New Students Have A Week Left To Apply For Finance | moneyfacts.co.uk
MONEYFACTS ARCHIVE. This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Derin Clark

Derin Clark

Online Reporter
Published: 14/05/2020

Despite the impact the Coronavirus pandemic is having on education, the Student Loans Company (SLC) has recommended that students start preparing their finances for the new academic year as soon as possible.

In fact, new students have just a week left to submit their applications for next year’s student finance, with the applications needing to be submitted before 22 May 2020. The SLC has stated that new students do not need a confirmed place on a course to apply and they can use their first choice of course on their application instead. They are able to update their application later if this changes.

Returning students have until 19 June to reapply for their next year’s student finance.

The easiest way to apply for student finance is online at gov.uk/studentfinance. The SLC has also set up a dedicated resource for parents and partners who are supporting applications, which can be accessed here https://studentfinance.campaign.gov.uk/.

Commenting on the need for students to act quickly with their finance applications, Derek Ross, executive director of operations at SLC, said: “We recognise that students will have much to consider at the moment. However, for those going to University this autumn, it is important that they make applying for student finance a priority. SLC has worked hard to ensure the continuity of the application service throughout the COVID-19 pandemic and the message is still that students should get their applications in ASAP to ensure that their student finance is in place for the new academic year.”

Student banking

Along with ensuring that their application for student finance is submitted, new students also need to start considering opening a student bank account. There are many bank accounts available that are specifically designed for students, many of which offer incentives such as cashback. Often student bank accounts also offer interest-free overdrafts, however students should keep in mind that once they graduate they may have to pay interest on their remaining overdraft balance and, as such, should aim to repay the overdraft before they leave university or switch to a graduate account which allows an overdraft to be reduced over time without interest charges.

For more information about managing finances as a student visit our guide How to manage finances as a student. As well as this, there is a full list of the bank accounts available to students on our Best Student Bank Account page.

Disclaimer

Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

young adult meeting

Cookies

Moneyfacts.co.uk will, like most other websites, place cookies onto your device. This includes tracking cookies.

I accept. Read our Cookie Policy