Student finance is a package of loans provided by the Student Loans Company also known as SLC which is a non-departmental public service. This student finance can be given to most of the university students that are studying in the United Kingdom.
Student Finance Eligibility
For a Student Finance benefit, one may apply as new students, continuing students, new EU students and continuing EU students. For students in Scotland, Wales and Northern Ireland there is a different process.
If you are a new student from England first you need to setup a student finance account online, then log in completing the application, include details of your household income and if is needed you have to ask your parents to support your application. When this is done you have to send a proof of identity, then sign and return the loan declaration.
Continuing Students from the UK
You are a continuing student from England if you received finance for the previous school year. To apply online for a student finance you have to log in to your account. You will see later in the article the process of completing the application online. If you became a part-time student before September 2012 there will be a different process to apply.
Students From Scotland, Northern Ireland, Wales
New EU Students
You can apply for a student finance if you are a new student from a European Union country. To apply you have to download an application pack using the form finder, then you need to send proof of identity and you will later get a confirming letter, normally withing six weeks, of how much you will get.
Continuing EU students
You are considered a continuing student from a European Union country if you received student finance help from the previous school year. In this case, you will receive the application forms.
How to Apply for Student Finance Benefits – Online and Post
If you want to apply for a Student Finance there are two ways of doing it, you can apply online or you can apply by post. You need to apply up to nine months after starting the academic year for your course as you can see in the picture below.
If you are a student from England you can apply for the current year and for the last year for a student finance. You may apply for Tuition Fee Loans, Maintenance Loans, Maintenance Grants, Advanced Learner Loans. In case you are a part time student you can apply only for the last year. If you want to apply online for a Student Finance follow the steps below.
Step 1 – Enter the Student Finance website
Enter the Student Finance website as you can see in the picture above. Click the student finance link, read the eligibility conditions and then find the apply online link.
Step 2 – Start now; Apply Online for Student Finance
On this step, you need to find the Start Now button on the Student Finance England website and then go to the next step.
Step 3 – Student Finance Login
On the Student Loans Company website, you need to create an account if this is the first time visiting this website or log in if you are already a user.
When you sign in to your student finance online account you will be able to view your letter and statements from Student Finance England. You will be able to track existing applications to check any due payments, to update some personal information or to reset the password. This is how you apply for finance as a continuing student or as a new student.
Step 4 – Student Finance Create Account
On step 4 you need to enter your personal details like First name, Last name, gender, Date of Birth, Town of Birth and the National Insurance number, then click next and move to the next step. Moving to the next page you will have to enter your postcode and click Search for address button. When your address is found, click Continue button.
Step 5 – Enter Phone Number and Email address
On step 5 you need to enter your Home phone number, Mobile phone number and Email address and click Next.
Step 6 – Student Finance Password/Secret Answer
On the next page choose a password for your Student Finance account and a Secret answer and click Next.
Step 7 – Finish Your Student Finance Account Registration
On the last step of the registration of your Student Finance account, you will receive a Customer Reference Number also known as CRN. You will have to use it when you log in to your account again. You can use this account to apply for student finance or support an application, you can also track the progress of a student finance application, view payments and letter and see any outstanding information.
Step 8 – Apply for Student Finance from Account
On your Student Finance account locate the section where you can Apply for student finance and click that button as you can see in the image above.
Step 9 – Student Finance Type
As you can see in the picture you have to choose between a Higher education or Further education:
- Higher education means you will be studying for a degree a foundation degree, an HNC or HND, a master’s degree or another higher education course.
- Further education means you will be studying a programme of GCE A levels or AS levels, a QAA Access to HE Diploma, a further education certificate, a Subsidiary Diploma, 90 Credit Diploma, Diploma or Extended diploma or an NVQ level 3-6.
