The Student Loans Company (SLC) is urging new students to submit their student finance application now, even if course places are not confirmed.
The student finance application service for the 2024/25 academic year opened earlier this month, and research commissioned by SLC has revealed that 48% of students are not planning on applying straight away.
When asked when they plan to apply for student finance, 27% of students said they may wait to apply until their course is confirmed, 11% may apply in a couple of months’ time, 5% may wait until their course starts and 5% are not sure when they should apply.
However, SLC said it is important to apply as early as possible, as the application process can take around 6-8 weeks to complete. If applications are submitted by 17 May, SLC guarantees that student finance will be in place for the start of the academic year.
Students don’t need to have a confirmed place on a course at university or college to make their application, as their course details can be updated at a later date.
Jackie Currie, SLC executive director of operations, said: “Applying for student finance is a crucial step for students preparing to undertake their higher education journey at university and college.
“I strongly encourage new students to apply for their finance as early as possible; this will ensure peace of mind that their funding will be available at the start of term and allow them to focus on their study and important exam preparation in the coming months.”
How to apply for student finance
Students can apply for tuition fee loans to cover fees and maintenance loans to help with living costs.
To apply, students will need the following information to hand:
- National Insurance number
- Passport details
- Bank details
Students can track the status of their application via their online accounts and will be notified if there is any action they need to take.
