The Student Loan Program is an innovative development created by the government to allow more citizens of the UK to apply for higher education. Students can borrow money to pay for their college tuition fees and mitigate their cost of living while schooling.
Who Is Eligible For The Loan?
Disabled people or people with Children are eligible for student loans; they can also be given extra income.
Students studying full-time in the UK are eligible to apply for student loans; they must be studying for either a first degree, a foundational degree, or a training course. Students studying part-time can also apply, but their course of study needs to have a ‘course intensity‘ of at least 25%. People who have studied before are also eligible for student loans. People who already have a degree, are repeating a class, have changed courses, or have stopped studying for specific reasons can also apply for a student loan.
Maintenance loans would also be given to people studying a training course.
How Do I Apply For The Loan?
Follow the steps below to apply.
- Create a student finance account: After the account has been successfully created, you will be issued a Customer Reference Number (CRN). You are to create a password and secret answer that will allow you access to this account. Remember not to disclose this information to anyone.
- Fill out the application form: Depending on how you’re applying for the student loan, you are to fill out the application form. For new applicants: You would be asked to show proof of Identity by filling in your passport details on the application form (for non-UK nationals, you’re to provide your passport from your home country or your biometric resident permit). If you’re applying for a student loan based on household income, your parents or partner must fill in their insurance number. Additional information like Bank account number, Course start date, and National Insurance number.
- For continuing students: If you’re reapplying for a student loan, you must log into your account and fill in the necessary details.
- Apply with evidence: Student Finance England may ask for other “evidence” before your application is approved. Your parents may be contacted or asked for additional documents. Make sure all relevant documents are readily available.
How Long Is The Processing Time?
On average, it takes about six weeks for a person’s application to be processed, so remember to apply early, preferably before a new semester starts. If you applied late, you would be given a minimum amount needed to start studying.
If you made a mistake during the application process, log into your student finance account and make the necessary corrections by filling out the ‘Change of circumstances’ form.