The Student Loans Company (SLC) is urging new students to submit their student finance application now, as new research suggests almost half aren't planning to apply until later in the year.
The student finance application service for the 2024/2025 academic year opened earlier this month and research commissioned by SLC has revealed that 48% of students are not planning on applying right away. When asked when they plan to apply for student finance, 27% of students said they may wait to apply until their course is confirmed, 11% may apply in a couple of months' time, 5% may wait until their course starts and 5% are not sure when they should apply.
However, SLC is reminding students that it's vital to apply as earlier as possible, as the application process can take around six to eight weeks to complete. Students don't need to have a confirmed place on a course at university or college to make their application, as their course details can be updated at a later date. And if applications are submitted by 17 May, SLC guarantee their student finance will be in place for the start of the academic year.
The research does highlight positive awareness among students regarding applying for student finance, with over two thirds (71%) understanding that their parents will need to be involved with the application process when applying for finance, based on household income. Nearly half (47%) also know that they should visit Gov.uk/student_finance for information on finance.
Jackie Currie, SLC Executive Director of Operations, said: "Applying for student finance is a crucial step for students preparing to undertake their higher education journey at university and college. I strongly encourage new students to apply for their finance as early as possible, this will ensure peace of mind that their funding will be available at the start of term and allow them to focus on their study and important exam preparation in the coming months."
Once they have applied students can track the status of their application via their online accounts and will be notified if there are any outstanding actions they need to take. Students can also make changes to their personal information in their online accounts.
Jackie added: "The application takes 30 minutes to complete online and for most students the process will be straightforward. However, we know that some individuals require extra support and our team of expert staff are ready to help them."
Student finance applications for part time undergraduate and postgraduate student finance will be available later in the spring.
Important information for prospective students:
There are a number of resources available for students to find out more on how to apply and about the financial support that might be available.
- Full information, including guides on how to apply, what funding is available and videos to help students through the application process are available at: https://studentfinance.campaign.gov.uk/
- Students can apply for Tuition Fee Loans to cover fees and Maintenance Loans to help with living costs. There is a student finance calculator to estimate entitlement: https://www.gov.uk/student-finance-calculator
- Students can also access more information and guidance on Gov.UK, The Student Room and by following Student Finance England at facebook.com/SFEngland, twitter.com/SF_England or youtube/SFEFILM
Have important documents to hand:
- Students should have their National Insurance Number and passport details to hand before starting the application.
- They will also be asked for bank details when applying, including the 8-digit account number and 6-digit sort code. If the bank details change after applying, it's quick and easy to log into their online account and update them.
Track the progress of the application:
- Applications can take six to eight weeks to process, and students do not need to contact SLC during this time. They can track the status of their application via their online accounts and will be notified if there are any outstanding actions they need to take. Students can also make changes to their personal information in their online accounts.
If a student has studied before:
- If a student has studied before it could affect their eligibility - even if the previous course was self-funded. Students should submit their application early so entitlement can be confirmed.
- If returning to study after a break, students should use the online account they originally had, rather than create a new one. The online search function can be used to locate it.
If estranged from parents:
- If a student has no contact with their parents for over a year, they may be able to apply as an estranged student. Applications from estranged students are dealt with by a dedicated team of specially trained, customer advisors to ensure that the process is sensitive to their circumstances. The evidence requirements are different too. Read this guide to find out more.
Depending on circumstances students might be entitled to further support:
- There may be circumstances where a student is able to access some extra money, for example if they have additional needs, have children, or are studying for a medical, social work or teaching course.
