ADMINISTRATIVE PROCEDURES
How to Apply for a Student Finance Loan
Financing for higher education is among the most expensive ventures for any student. And while some learners have the privilege of having their fees paid by their parents, others don’t have that luxury. If the idea of saving for years to accumulate enough money to pay for college isn’t your cup of tea, here’s an alternative way of sourcing money for tuition.
What is a Student Finance Loan?
A student loan is a financial help to assist post-secondary learners in paying for their college tuition and cater to other school-related needs such as books, hostel provisions, and other relevant supplies. This type of loan comes in handy to help students who can’t afford to pay for their school fees achieve world-class education and repay the debt once they start earning.
Why and When Should You Apply
Before applying for this loan, you must ascertain that you have passed the eligibility test. You should also find out how much money you’re eligible for to know what you’re working with. Only then can you apply for a student loan.
Applications are open to all eligible students immediately after their course starts. However, you have up to nine months after your course commences to send your application. Nevertheless, you do not need a confirmed place to apply for this loan.
Requirements and Documentation Needed
You must submit your application in conjunction with particular documents that help the approval team determine if you’re eligible. The most vital things to include in your application include:
- • Passport details (not the passport itself)
- • A copy of your adoption or birth certificate
- • Your share code if you’re an immigrant
- • Proof of your household income
- • Bank account details
- • An application letter with supporting evidence embedded
Remember, the household income proof you provide depends on your age, income, and marital status.
Where to Apply
The bureau provides two options for sending in applications. Interested beneficiaries can use any of the two options to request a student loan. You can do it online by visiting the student finance website and following the prompts to complete your application. Applicants can also send a mail to Student Finance England and await a response, which typically arrives within eight days.
It’s good to note that students living in Wales, Scotland, and Northern Ireland need to apply on their country’s website.
What You’ll get
Once you apply for this loan, you will receive financial help for your school tuition. However, the extent to which the student finance loan department engages in your aid depends on what request you make.
If you apply for a loan that includes other living expenses, you’re likely to receive more than those who don’t require that kind of help. Student loans, maintenance loans, and maintenance grants are what you receive depending on your request.
You do not have to worry about depleting your benefits quota when applying for a student loan since it is not accumulable with others you can receive in the UK.
What Happens with The Loan If You Stop Studying?
If you had already started receiving funding for your tuition and dropped out of school, you would still have to repay the loan. However, student finance will reassess your repayment depending on how many days you attended class and immediately stop the funding. If you would like to continue your studies at a further date, the team will reassess your loan entitlement and notify you of the same.
Validity And Processing Time
Once student finance receives your application, it will take up to three weeks to process the request. This help is valid as long as you’re still studying and ends once you complete your final semester or drop out of school.