If you are planning to attend university in the coming fall, applications for student finance are open and ready to process aspiring student for the upcoming academic year. If you would like to make sure your education funding is in place for the coming year, check out the tips below.
What’s available?
There are any number of financing options available dependent on your situation. Higher education cost at colleges and universities can be as high as £9,000 a year in fees not including living expenses and fees. Funding is available to help with living costs depending on financial circumstance. If you have children and dependents, you may additionally qualify for maintenance grants if you require extra support.
How to apply
For students in the UK, the Student Loan Company will process all applications online.
The website is very user-friendly and offers help and guidance to assist you during every step of the online application process.
Necessary Information
When you get ready to apply for financing for your education loans, you should ensure you have all your important personal data readily available beginning with passport details and bank account number(s). Also have your national insurance number, and if you’re applying for assistance and your have other income to report besides your personal income, you will need access to that information and personal data.
How will my funding be paid?
If you have completed your application and the Student Loan Company has processed it you will receive an entitlement letter. This letter will include all the details of your funding and what you can expect to be awarded in your account – it will also include dates that payment will be deposited. It is very important to keep all your data current as incorrect information will delay the arrival of funds.
Loan Repayment
You don’t need to repay grants or bursaries back, but you must repay Tuition and maintenance loans, which accrue interest. Upon exiting college, your repayment term will begin. The amount you pay monthly is dependent on your income level upon exiting school. You must earn more than £21,000 before tax.
