peak time throughout the summer time holidays.
In the meantime, do the next three issues in an effort to keep on high of your funds:
- Estimate how a lot cash you’ll want and, crucially, how a lot of it will likely be coated by Student Finance. Plan a price range to see how the numbers pan out and get a backup plan in place for any shortfall.
- Scout out scholarships, uni bursaries and charity grants.
- Start making some money to tide you over once you first land on campus. You received’t get your first instalment from Student Finance till you’ve got registered at your uni, so you might must get by till your Student Loan lands.
If you modify college, be certain to replace Student Finance on-line through the ‘change your utility’ hyperlink.
What paperwork do you want once you’re making use of for Student Finance?
In quick, you may want paperwork, mother and father and a few critical willpower at hand.
More particularly, here is what you may want once you’re making use of for Student Finance:
- A working e-mail tackle when you’re making use of on-line. When you first register with Student Finance, they will e-mail you a reference quantity – preserve maintain of it. You’ll want it to get official funding in the course of your course.
- A bank account in your individual title. Any upkeep cash you get will likely be paid instantly into your bank account, so set one up earlier than you apply and make an observation of the account quantity and type code.
- School, uni and course particulars. If you don’t have a confirmed place, use the one you’re probably to get and replace it later.
- An in-date UK passport. If you don’t have one, you’ll must ship unique paperwork (passport or start certificates) to Student Finance. Just be sure you permit just a few weeks to get them again.
- Information concerning the revenue of your mother and father or guardians (together with National Insurance numbers and particulars about any financial savings or pensions), or for your self when you’re making use of as an impartial student, or for one of many dependants’ grants. And earlier than you do, discover out what revenue does not have to be declared to keep away from being short-changed on funding.
- Information about any help you’re already getting, in addition to well being proof when you’re making use of for DSA.
How does coronavirus have an effect on Student Finance purposes?
Unlike seemingly each different facet of life, Student Finance purposes are broadly unaffected by the coronavirus disaster.
When the pandemic first hit in 2020, all 4 Student Finance our bodies within the UK issued statements assuring students that they may (and may) apply for a Student Loan as regular, conserving to the deadlines as they might in every other yr.
True to their phrase, we weren’t made conscious of any points within the fee of Student Finance – actually no extra so than in every other yr, as there are at all times some points with Student Loans arriving late.
But no matter coronavirus, we’d strongly suggest making use of for funding as early as you possibly can to keep away from any potential delays.
For extra particulars, potential students from England, Northern Ireland or Wales ought to click on right here, whereas present students ought to try this web page. Scottish students can discover extra information right here.
Student Finance deadlines 2021/22
These are the appliance deadlines for Student Finance in 2021:
Student Finance England
The deadline for brand new college students to use for funding from Student Finance England is twenty first May 2021.
Meanwhile, the deadline for returning college students from England is twenty fifth June 2021.
Student Finance Northern Ireland
The deadline for brand new college students to use for funding from Student Finance Northern Ireland is fifteenth April 2021.
Meanwhile, the deadline for returning college students from Northern Ireland is twenty fifth June 2021.
Student Awards Agency Scotland
Unlike the remainder of the UK, Scotland does not stagger its utility dates relying on whether or not you are already a student or not.
Instead, the deadline for each new and returning students making use of for monetary help from the Student Awards Agency Scotland (SAAS) is thirtieth June 2021.
Student Finance Wales
The deadline for brand new students to use for funding from Student Finance Wales is 4th June 2021.
The deadline for returning students to use for funding from Student Finance Wales is twenty fifth June 2021.
Regardless of when the ‘official’ deadlines are, it is price remembering you can nonetheless apply after these dates (as much as 9 months after the beginning of the tutorial yr) – so, when you undergo Clearing, don’t be concerned! Just remember that this would possibly imply you get your Student Loan late – so at all times get in ASAP.
As for when you can begin making use of, the method tends to open in February/March every year.
5 suggestions for making use of for Student Finance
- Apply early as the earlier you get your utility rolling, the higher. Plus you’ll have further time to type out any teething troubles earlier than your course begins.
- Do your analysis and ask for every part you suppose you’ll want (and are eligible for) up entrance.
- Double-check every part earlier than you submit! Any errors now will solely delay once you receives a commission.
- Don’t neglect to re-apply for Student Finance every year!
- Don’t panic when you miss the deadline. You can apply for Student Finance as much as 9 months after the beginning of the tutorial yr, however the longer you allow it, the extra of your individual money you’ll need to shell out within the meantime.
Left it late to use for funding? Check out our information to surviving in case your Student Loan is late.