The new academic year may be months away but freshers and current undergraduates need to get their finance in place before the end of May if they want to have their money before the new term starts in September.
Those that don’t meet the deadline can still apply for loans and grants, but there’s no guarantee they’ll have the money by the time their course starts.
We’ve taken a look at how much you can get and how and when to apply.
Tuition loans
Students are entitled to a range of loans and grants to pay both their tuition fees and living expenses while they’re at university. You have to pay back loans but you don’t need to pay back grants.
All English or EU full-time or part-time students can apply for a tuition fee loan to pay their course fees. The money is paid directly to your university or college and you have to pay it back.
Full-time students can borrow up to £9,000 a year for tuition fees and part-time students up to £6,750.
The rules for current students who began their course before 1st September 2012 are different and explained on this section of the Gov.uk website.
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Maintenance grants and loans
Maintenance loans and grants help with living costs such as accommodation, books and bills. How much you’ll be entitled to, or can borrow, depends on where you live, where you’re studying and how much your parents earn.
Full details of how much you can borrow are on the Government website but as a guide, the most you can borrow as a maintenance loan for courses starting in September 2015 is £5,740 assuming you live away from home. The limit goes up to £8,009 if you’re studying in London.
All students will be eligible for a maintenance loan but some will also be eligible for a maintenance grant which doesn’t have to be paid back.
[SPOTLIGHT]If your parents earn more than £42,620 a year you won’t be entitled to a maintenance grant at all. If your parents earn £25,000 or less you’ll be entitled to a full grant of £3,387. For household incomes (both parents) between these two points a maintenance grant will be partially awarded.
Deadlines, deadlines, deadlines
The deadlines for finance applications depend on where you live.
Students living in England and starting university this September need to submit their applications to Student Finance England by 30th May to get their money by the start of term. This applies if they’re studying in Wales, Scotland or Northern Ireland, as well as England.
If you live in England and are already studying (so you’ll be a second, third or fourth year student) you have until 26th June to submit your application.
If you live in Wales, the deadline has already passed for freshers – it was 15th May. Returning students have until 12th June. Missing the deadline doesn’t mean you won’t get any money, just that it’s not guaranteed to arrive before your course starts. If you’ve missed the deadline you need to think about how you’ll pay course fees, accommodation and bills until your cash arrives.
If you live in Scotland, and are either a fresher or existing student, you have until 30th June to apply to the Student Awards Agency Scotland.
New students in Northern Ireland will find the deadline for receiving their money by the start of term has already passed – it was back in April. Returning students have until 30th June. Those still to make an application should visit their local Education and Library Board.
What you need to apply
New students will need the following to apply for finance: a UK passport or birth certificate, National Insurance number, course and institution details, and your household income (if you’re applying for a maintenance grant).
If you change your mind about which course you’re doing, or don’t get into the university you want, you can update your application later. Those who change their minds about going altogether will need to cancel their application.
Returning students generally won’t need to give as much information.
For more information about student finance and details of other help you might be entitled to (for example for childcare or if you will be studying abroad) visit the Government student finance website.
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