“Student finance is a big deal, and it’s even more of a big deal if you’re trying to figure out when the deadline for student finance is. The deadlines vary from school to school, so you’ll need to check with your financial aid office before submitting any paperwork.”
So, you might hear of this thing called student finance. I’m sure it’s crossed your mind at some point or another – what is it? How do I get it? What can I use it for? Well, sit back and relax because we’re here to answer all those questions and more. Let’s start with the basics:
What exactly is student finance, and how do you get access to it?
Student finance is money to help with living expenses, such as rent and food, while you’re at university. The government gives it based on your circumstances. You can apply for it through Student Finance England, part of the Student Loans Company (SLC).
To be eligible for UK student finance, you must:
- Be studying full-time in the UK or EU;
- Have either A-level grades of ABB or above or equivalent qualifications*;
- Be under age 25 by the first day of your course;
- Live in England if studying in England or Wales;
- The individual should be aged 19 or over and have been living continuously in the EU for three years
- Have been residing in the EU for at least three years before starting your course, if you’re studying in England or Wales.
- Your qualifications must also meet specific criteria for level and subject.
When can I apply for student finance?
You’ll need to fulfill an application before the end of the academic year (August 31), in which you’re due to start studying full-time at a university or college. Make sure you do this well ahead of time to avoid any last-minute hitches. It would help if you were a UK resident and lived in the UK for three years.
How much can I apply for?
The cash you can lend depends on your household income, where you want to study, and whether it’s an undergraduate or postgraduate course. You’ll pay back a percentage of your earnings once you start working, so there’s no point going overboard when applying! For tuition fees, grants and loans, this is either:
- If your household income is £42,611 or less, They will consider it (increase it from £42k in September 2017). Your university/college sets the amount of tuition fees loans available, but the maximum loan is £9,250 if borrowing up to years of undergrad studies (or £6,935 for postgrad).
- If your household income is £42,612 or more, you’ll need to pay a tuition fee loan of £6,935 if borrowing up to years of undergrad studies (or £4,925 for postgrad) – this is up from £9k and £5k respectively in September 2017.
The maximum amount will be based on your annual household income, including parents’ if they’re still alive for maintenance loans. There’s also an additional allowance if you have dependents. The table below shows what you can borrow:
If household income is… You can apply for…
Up to £25,000 (for both tuition fees and living costs), Full-time students can borrow up to £6,935 if they’re studying an undergraduate course (or up to £4,925 for a postgraduate course) – this is up from £6k and £4.5k respectively in September 2017. Up to £34,000, Full-time students can borrow up to the maximum for tuition fees loans – currently, that’s £9,250 if borrowing up to years of undergrad studies (or £6,935 for postgrad). This is increased from last year but applies from September 2018 onwards. You can also borrow up to £8,430 per year (£10,702 total) as a maintenance loan if living away from home while studying, which you’ll need to repay once you’ve graduated and have started working. Up to £41,000 (for both tuition fees and living costs) Full-time students can borrow up to the maximum for tuition fee loans – currently, that’s £9,250 if borrowing up to years of undergrad studies (or £6,935 for postgrad).
This is increased from last year but applies from September 2018 onwards. You can also borrow up to £10,702 each year (£12,750 total) as a maintenance loan If you’re away from home while studying, which you’ll need to repay once you’ve graduated and have started working. Up to £58,000, Full-time students can borrow up to the maximum for tuition fee loans – currently, that’s £9,250 if borrowing up to years of undergrad studies (or £6,935 for postgrad). This is increased from last year but applies from September 2018 onwards. You can also borrow up to £12,750 each year (£15,702 total) as a maintenance loan if you’re away from home while studying, which you’ll need to repay once you’ve graduated and have started working.
Over £58,000 Full-time students can only borrow up to the maximum for tuition fee loans – currently, that’s £9,250 if borrowing up to years of undergrad studies (or £6,935 for postgrad). This is increased from last year but applies from September 2018 onwards. You can also borrow up to £3,685 per year (£5,161 total) as a maintenance loan if you’re away from home while studying, which you’ll need to repay once you’ve graduated and have started working.
How do I apply?
