Friday, 13 May 2016

Student Finance FAQs

The deadline for student finance applications for applicants from England isn't far away, so we asked for your questions on Facebook and Twitter to put to the experts. Read on for the answers from Mark-Lee Kelly, Corporate Communications Executive at the Student Loans Company.

When is the deadline to apply for student finance for undergraduate courses?
New students living in England should submit their finance applications by 27 May, and for continuing students, by 24 June.

New students in Wales should have applied for their funding by 13 May, and continuing students should apply by 10 June.

Can I apply for student finance before I've had offers back from universities?
Yes! You don’t need to wait for a confirmed place on a course to apply for student finance.  
Use the details of your preferred course as you can update it in your online account later if the details change.

What student finance is available for international students?
Students with EU nationality can apply for a tuition fee loan if they have been resident in the EU for the last three years.
 
To apply, students planning to study in England should download and print an EU16N form from www.gov.uk/student-finance-forms.
 
EU students planning to study in Wales should download and print an EU16N form from www.studentfinancewales.co.uk.
 
International students from outside the EU can apply for a tuition fee loan if they have been a resident in the UK for the five years prior to the start of their course if studying in England, or three years if studying in Wales, and have an immigration status that allows them to stay in the UK.

Do I need to apply for finance again for my second year?
Yes, you need to apply for each year’s student finance that you require.

The only exception to this is for those full-time students whose previous year application was not based on household income, where the application may have been automatically renewed for you. If this is the case, you should have received an entitlement letter in the post and a declaration to sign and return. You can check your previous correspondence in your online account.

How does repayment work?
Grants and bursaries are non-repayable, so only your loans will need to be repaid.

Repayments will start the April after you leave university or college, and the amount you’ll repay depends on how much you’re earning – currently you have to earn £21,000 or more before tax.

If you’re earning over the repayment threshold, you will have a deduction taken directly from your salary along with your tax and National Insurance. The amount that’s deducted each month/week will show on your payslip and depends on how much you’ve earned in that period.

Find out more at www.studentloanrepayment.co.uk.


Thank you Mark! If you have any further questions, you can contact Student Finance England online on Twitter and Facebook.

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