Clearing the myths on student finance

If you think that you will pick up a place on a course through Clearing this year, it’s time to get the facts on how to sort your student finance too.

SLC‘s Director of Operations, Derek Ross said: “On results day, you may end up with unexpected grades and during this busy time you might hear some myths around applying for, or changing your application, for student finance.

“We want to make sure that you have the right information and support that you need to help you get your student finance sorted should you take a place on a course through Clearing. Our mythbuster will give you the facts that you need to help you to get your student finance organised as easily as possible.”

Myth: If I get a place through Clearing it’s too late to apply for student finance.

BUSTED: No, but if you haven’t applied for student finance yet, you need to apply now!

It can take up to six weeks to process your application. You might not get all of your money in time for the start of your course, but Student Finance England (SFE) will try to make sure you have at least some money as close to the start of your course as possible.

Myth: If I’ve already applied for student finance and my course changes through Clearing I don’t have to do anything.

BUSTED: If you have already applied for student finance but want to change your course, university or college you need to update your course details to make sure that you receive your student finance at the start of term.

The easiest way to update course details is to log into your online account and choose ‘Change your application’: www.gov.uk/studentfinance

Myth: I need to send my Passport and a signed terms and conditions to receive my student finance.

BUSTED: If you have an in-date UK Passport you can provide your Passport details on your online application form which will be automatically checked with the Government Identity and Passport Service. When your application has been processed you can even accept the terms and conditions using a digital e-Signature.

Myth: There’s nowhere to get information on student finance and Clearing.

BUSTED: There’s a range of helpful tools and guidance on SFE’s student finance zone Clearing page: www.thestudentroom.co.uk/student-finance/going-through-clearing

You can also access the SFE Youtube Clearing playlist: www.youtube.com/user/SFEFILM

Student Finance England’s experts are here to help Monday to Friday from 9am-5pm and Saturday from 9am-4pm.

You can:

· tweet them @SF_England

· ask them a question on Facebook/SFEngland · post in their student finance forum.

We’re also hosting a live Clearing and Adjustment Facebook Q&A from 2pm on 20 August 2018: www.facebook.com/SFEngland

Myth: Student loans are interest free

BUSTED: Everyone is charged interest on their student loans. Interest rates are set by the Government and the amount you repay depends on your repayment plan. You are charged interest from the day your first payment is made until your loan is either repaid in full or it is written off. Interest is added to the total amount you owe every month.