Aspiring students urged to Apply Now for student finance

The Student Loans Company is encouraging students to make sure they know their student finance facts and apply as early as possible to ensure their funding is in place before their course starts.

Derek Ross, SLC’s Executive Director of Operations said:

“There is a range of finance available to help with university costs, including tuition fee loans and maintenance loans which can help with your living costs while you’re studying.

“It’s best to apply as early as possible to get everything in place and start budgeting.  You don’t even need a confirmed place on a course to apply, you can use your first choice of course and update your application later if this changes.The quickest and easiest way to apply is online at www.gov.uk/studentfinance”

Student Finance England  (SFE) provides a wealth of interactive guides and films providing new and returning students with all the information they need to make the application process as smooth as possible and set the record straight on common student loan myths.

Online resources can be found on the Student Finance  area of www.thestudentroom.co.uk and the film ‘Student Finance Explained 18/19’ can be viewed here. http://bit.ly/StudentFinancePlaylist

Students should also follow SFE’s facebook  facebook.com/SFEngland and twitter channels @SFE_England  for all the latest news and updates.  They can also use these channels to talk to SFE advisors about their accounts as SLC is one of the first Government Agencies to use private social messaging to communicate with customers.

5 Common Student Loan Myths

Myth: I have to have a place at a higher or further education institution before I can apply for funding

BUSTED: You don’t need a confirmed place on a course to be able to apply for student finance – you can use your first choice of course and update your application later if this changes. Read our interactive guide to find out more about how to apply: http://media.slc.co.uk/sfe/quickStartFinanceGuide/Home.html

Myth: It doesn’t matter when I apply for my funding I’ll still get it on time

BUSTED: The only way to ensure you get funding in time for your course starting is to apply before the deadline and ensure you provide all the supporting evidence needed for the application.  The deadline for new students is 25 May and 22 June for returning students.

Myth: Even if I’m not working I’ll still have to repay my Student Loan

You don’t have to start paying off your student loan until you are earning over the repayment threshold.  The annual threshold for plan 2 customers (those who started their course on or after 1 September 2012) is currently £21,000 but this is expected change to £25,000 from 6 April 2018 subject to parliamentary approval. You pay 9% of what you earn above the threshold.  Find out everything you need to know about repaying your student loan here: http://media.slc.co.uk/repayment/qsg/index.html

Myth:  My student loan will be 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 repaid in full.  Interest is added to the total amount you owe every month. Watch our film about understanding interest here: http://bit.ly/UnderstandingInterest

Myth: I won’t need to pay off my student loan if I leave my course

Busted: If you choose to leave your course early without completing your studies, you will still be liable to repay your student loan. Once your Higher Education Provider confirms your withdrawal  we will cancel future payments and re-calculate your entitlement.