It's Time to Apply for your Student Loan!

Posted by Somerset College on Mar 10, 2016 4:25:43 PM

Applying for your Student Loan is Simple!

Now that you’ve applied to study a degree at Somerset College, the next step is to apply for student finance through Student Finance England.

You can borrow up to £9,000 to help pay for tuition fees and receive a Maintenance Loan of up to £6,904 to help with living costs. You may also be entitled to additional money if you are on a low income, have children or are disabled. To estimate your Maintenance Loan please click here for the student finance calculator.

Your loan repayments start when you begin to earn more than £21,000 a year. The amount you repay each month will only increase with your earnings and repayments are based on how much you earn after graduating, not how much you borrow while studying. Loans are written-off by the government after 30 years, so you won’t necessarily repay your loans in full.

The sooner you get your application in the better, as it can take up to six weeks for it to be processed. Please refer to the guide below to help you through the application process.

Step-by-Step Guide

Set up a student finance online account.
Log in and complete the online application.
Include details of your household income and get your parents (or partner) to support your application, if needed.
Send in proof of identity, if needed.
Sign and return the loan declaration, which you should receive within 6 weeks

If you get stuck at any point when completing your application then please use the 'can we help you' form on the right and we will get back to you as soon as possible.

What happens after I’ve applied?

Once you apply - Remember to print your student declaration form, sign and return it to Student Finance England. If they ask you for evidence, send it as quickly as possible to avoid delays with your application.

Summer 2016 - It's decision time! you should get offers from universities.

18 August 2016 - Good Luck! Exam results and the start of clearing.

Anything Changed? - If your course, place of study, income or family circumstances have changed you should update these in your online account before you start your course at Student Finance.

September 2016 - Courses start now! Remember to register at university - Student Finance England won't pay you until you do!

Once you register - Student Finance will pay any Maintenance Loan into your bank account in three instalments - one at the start of each term. They will pay your Tuition Fee Loan directly to your university.