The clock is ticking for students who hope to get back into training after a year of restrictions and canceled classes
Image: Getty Images)
University students have until Friday midnight to renew their student funding before the current portal closes for the upcoming academic year.
The Student Loans Company (SLC) said the deadline for student return was June 25 as it warned England was preparing for the busiest academic year on record.
A timely application is the best way for students to secure their finances for the start of their studies. If you miss it, it could mean your payments will be delayed and may not arrive on time.
The new student portal was closed on May 21, so the final ban applies to those who continue studying in September of this year.
Derek Ross, the SLC’s executive director of operations, said the SLC had been inundated with applications for the new university year.
It comes after many applicants postponed their start date due to the pandemic.
“This year we have already seen a significant increase in the number of student applicants,” said Ross.
“The number of applications has increased by more than 10% compared to last year and we expect this to be the busiest academic year ever.
“We encourage students to submit their applications before the upcoming deadlines. In this way you can be sure that your studies will be secured before your studies start in autumn. “
Students should apply online here. The processing of the applications can take six to eight weeks.
Have your social security number, passport and bank details ready before you start the application as you will be asked for this information when you apply.
If you previously applied for a household income maintenance loan, your parents may be asked to provide details of their household income for the previous tax year.
That’s because student loan payments are means tested against their income – so what you get is a direct reflection of their salary. However, many parents are not aware of this.
Consumer expert Martin Lewis wrote to MPs last month urging the government to make these “hidden” costs clearer to parents when their children go to college.
Maintenance loans are dependent on the family income as part of the payment calculation.
In other words, the higher their income, the less students can get as loans – or sometimes as grants – to cover costs.
In general, students in England start reducing their maintenance loan when the total family income is only £ 25,000 per year.
When it reaches around £ 60,000 a year, the total grant a student could receive can be cut by as much as 50%.
Lewis said, “The system has an implicit parental contribution – the loan and the possible grant they receive will depend on their family’s income.
“The more families earn, the less they get. It is transparent to those who analyze the system that this is how it works.
“But as the pandemic exacerbates students’ financial troubles, it is time that transparency extended to students and their parents.”
For applications for the academic year 2021 to 2022, parents must increase their income for the tax year 2019 to 2020.
If the household expects their income to decrease by 15% or more, a Current Annual Income Assessment (CYI) may be requested to ensure the student’s payments are not affected.
Martin Lewis warns about the fine print of the student loan which can cost parents an additional £ 1,000