When should my young person apply for student finance?
Student Finance applications will open in Spring 2022 and we recommend that applications are submitted as soon as possible to ensure their application is processed in time for the start of term.
What documents are needed when applying for student finance?
The required evidence may change depending on the applicant – for example, for UK-based students, the Student Loans Company can usually obtain household income information directly from HMRC. Proof of identity may be required, more information can be found on the UK government website, including a step-by-step guide on the application process.
When will they receive their funds?
Funding will be released when they enrol at the University. The Maintenance Loan is paid in three instalments at the start of each academic term. If they haven’t already done so, we recommend that they apply for their student finance as soon as possible to ensure their application is processed in time for the start of term.
Even if everything goes to plan, most students do not receive their first payment until the end of their first week at university, so they should bring enough funds to cover their expenses for a week
If they choose to defer their year of entry, what happens to their student finance application?
Funding is only released to students who enrol at the University. If your young person decides not to enrol, the funding would not be paid out, and their student finance application would need to be cancelled. For undergraduate courses, you apply for funding on a year-by-year basis – meaning they would need to reapply for funding for the next academic year.
How much financial support do I need to provide?
This will vary for each student and depends on what works best for you as a family. As a starting point, use the Student Finance Calculator to see how much maintenance loan they are entitled to, based on your household income, and calculate the difference between the maximum amount (£9,706). Are you able to make up some of the difference? If not, they might want to think about working part-time to support themselves financially – our Employability team can help them to find paid work.
Is it best to supplement their living costs or pay for accommodation?
Many parents choose to put money towards accommodation, so they know that essential cost is taken care of. However, it can be good for students to understand the cost of accommodation, so that they are aware of rent and living costs that they may incur after university. Whatever you decide, we recommend that you discuss it with your young person so that they understand what you are willing to contribute and what costs they need to manage themselves.
Creating a budget plan together is a good way for them to manage their spending and understand their living costs.
How much money do students need to live on per week / month?
This will vary for each student. According to Save the Student’s National Student Money Survey 2019, the average living cost for an NTU student is approximately £350 per month, not including rent. The average cost for groceries is £98 per month, with £27 on takeaways and eating out, £73 on socialising and £40 on travel. Other monthly costs include bills, mobile phone payments, clothing, and health and wellbeing.
There are a few easy ways for students to cut costs, such as cooking rather than ordering takeaways, taking lunch to uni rather than buying food on campus and taking cash on a night out rather than spending on a card.
What can I do if my income decreases while my young person is at university?
If your income drops by 15% or more, you can request a current year income assessment through Student Finance England, which may result in an increase of their maintenance loan. Our Student Financial Support team are also here to help if they need any support or advice.
How can I contact the Student Financial Support Service?
Call +44 (0)115 848 2494 or email firstname.lastname@example.org to speak to an adviser.