Student loan application – The process for the loan application is influenced by when and where you plan to start your course.
Depending on which part of the country you resign in and study at will affect how you apply for student finance.
- England Student Loan Application
- Northern Ireland Student Loan Application
- Scotland Student Loan Application
- Wales Student Loan Application
- Find Out About Student Loan Interest Rates
- Studied from 1998 to 2011, or if you are Scottish or Northern Irish student after 2012
- Studied from 1990-1997 in Higher Education
- For students currently studying or are recent graduates in England and Wales
England Student Loan Application
If you are applying for finance through the Student Finance England you are now able to apply online.
The deadline for student’s who’s courses are starting in 2016 is the 27th May 2016.
The application process can usually take up to 6 weeks although there will be an initial assessment done so that you will have some finance for the start of your course.
Northern Ireland Student Loan Application
If you are applying for money through the Student Finance Northern Ireland for courses, you need to meet a deadline.
Currently you are only able to request a student loan application using a paper application form.
Send your completed student loan application form and make sure you include any required documentation, like proof of identity and household income with your application.
Scotland Student Loan Application
For those wanting to study in Scotland and that live in Scotland you can apply to the Student Awards Agency Scotland to apply for finance to cover the total of the university fees.
There is options however to apply for help for the likes of living costs and tuition fees for studying elsewhere in the UK.
The bursary and student loan that you would be eligible for depends on your household income, and your family status.
Applications can be sent through post or through the document upload service.
Wales Student Loan Application
For application of loans you need to apply through the Student Finance Wales.
They will help you get £3575 university fees loan and tuition grant for up to £5425.
You are able to apply for the student loan and grant online or by paper application by post.
If you apply online you simply need to register with Student Finance Wales.
Log in with your correct details and then submit your application.
Forward any required evidence, i.e. identity or household income.
Once you receive the Student Finance Online Declaration Form by post simply sign and return as soon as possible.
If you wish to apply by paper version contact Student Finance Wales to be sent one.
If you need a new student loan for some needed extra cash, go to Short Term Loans for Students.
Student loan interest rates – Are you a current student at university or college?
Did you Graduate 5, 10, 15 or even 20 years ago?
Then you are likely to be one of the many individuals who have a student loan.
Have a look here if you need new Short Term Loans for Students.
Find Out About Student Loan Interest Rates
Student loans are a great option to help students pay for college or university fees and help cope with the additional living costs, especially if living away from home.
Student loan interest rates are lower than any other loan available, and so is a much viable option for students if they require funds to help them through education.
However depending on when and where you graduated will depend on your student loan interest rates and what rate you will be charged when you repay your loan.
There are 3 different student loan arrangements that will affect how much and when you will pay it back.
Studied from 1998 to 2011, or if you are Scottish or Northern Irish student after 2012
If you began university from 1998 to 2011 or were a Scottish or Northern Irish student after 2012 then you will be on an Income-contingent loan.
The loan interest rates on this type of loan are currently 0.9%.
Student loan interest rates are set each August and are either lower than the Bank of England base rate plus 1% or the rate of inflation.
Studied from 1990-1997 in Higher Education
If you started higher education between 1990 and 1997 then you are on the old style ‘mortgage’ type of student loan.
The student loan interest rates for this type of loan are also 0.9%.
This old style interest rate is set every September based on the Retail Prices Index rate.
For students currently studying or are recent graduates in England and Wales
For those who are currently studying or that are recent graduates that live in England and Wales and started higher education 2012 and later then the new style ‘income-contingent’ loan style is relevant.
Student loan interest rates for this circumstance are 3.9%, which is 2015 Retail Price Index plus 3%.
The interest rates are set in September every year and are affected by inflation.
Remember that if you are or were a Scottish or Northern Irish student the threshold before you start paying back your student loan is £17,335.
Any income over this figure you will pay interest of 0.9%.
If this does not apply to you, the threshold that will apply will be £21,000.
It’s also good to remember that whatever you haven’t paid back after 30 years after the date of graduating the debt will be totally written off.
See also Student Loan Calculator.