Applying For Student Finance: Your Questions Answered

All you need to know about applying for Student Finance.

Student loans… more like students groan, am I right?

Finances are not a fun subject to talk about — especially when you’re just a fresh-faced student trying to get by the next 3 or 4 years of your studies.

From repayments to Disabled Students’ Allowance, the world of Student Finance is vast, but fear not. We’re here to answer all your questions about applying for Student Finance and take you through the steps involved with your student loan application. Because yes, we are just that nice.

Grab a pen and take notes…

In this guide:

• Step by step guide to applying for Student Finance
• Student Finance deadline
• Applying for Student Finance late
• Frequently asked questions
  • Do I apply for Student Finance after I’ve been accepted?
  • How to cancel Student Finance
  • What time does Student Finance go into my bank?
  • What courses qualify for student loans?

Step by step guide to applying for Student Finance

Applying for Student Finance might seem daunting at first glance. I mean, who really ever wants to fill out paperwork? 

But, it’s not all bad. The key to managing your Student Finance application is to be organised and leave enough time to do it — leaving it till the last minute is just going to add to your stress!

We’ve outlined the steps below to help you apply for Student Finance with minimal hassle.

Step 1: Check if you’re eligible for Student Finance

It’s worth double-checking if you’re eligible for Student Finance.

It typically depends on the following:

• Your college or university — must be one that offers a qualifying course
• Your course — must be in the UK and one of the below:
  • a first degree, for example BA, BSc or BEd
  • a Foundation Degree
  • a Certificate of Higher Education
  • a Diploma of Higher Education (DipHE)
  • a Higher National Certificate (HNC)
  • a Higher National Diploma (HND)
  • an Initial Teacher Training course
  • an integrated master’s degree
  • a pre-registration postgraduate healthcare course
  • a level 4 or 5 course with Higher Technical Qualification approval
• Your age
• If you’ve studied a higher education course before
• Your nationality or residency status

There are different processes if you’re a student from elsewhere in the UK, you can find more information on gov.uk. 

Step 2: Find out how much you could get 

Your maintenance loan will be dependent on your household income and whether you’re a full-time or part-time student. 

We’ve put together a very handy Student Maintenance Loans Guide, as well as a guide to maintenance loan payment dates — so you know when to expect the cash to land in your account. 

You may also be entitled to some extra help, depending on your circumstances. Examples include whether you have a disability, pay for childcare, and are under 25 and supporting yourself.

Step 3: Prepare your application

To prepare for your application, you’ll need to check when you can start applying, what kind of ID you might need, and what proof is needed for your household income.

Types of ID you might need:

• UK passport
• Birth or adoption certificate
• Your immigration status sharecode (if you have settled or pre-settled status under the EU settlement scheme)

Finding out all this information before you start your application for Student Finance will help ensure a smoother process and prevent you from abandoning the application mid-way through because you can’t find your ID.

Step 4: Apply for Student Finance online

To start your Student Finance application online, you’ll need to create a Student Finance account if you’re a new student, or log into your existing account if you’re a returning student. 

Be mindful that it can possibly take up to 6-8 weeks to process your Student Finance application, and you may have to provide extra evidence to support your application. 

You can also apply for Student Finance by post. If you’re only eligible for tuition fee funding and not maintenance loans, you’ll need to apply by post. If you have any issues applying online, you may also apply by post. 

Step 5: Update your details if circumstances change

Things change, that’s fine — but remember to update your Student Finance application if anything changes. This may include changing the course you’re studying (like through Clearing) or changing where you’ll live.

Step 6: Check you can be paid

Once you’ve registered at your university/college, your maintenance loan is typically paid directly into your bank account at the beginning of each term. 

Ensure your bank details are updated by checking your Student Finance account. You’ll also be able to check how much you’ll be paid and when.

Step 7: Check what to do while studying

You have to re-apply for Student Finance for each year of your course. If your bank details change or your household income changes, you’ll need to update this.

Step 8: Check what to do when you stop studying

Once you’ve stopped studying, the Student Loans Company will create a repayment account for you where you’ll be able to see how much you owe and what repayments you’ve made (if any).

Student Finance deadline

It’s super important to ensure you submit your Student Finance application before the deadline. It’s so you can get paid on time and avoid finding yourself out of pocket for a bit, while it’s sorted out. 

The deadline for applying for Student Finance differs across the UK.

Student Finance Deadlines for 2024/2025

Don’t worry though, if you do miss the deadline you can still apply. Your payments just might be delayed.

Applying for Student Finance late

As we mentioned above, don’t sweat it if you do end up missing the deadline for your Student Finance application. The two main issues will likely be:

• Your money not landing in your account at the start of the term
• When you do receive your initial Student Finance payment, it may not be based on your household income due to the late application, so you may have less money to begin with (you’ll get the correct amount once your application is assessed)

It can take 6-8 weeks for Student Finance applications to be processed. The earlier you get yours done, the better — you don’t really want to be starting a new term with any money delays.

You can still apply for Student Finance even if your place at university hasn’t been confirmed yet. You can apply and then update the information once your course place has been confirmed. 

If you’re applying for Student Finance late, you still need to follow the same steps as usual to apply. The application shouldn’t take any longer than 30 minutes, so aim to get it completed in one go.

While your application is being assessed, you might get a smaller amount on your first loan payment. This will be topped up once your application is processed, and is dependent on your household income. 

To get your first payment, you’ll have to register at your university before starting the course. You won’t be able to get paid until you do this. Your university will then confirm that you’ve registered and you’ll be contacted by Student Finance that your first payment will be on its way. 

Frequently asked questions

Do I apply for Student Finance after I’ve been accepted?

Nope! You do not have to wait until you’ve been accepted at a university to apply for Student Finance. In fact, it’s encouraged that you apply before you’ve been accepted as this will reduce the risk of delay in getting your loan payments. 

How to cancel Student Finance

Whether you decide to wait a year to start university or realise it’s not for you, you might wonder how to cancel your Student Finance and stop your loan. As soon as you make that decision, stop your finance as soon as possible to reduce any repayments you may have to make.

To cancel your Student Finance, tell your university and contact the Student Finance company relevant to your country.

Student Finance England

Student Finance Wales

Student Awards Agency Scotland

Student Finance Northern Ireland

What time does Student Finance go into my bank?

There’s no guaranteed time that your Student Finance will appear in your bank account. You’ll receive a text when your payment is due, but it can take up to 3 days to enter your account. 

Typically, it should arrive before 5pm but you may find it in your account earlier or a little later. It can sometimes depend on your bank.

What courses qualify for student loans?

Not every university or college course is eligible for Student Finance. 

For full-time students, your course needs to be in the UK and one of the below:

• a first degree, for example BA, BSc or BEd
• a Foundation Degree
• a Certificate of Higher Education
• a Diploma of Higher Education (DipHE)
• a Higher National Certificate (HNC)
• a Higher National Diploma (HND)
• an Initial Teacher Training course
• an integrated master’s degree
• a pre-registration postgraduate healthcare course
• a level 4 or 5 course with Higher Technical Qualification approval

For part-time students, to be eligible for Student Finance your course will need a “course intensity” of 25% or more (essentially based on your module credits). 

Your course will also need to be in the UK and one of the following (same as full-time students):

• a first degree, for example BA, BSc or BEd
• a Foundation Degree
• a Certificate of Higher Education
• a Diploma of Higher Education (DipHE)
• a Higher National Certificate (HNC)
• a Higher National Diploma (HND)
• an Initial Teacher Training course
• an integrated master’s degree
• a pre-registration postgraduate healthcare course
• a level 4 or 5 course with Higher Technical Qualification approval

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