Applying For A Student Loan
Applying for a student loan can be a very daunting process, particularly if you haven’t done it before. As a significant amount of people in full-time further education are under the age of 21, it is unlikely that they will have needed to borrow money before. It is important to remember that a student loan from the student loans company is very different to any other type of loan – both in terms of the application and the repayments and interest rates.
Should I get a student loan?
This is the first question that you need to ask yourself. Not all people need to get a student loan, but with the rise in tuition fees in the last few years, an increasing amount of people have needed to get a student loan. You need to look at whether or not you can realistically financially support yourself when you go to University. You can receive financial help with living costs and tuition fees, or both. Loans are available to both full-time and part-time students.
Are you eligible?
Not everyone is eligible for a loan, but most people are. Before you make your student loan application you may be able to find out by contacting someone at the student loans company. It is important to note that attending certain courses and Universities may mean that you do not qualify for a student loan. It’s essential that you check that you are eligible at the earliest possible time. You also have to be of a certain age (under 60) and live in the UK (contact the company for specific criteria).
When should I start?
You should always start your student loan application at the earliest possible time. This is because there are literally hundreds of thousands of other students applying at the same time. Additionally, applying for a student loan is quite a complex and extensive process. Therefore, a mistake on your application form, awaiting evidence of earnings from people in your household or confirmation from your University can take a long time.
You can currently apply about a year before starting a full-time course and a few months before if you are starting a part-time course. If you start University and then decide that you want a student loan, you can currently apply up to six months after starting your part-time course, and up to nine months after starting your full-time course.
The process of applying
1. Open an online account to start applying for a student loan.2. Start to fill out the application form at the earliest possible time. .
3. Submit evidence if required. Perhaps they will also want to see proof of earning for people in your household. .
4. Sign the declaration and post it back to the company. .
Every year you will be asked if your situation has changed so that your loan for that year can be adjusted accordingly. It is very important to inform the student loans company of any changes to your situation at the nearest possible time. For example, in the unfortunate event that one of your parents loses their job whilst you are studying, you may be entitled to more money. There is also an appeals process that you can go through if you are unhappy with the decision made based on your student loan application.