Student Finance England

Looking to study in England, but worried about the financial burden of university? You’re not alone! No matter your level of scholarship, studying in England can get expensive, fast.

Fortunately, if you know where to look, many programs and funds can help you pay for your studies and save you plenty of cash in the process.

In this blog post, we’ll be taking an extensive look at what you need to know about student finance in England today so that you can make informed decisions when choosing which university to attend and how to pay for it.

Table of Contents

What is student finance?

Student finance is a term used for an economic aid program that funds students in higher education. Students and their families can apply for student financial aid that aids with tuition costs, housing, books, and transportation.

Some government programs are provided directly to students while other types of student aid are offered through private organizations, such as banks or credit unions. Other sources of assistance include scholarships, grants, and loans.

Every student has different needs and priorities so you must choose student aid based on your situation.

For instance, do you have enough money saved up?

Do you have help from family members?

Are there any specific schools that you’re hoping to attend?

The best way to find out what type of student aid is available to you is by contacting your school’s financial aid office.

The experts at Student Aid England will be able to tell you more about student finance and how they can help.

Applying for funding

For university students, funding from Student Finance England is available as a non-repayable grant. To qualify for financial aid, students must have applied for Student Finance and been accepted onto a course.

Students can apply for funding for both undergraduate (bachelor’s degree) and postgraduate (master’s degree or PhD) studies via Student Finance England.

Eligible students will receive their funding through Student Finance England in one of two ways: by being paid directly into their bank account each month, or by receiving a monthly loan that they will repay once they start earning over £21,000 per year.

Students who opt for direct payment will be required to pay it back if their income exceeds £21,000 per year after graduation.

Students who opt for a loan must repay it when they start earning over £21,000 per year after graduation. Repayments are calculated based on how much they borrowed and what their earnings are each month.

However, students do not need to make payments while studying—they only begin repaying once they graduate from university or college.

Repaying your loan

The government will make all repayments on your student loan during your studies and for a year after you finish. But in most cases, once you’ve finished your studies or graduated, it’s time to start repaying your loan.

You can choose from several different repayment plans which vary depending on how much money you earn.

If you’re interested in learning more about what options are available for paying back your student loans, be sure to read our full guide: How To Repay Your Student Loan In England. It’s worth noting that if you don’t pay back your student loan, there are serious consequences.

For example, if you don’t pay back your student loan within 30 days of finishing university or dropping below £21,000 per year (in earnings), then an enforcement order is put in place by default.

This means that any unpaid debt is passed onto a collection agency and eventually written off as uncollectable debt by HMRC (Her Majesty’s Revenue & Customs). As such, you must understand exactly how student loans work before making any decisions!

Extra support if you’re struggling

If you have disabilities or learning difficulties and find it hard to understand how student finance works, there are services available to help.

Salford City College offers a range of support services that can help people with special educational needs and disabilities access education on an equal basis.

If you want further advice on how your funding could be applied, get in touch with a member of our Student Finance team by calling 0161 295 9396. We would recommend speaking to them at an early stage so that we can make sure your funding is in place as soon as possible.

You can speak confidentially with them about any concerns you may have regarding your situation or somebody else’s – just don’t forget your National Insurance number!

Grants, bursaries and scholarships

The government provides grants, bursaries and scholarships to help with your living costs while studying. You might be able to get a grant or a loan, or both, depending on what you’re studying.

If you’re from Scotland or Wales, apply for student finance through the Student Awards Agency for Scotland (SAAS) or Student Finance Wales (SFW).

There are many sources of funding that are specific to certain groups of students; whether you’re studying in England, Scotland or Wales.

For example, students who live in London can apply for extra money if they have a disability or a long-term health condition.

Your university will also offer support and advice on applying for student finance. They may also have access to other sources of funding which aren’t available through Student Finance England.

For example, some universities offer scholarships worth thousands of pounds each year. These are usually awarded based on academic ability but there may be other criteria too such as financial need or sporting prowess.

Free money!

In England, any student over 16 can apply for a student loan and bursary. This is free money: there are no repayments until after you graduate, get a job and start earning at least £21,000 per year.

