When are you allowed to apply for Student Finance?

Student finance is one of the benefits that you can get from the government for your future studies. It is one of the best ways to reduce your burden during your degree. Student finance is like a loan that you get for completing your course. Though it is important, you must know when can you apply for it.

Quick Takeaways

• Generally, the application for applying for it is open during March and closed after 7 months of starting your course. 
• You can apply for a student finance loan before you have got the offer from the university.
• There are two different types of student loans- Tuition and maintenance loans.

However, you must read till the end so that you get a better understanding of when are you allowed to apply for student finance.

When are you allowed to apply for student finance?

The most common time when you can apply for your finance is when you are getting into University. If your course is starting in September of this year then the finance application forms will open in March of this year and the deadline for them is May of next year. Though you have almost 7 months after your course started applying for student finance.

However, you must start applying as early as you can. It is because many times they will give the loan to the students on the basis of a first come first serve option. Also, you must consider the deadline for the course you are taking. If you are studying for a second degree, you may not get a student loan.

What is the maximum student loan amount?

Depending upon the university you are getting in and the course you are taking, your fees would vary. If you are enrolling as a full-time student you can get up to £9,250. Whereas if you are studying any accelerated degree course then you can get up to £11,100.

In addition to it, the maintenance loan will depend upon lots of different factors like living with your parents, living without your parents, etc. Also, you can get different amounts depending on your academic year. You can get up to £12,667 based on various factors. In addition to it if your course is more than 30 weeks and 3 days you can expect more money as a part of your maintenance loan.

What are the different types of student finance?

There are two different types of student loans-

Tuition fee loan

This is the loan in which the cost of studying at the university is covered. It is generally for you if you are a full-time student. Additionally, I must remember that the tuition fee for all the reasons in the UK is not the same. When you are approved for the student finance loan the tuition fee loan will automatically be transferred to the university’s account and not to yours.

Maintenance loan

This is the loan that is given to you in order to maintain the living cost at the university. If you have a high household income the amount you will get in your student loan is low. This means that the higher your householding will be, the lower your student loan amount will be. The amount that you get in this type of loan is credited to your account in installments. The cost of living at an Indian University will depend upon the university you are living in and its accommodation services.

What are the general requirements for getting a student finance loan?

Requirements for getting student finance loan-

1. Nationality

Will you get tuition fees and maintenance will depend upon if you are a resident of the UK nations or not. However, if you are not a UK resident then you would need to live legally for 3 years before the start of your course. This will help you to stand a chance of getting your student finance loan. Furthermore, if you are an international student you will again need to live 3 years before the start of your course to get eligible for taking up the loan.

2. The university you have chosen

Most of the time only publicly funded universities or private institutions that are publicly funded are part of getting student finance loans. The tuition fee of private universities is generally high. You may get a student finance loan for less than the actual tuition fee for the private University. The difference between both amounts is your independent funding.

This means that you will need to pay that amount yourself. If you are taking part-time courses then the eligibility criteria depend upon the intensity of the course. If your part-time intensity is 25% or more than it, then you are eligible to get a student-finance loan.

3. Age

Your age has nothing in relation to your student-finance loan. You can get it at any age. If you are about 16 or above then there are fewer chances of getting a loan. If this is your case then you must be in contact with your local government as every government has its own conditions.

4. Previous study

If you have already done the basic study then you might only get a loan for specific subjects. This is because student finance is only given for the first degree of higher education. If you have done the basic degree and have decided to get higher education you may need to check for the eligibility criteria. Most of the cases in which you can get such loans are for subjects like science, medicine, etc.

Conclusion

In the current time where tuition fees are being increased day by day, student finance is a benefit that you can get from the government. You can apply for student finance before even the course is started. Generally, you will get 7 months after your course start date for applying for student finance. Though you must apply as early as you can in order to get your position as having a student of finance. You must also look for the eligibility criteria for getting a student finance loan for yourself.