Friday, May 7, 2010

Student Loans. How to apply.

Here is a quick run down on what to do and when to do it.

Do it NOW!!!!!!!!!!

For any perspective university students it is vital that you go online to http://www.direct.gov.uk/en/EducationAndLearning/UniversityAndHigherEducation/StudentFinance/Applyingforthefirsttime/DG_171523 and apply for funding for the academic year of 2010/11. The majority of people will need a loan to pay for the tuition fees so make sure you know how much the university you are going to is charging (this should be featured with the letter giving you a confirmed or conditional acceptance). I have discovered that some courses are around the £3200 mark but make sure you double check and don’t estimate the cost, as if there is a difference, for example you tuition fee loan is £3200 but the tuition for the year is £3290 you have to pay the £90 yourself so will be out of pocket. It must be done as soon as possible, before the end of May, so that it can be processed in time for the new academic year.

You must after going on to the website, register yourself as a new full time student and you are registering to apply for support. It will also make your life easier if you register with the personal details held on your UCAS application. It is then simple you fill in your personal details. Be aware you may need your passport. You will also need your national insurance number and your bank details (sort code and account number, so they can out the money into your account when the time comes).

Details also include the university which you will be attending and the course. You will need to put in your application where you will be living during the three terms of the academic year and where you will be studying such as full time at university or whether you will be doing one term abroad.

If you live with your parents they will be (if they don't have an exceptionally large income) supporting your application so they to will need to register. Don’t worry it seems difficult but it’s easy once you know how. You have to put down your parents date of birth (the ones who you live with whether it is one or both), their national insurance number and an email address if they wish to fill out the information required online. A paper copy can be sent out but I would advise completing the form online. The address as which you and they live will also be needed.

Some of the information required by your parents includes their finances for the year of 2008/9 so I believe that is a P90. There may also be a limited amount of information required from 2009/10 so far. So they fill in the boxes with the correct amounts, save what they have put in which you can then check to make sure everything is done correctly and then send off the application for support.

You can apply for a maintenance loan and a maintenance grant. The grant you do not have to pay back but make sure you apply for as much as you can so that the university is aware of finances. If you are able to get a large maintenance grant it could possible mean that you could be eligible for a bursary from the university. Again you do not have to pay this back. All you pay back are your tuition fees and maintenance loan.

Hope that helps a little if you are struggling. Oh and be aware that your reference number when appling for your loan is your ART ID so don't misplace that number!

If you have any questions I will try my best to help.

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