The new session has started, and now is the time to seek the right funding sources for your academic year. Student finance allows you to fund your tuition fees and live costs. Data suggests that about 1.5 million students in England seek funding sources to meet their education and living costs every year.
Funding education from Student Loans Company (SLC) seems to be a cheaper alternative. You do not have to pay down the debt unless you start earning over and above the minimum wages, and your credit rating does not affect the interest rate.
Government-backed student loans are way cheaper than loans from private lenders. However, you can avail of these loans only when you satisfy the eligibility benchmarks. A private lender will back you when you cannot privilege for these loans.
This year the SLC has taken a different move
The SLC has recently opened invitations for applications from full-time undergraduate students for the academic year of 2022 to 2023. If you are a fresh student, you must propose your application by 20 May 2022. However, for continuing students, the deadline is 24 June 2022.
This time it is not mandatory to be sure about the course you will pursue and the university or college you will be attending. The SLC aims to encourage as many students as possible to borrow money to fund their tuition fees and living costs.
By analyzing past years’ trends, the SLC expects loaning to about 1.5 million full-time undergraduate students.
What steps are to be followed to put in the application?
Here are the steps you should follow to take advantage of the new application service by the SLC:
- Apply before the deadline passes you by
The earlier you fill in the form, the better it is. It is not mandatory to have decided about the course and university as you can fill in these details later. If you apply late, you will likely get money late.
You can use these funds to meet tuition costs and living costs. If you just want to finance tuition fees, you should fill out the EU student application form that you can find here.
Do not forget to inspect your eligibility heretofore . The maximum amount you can be funded for your tuition cost is £9,250, and note that the SLC will pay it directly to your university or college.
If you also need money to fund your living cost, the SLC will determine it based on your household income and where you are living during the academic year. By using a student finance calculator, you can get an idea of how much you will likely get.
- Wait for the company’s call
After you put in the application form, you do not need to keep contacting over and over to get the update. The SLC will contact you itself, generally after six to eight weeks.
In the interim, you can get an update about the progress of the application using a tracker in your online account. You can also know any outstanding actions to be done to start the processing there.
You will be contacted by text message or email for any further information. Follow Student Finance England (SFE) on social media sites to get the latest updates.
- Have your important documents at hand
You should have your all documents ready at the time of filing the application form. Make sure you have details about your passport and National Insurance Number.
Do research beforehand to know what information you need to fill in the student finance application form so it does not cause unnecessary delays. To get more information, visit the SLC’s official website.
- Provide evidence
At the time of filing the application form, you may be asked to submit the evidence related to ID proof and residency proof.
You can submit most of the evidence online through your SFE online account. Make sure you have the scan copy of all of those documents beforehand so it does not cause a delay.
- Check your eligibility for extra support
You will likely be eligible for extra support when you are a disabled student or you are pursuing medical studies. Get details about the extra support from the official website of the SLC.
What if you do not qualify?
Although the SLC is trying to help students start their journey smoothly, you need to meet the eligibility criteria. If you cannot qualify, private student finance will help you.
When you borrow money from the SLC, you are to pay down the debt after completing your course, provided you are earning above and over the minimum wage. This facility is unfortunately not available with private student loans.
A couple of lenders can allow you to make reduced payments throughout your course term. As you are a full-time student, your parent’s income will be considered to deciding on monthly payments. They will likely act as co-signer.
However, if you are able to have an income source despite a full-time course, your parent’s income will not be taken into account. There are some students who do not need large funding sources because they can meet their academic costs out of their pocket.
You will likely need a small funding source to fill the gap in such a scenario. Then, text payday loans will be an ideal solution for you. You will settle your outstanding dues within 14 days, so you do not have to be in debt for a long time.
The bottom line
The SLC is inviting applications for student finance from full-time undergraduates, whether they are new or continuing students.
You can secure your money even if you have not decided on your university or course. Fulfil in the application document before the expected date passes you by. Otherwise, you will likely get money late.
If you do not qualify for student finance from the SLC, see funding sources from private lenders. Do research to avoid getting trapped by a lender that charges high-interest rates.
Emma Anderson is a highly accomplished Editor-in-Chief at 24cashfinances, renowned for her exceptional expertise in the finance industry. Holding degrees in Finance and Marketing, Emma has developed a deep understanding of the financial landscape, particularly when it comes to loans and personal finance.
Emma’s professional journey began as a financial analyst, where she gained hands-on experience in evaluating market trends and analysing investment opportunities. Emma’s enthusiasm for writing and her goal to educate and give individuals a voice motivated her to move into financial journalism. Her work has been published in popular magazines and she has produced thought-provoking pieces on various financial topics.