You can only apply as a first-year student via the UCAS website or by post. You must be an undergraduate student living in the UK (and EU) and be using it for your first-ever degree – we call this first-year undergraduate study. If you’re not doing an entire degree, e.g., if you’re taking a Foundation course that’s two years, then we call that upper-second undergraduate study, and you should contact us for advice on fees and loans.
In the UK:
In the United Kingdom, you will need to apply for a tuition fee loan from the Student Loans Company. You can choose whether or not you want your tuition fees paid in full by a grant from your country’s government or only partially through a loan. If you are coming from Wales, Northern Ireland, or Scotland, make sure to check if you also qualify for financial assistance from those regions as well as England.
What can I use it for–Student Finance:
It is for all students who are starting a degree in September 2021
So, what are the deadlines?
The deadline was May 6, 2021. The Student Loans Company announced that many applications had not been completed correctly, and money was not yet available to students. Some universities have offered emergency loans, but it is unclear how this will affect tuition charges.
Another article states:
” Freshers who have missed out on funding because they applied after the deadline can claim an interest-free loan from their university worth half the total value of their entitlement.”
It would mean that you could apply for your student finance one month after your course starts, with the possibility to get up to 50% of your entitlement back in the form of an interest-free loan.
So you better check those deadlines, because it would certainly be a bummer if you do not get that money and have to pay out of pocket!
Which Universities in Uk offer Student Finance?
Our list of universities that offer student finance include:
The University of Bath, Bangor University, Cardiff University, Goldsmiths College, Keele University, Kingston University London, Lancaster University, Leeds Beckett University, The Royal Central School of Speech and Drama, The Open University UK. Eden Project International College and many more.
Aston Martin Works in Newport Pagnell has become the latest manufacturer to sign up for student finance.
Many prospective students worry about how they can pay for their university courses; with tuition fees nearly tripling to £9000 per year over the last few years, the costs associated with attending university have risen alarmingly.
Unfortunately, many students are not aware of all the potential sources of funding available to them. Universities and colleges in the UK propose a wide range of financial support for students who need help covering tuition fees and living expenses such as travel and accommodation. Student finance options at institutions across the country prove a suitable form of assistance for every student.
Who can get student finance?
With so many diverse forms of funding available, it is easy to see why some people think that only wealthy students get help with their studies. The complete list of criteria needed to qualify for assistance includes: being over 18; having accepted an unconditional place on a course, residing in England or Wales; ad others described above.
Importance of Student Finance:
Most students will have to take out a loan from either the Student Loans Company or a commercial provider, but many other options are available. These include grants, bursaries and scholarships, Sports and University Excellence Scholarships (SUES), and Care Leavers’ Bursary, which you won’t find on this list.
Help with Tuition Fees:
All publicly funded universities in the UK charge tuition fees; however, some institutions provide some financial assistance for some taught courses. This is usually done by delivering one-off bursaries and fee waivers rather than directly lending money to those who need help. You can still apply for those aid forms if you receive student finance elsewhere; most universities allow applicants to submit more than one application.
How to Apply for Student Finance In US:
To apply for student finance in US, you need to submit a Free Application for Federal Student Aid (FAFSA) form in your state of residence. To qualify, you must meet the criteria listed above and be a US citizen or permanent resident with limited visa status. You can only use the FAFSA form if studying at a school that participates in federal loan programs; contact yours to check before applying. If all requirements are met, the Higher Education Act guarantees that every full-time American student who applies by June 30 will receive financial help from their college or university. The amount of money available varies from institution to institution since there are no standardized distributing funds between schools in the US.
When does the student finance application start?
You can submit a student finance application as early as the first week of October before your course begins; you don’t have to wait until after you arrive in the UK. However, it’s best to apply for funding as soon as possible because many options are limited, and some may run out by December.
How do I know if I qualify?
If you’re unsure whether or not you qualify, check with one of the advisers at your school. They should tell you which loans and forms of financial help are available based on where you come from.
Does everyone receive student finance?
No, not everyone receives financial help from their universities. If you fail to maintain the required GPA or drop out of school without a valid reason, you could lose your funding. You also can’t claim student finance for a course that is available free of charge at your home country institution.