Step 10 – 6 Important Things about Student Finance
- You will be charged interest on your loan as soon as the first payment is made to your account
- While you are studying you will be charged an interest rate of 4.6% but this rate may be variable
- If you have repaid your loan in full you will be charged interest
- You will have to start repaying your loans the April after finishing or leaving the course
- You will be able to repay when your income is at least £21,000 per year
- You will have to repay 9% of your own income when you will get at least £21,000 per year
Step 11 – Review Information to Apply for Student Finance
In step 11 you will have to review the information needed for new students to apply. You will need information about your chosen university or college and also the course, then for UK applicants, you need a valid UK passport. You will also need your National Insurance Number and 30 minutes of your time to fill in all the information.
Click Continue and you will have to answer other questions like if you are a UK national, if you can give your passport details, if you have lived outside of the UK in the last 3 years, if your parents or other relatives lived or worked outside of the UK in the last three years, you will also have to respond the question about your relationship status, if you have care of a person under the age of 18 years old, if an adult depends on you financially or if you can get any disability related benefits.
Step 12 – Previous and Current Study
On step 12 you have to enter details about your previous and current study. You have to tell if you have attended any higher education courses.
Step 13 – Course and Fees
On this step about course and fees, you will learn what is a tuition fee loan and that you will have to pay a Tuition fee of £9,250. If you will pay interest and when you will repay it, you will learn how to pay and how much does your university or college charge.
Step 14 – Review Course and Fees Information
Review all the information you wrote about Course and Fees and change something if needed. You will review information about where you plan to study, what course you will study, which year is the application for, where you will spend your academic year, if you will be living at your home address, your term-time address if it’s not your home address, information about tuition fees, if you want to apply for a Tuition fee loan, how much Tuition fee loan would you like to borrow and information about bursaries and scholarships. If everything is correct click save and continue.
Step 15 – Student Finance Living Costs
On this step, you will learn important things about living costs. You will be able to get for example a Maintenance Loan of up to £3,928. You will understand that Maintenance Loan will be paid directly to your bank account and you will have to register at your university before the first payment will be made. You will also learn that on your Maintenance Loan you will be charged interest and you will have to repay it after you left University and your income is over £21,000 per year. On the next page review the Living costs and if everything is right click Save and Continue.
Step 16 – Financial and Additional Information
On this step, you have to provide information about your UK bank or building society account. You have to be very careful, otherwise, your payments may be paid to a wrong account and you will not be able to recover any payments made in error and you will have to repay those payments also.
Step 17 – Student Finance Check and Submit
This is the final step where you check the Terms and Conditions and submit your Student Finance application online.
Apply by Post
Student Finance Forms
Use the form finder to download the forms you need. You will be able to download the following forms: forms PN1, PR1, PTL1, PFF2, and CYI; form for parents; forms for EU students studying in England; forms for Disabled Students Allowances. To do that click the Start Now button.
Student Finance Phone Number
- Student Finance England – Call the Student Finance customer service phone number 0300 100 0607 from Monday to Friday, 8 AM to 8 PM, Saturday and Sunday from 9 AM to 4 PM. You can also contact them on the Student Finance textphone 0300 100 0622 from Monday to Friday, 8 AM to 4 PM.
- For EU students you should contact Student Finance services Non-UK Team 0141 243 3570 or if you call from outside of the UK +44 (0)141 243 3570, from Monday to Friday, 9 AM to 5:30 PM.
- For a Postgraduate Loan, call the Student Finance Postgraduate number 0300 100 0031 from Monday to Friday, 8 am to 6 pm.
- For Advanced Learner Loan you should call the Student Finance phone number 0300 100 0619, Monday to Friday, 8 am to 8 pm and Saturday, 9 am to 4 pm.
Student Finance Address
If you want to write a letter to Student Finance England you can do that to this address: Student Finance England, PO Box 210, Darlington DL1 9HJ.
Student Finance Calculator
The Student Finance calculator is available for students from England and also for students from European Union countries starting a new course in the current year or in the past year. To use this finance calculator just click the Start now button.