Are you a UK undergraduate offer holder, considering your student financing options?
Enter Student Finance, the holy grail.
But how does the financing system work for students? Do I need to know anything specific before submitting my application? When you start university and apply for student finance to assist you economically, a plethora of questions arise. You can find all the answers to these questions in this post, along with a few recommendations on guaranteeing you get your financial aid on time.
→ The Student Finance Calculator
First and foremost, you probably want to ascertain the precise amount of financing you are qualified for. To get a rough idea of how much funds you will receive, I advise using the student finance calculator of your regional agency, which asks for your household income and where you plan to attend university. In fact, a separate section here will also let you know if you qualify for additional funding on top of the typical maintenance loan. For instance, you might qualify for additional financing if you have children or are disabled.
→ The application forms
It’s time to start the application once you’ve calculated your potential pay-out using the calculator. Applying online is the simplest option. You must complete two forms; one is for your tuition fees, and the other is for a maintenance loan. It will take between 20 and 30 minutes to complete the application form, so set aside time for it. Given that they might ask for information from your passport, previous addresses, and parental income, I’d advise filling out the form at home. Ensure all the information is accurate because rectifying any errors you may have made in the form can be lengthy. Remember to make sure you send your application by the deadline which varies depending on the regional agency; if you fail to do so, there may be a delay in the timeframe you receive your funds.
→ Submission and waiting times
It may take up to 8 weeks for your application to be approved after submission. Your application’s status is typically updated on the application tracker, and you’ll generally receive a letter of approval at your address as confirmation. You might also start to roughly construct a financial plan for each month at this time. Budgeting is necessary because the money is typically paid in three instalments: thus, you must ensure that you have sufficient funds to cover your expenses in the following months. If you think you might be short on money, you should either talk to your parents, look for a part-time job, or contact the LSE Financial Support Office. Also, if you consent to share the information you provide to Student Finance with LSE, depending on your household income, you might become automatically eligible for an LSE Bursary!
→ General information
Don’t make false declarations on the applications; the governing body will find out. Your parents or carers will be contacted after you submit the application to corroborate the information you provided and request confirmation of their annual earnings. The location of your university will affect the maintenance loan you receive. Therefore, don’t be concerned if your friends receive more if they are studying in London since the loan takes into account the difference in living expenses depending on where the university is located. Similar to this, you should get in touch with your regional agency directly if your personal circumstances alter so they can offer you the appropriate assistance, but be patient; it can be challenging to reach them at times.
Final remarks …
Though initially intimidating, the application process is more straightforward than you imagine. And after you submitted the application, a significant burden would have been lifted off your shoulders. Contact your regional Student Finance if you have any questions. Always keep in mind to include your reference number in all correspondence. I wish you luck and look forward to seeing you in September!
Note: This information was correct at time of publication. You’ll apply for student finance from your regional agency but when the time comes to repay, you’ll make your repayments to the Student Loans Company. It’s important to understand how you’ll repay any student finance you borrow before you apply. Learn more