There are also some grants for more vulnerable students, who are less likely to have parental help in supporting their studies.

Any application has to be made online using an organisation called UCAS (the Universities and Colleges Admissions Service).

There’s loads of useful information about student finance on that site if it’s something that interests you; if not, skip ahead!

How can prospective students apply for Student Finance?

If you’re a UK citizen, European Union (EU) citizen or have ‘settled status’ in Britain and are aged between 16 and 19 or aged between 20 and 24 and studying a full-time course at college, you might be eligible for financial support.

The criteria for each type of funding differs, so make sure you read on! You can apply online via Student Finance England using their online application form.

You can also download an application form from their website, print it out and post it to them.

It’s best to apply as soon as possible after your exam results come out – if you miss your deadline, there may not be any funds available for you until next year.

And don’t forget that there’s no point applying if you haven’t got all your information together – they won’t accept incomplete applications. To help with your planning, here’s what happens when: If you’re aged between 16 and 19, you should apply for National Funding.

This is usually worth up to £5,555 depending on where you live and whether your parents earn over £25,000 per year.

You’ll get a loan which will be paid back once you start earningsupplying over £21,000 per year (unless you decide to pay off your loan early). If you’re unable to meet these conditions due to disability or other reasons then exceptions can be made.

Once your application has been accepted by Student Finance England, they’ll send it off to HMRC who will determine whether or not you qualify for National Funding based on how much money your parents earn during tax years one and two before returning their decision by 31 January 2020.

What is a postgraduate loan and how is it different to an undergraduate loan?

Postgraduate loans in England (and Scotland) are essentially graduate student loans.

You can apply for a postgraduate loan once you’ve completed your undergraduate degree, and if approved will receive a maximum of £10,000 over three years.

A key difference between postgraduate student finance and undergraduate student finance is that postgraduates can also apply for non-repayable bursaries and grants from their university or college as well as Student Finance England (SFE).

How do students know which application they should submit?

There are several government student aid programs in England, but each of them has its eligibility requirements.

So how do students know which application they should submit? The answer depends on their situation and where they’re going to school.

In some cases, students will have more than one option available to them; in others, there might be only one way for students to get financial help from their government.

How long will an application take to process and how you can get an update?

When applying for student finance in England, it’s important to allow plenty of time for your application to be processed.

It can take up to 5 weeks for an application form to be sent from UCAS, and another 6 weeks from receiving it before loan approval is completed.

If you’re not sure if you’ll have enough money coming in during uni term time, you can also apply for a non-repayable grant while your loan applications are being processed.

How long will an undergraduate application take to process and how can they get an update?

Once students have completed their application, they should receive an email informing them how long it will take for their application to be processed.

For some courses, it may only take a couple of weeks. Others can take several months if there is a lot of competition for places on that course.

Students can check online with their chosen university or college website to find out more information and receive regular updates on their application progress.

Does Student Finance England require documentation to support the application?

You’ll need evidence of your income and expenditure to apply for student finance in England.

This is so they can see if you have any other funding sources, whether or not it would be possible for you to work part-time and how much money is available to help pay tuition fees.

So, get in touch with your bank or building society, fill out their forms and send them over – it shouldn’t take long at all!

You should also find out what supporting documents they require – these could be proof of parental income (if applicable), details of savings etc. It’s worth starting early on getting hold of these as some will take a little time to acquire.

If a student makes a mistake on their application how can this be corrected?

Students can correct a mistake on their application by using one of two forms, Dependent Student Status Correction Form or Independent Student Status Correction Form.

The student needs to indicate which section they would like to change on their application and what they would like that section to say instead.

Once they have filled out a form and submitted it, an admissions officer will then make the change on their file.

Are there any additional loans or grants available to students?

There are various grants and scholarships out there, but if you’re not sure where to look, a quick search for student aid can provide some insight.

Go through each of them carefully – some will be for students who meet certain criteria (e.g., being a single parent or having been involved in extracurricular activities), while others will be aimed at helping students from your area pay for college.

There are also loans available that don’t require repayment until after graduation or once your salary has reached a certain level.

Though student loans may be an option if other avenues have been exhausted, make sure to read any fine print before signing on the dotted line!