What happens next?
Now that the ‘hard’ part is all done and dusted, it’s time to wait. It can take 6-8 weeks (sometimes longer in peak periods) for your application to be processed. If you have sent in additional evidence it can take longer as these will need to be assessed.
When your application is approved, you will be sent a ‘Notification of Entitlement’ which is a letter that shows what you have been awarded and your scheduled payment dates.
When will I receive my Student Finance?
Once your application is approved and you are successfully enrolled, your place of study will confirm your Registration to Student Finance, who will then release your maintenance payments to you. In order to ensure you receive your maintenance payments, it is important you maintain a high level of attendance.
What if I cannot secure funding?
There are a number of reasons as to why you may not be eligible to receive funding, some of which are below:
- Nationality/Residency Status
- Previous Study
- Holding an equivalent or higher qualification
If for any reason you are unable to secure funding, you will be required to pay the fees yourself as a Private Payer. Payment plans can be setup with the team.
I have applied for the wrong course or made a mistake on my application, what do I do?
You can complete a CO1 form, this is provided by Student Finance and you will be able to amend the details on your application. However, if the application is approved, we can amend any course details for you via a Change of Circumstances (COC) sent directly to Student Finance.
When do I apply for Student Finance?
It’s best advised to apply for your Student Loan as soon as possible, this is to avoid any delays in your application. If you have decided what institution you wish to study at, you should then apply for student finance.
How do I know if my Student Finance is approved?
You can login online to check the progress or status of your application https://www.gov.uk/student-finance-register-login you will also receive a letter from Student Finance, notifying you of your approval and outlining any scheduled payments to both you and your university.
What should I do when my Student Finance application is approved?
Once your loan application is approved, you should bring the letter of approval into your university and hand this in. You should then ensure that you are in full attendance of your classes.
When will I receive my maintenance payments?
You will usually receive your maintenance payments 3-5 days after your university or college has confirmed your registration to Student Finance. This is subject to you maintaining a high level of attendance and meeting enrolment criteria.
How will my tuition fee be paid?
Providing you have an approved tuition fee loan, your tuition fees will be paid directly to your university or college.
How much Student Funding will I receive?
The amount of student funding you are eligible to receive is dependent on various factors such as your age, where you live and who you live with. If you have people who are financially dependent on you, such as children or a partner, you may be eligible for additional grants. SLC will assess the level of household income received in the previous full tax year.
Do I have to apply every year for Student Finance?
Yes, you will have to apply yearly.
How do I repay my Loan?
You will need to repay your loan once you have finished your course and when your annual income is over £26,575 (£27,295 from the 2021/22 Year). This will automatically be taken from your monthly pay and can be seen on your payslip. Student Finance will adjust the repayment amount accordingly, and in line with your annual income.
I have already studied at higher education level, will I be eligible for funding?
Typically you will only be funded for your first full degree. If you hold an equivalent or higher qualification, from anywhere in the world, it is unlikely you will be able to receive a tuition fee loan.
If you studied previously but did not complete the course, this may still affect your eligibility.
Will my payments be affected if I take a Career Break or become Unemployed?
This will dependent on your situation, however, you will need to notify Student Finance England and they will then assess the circumstances and offer guidance.
Will Student Finance affect future Money Commitments such as Mortgages?
It does have an impact on Mortgages as you will have a loan to your name, however, this isn’t crucial nor held against you when applying for mortgages.