Skip to main content

Feature: Applying for Student Loans

St Mary's University, Twickenham offers tips on how to apply for student loans.

The world of finance may baffle some students, who are either gripped by the fear of massive student debts or confused by exactly what they are entitled to when going into higher education. St Mary’s University, Twickenham has a few top tips that will help you sail through your application. 1. Don’t worry! – There will be thousands of other students feeling just as confused as you are so take a deep breath and relax. The deadline to apply for student loans is Friday 30th May 2014 but applications will be accepted after this date. However, the earlier you complete your application the better. And there’s no need to panic if you don’t hear back from the Student Loans Company immediately, it takes up to six weeks to process applications. 2. Get a student bank account  If you are going to apply for financial help during your university years, the first thing you need to do is open a student account, but with every bank enticing you with freebies it may become difficult to choose the best one for you. So how do you choose? Martin Lewis offers some great advice on the Money Supermarket website, which you can find here. 3. Don’t fret about tuition fees – Home* and EU students are eligible to apply for a Tuition Fee Loan (though conditions vary for part-time students), which is paid directly to your chosen university so you never have to worry about spending all that extra cash. International students who live outside the EU are not eligible for any loans or grants in the UK. Even though you don’t need to pay for your tuition fees upfront, you will need to pay them back starting from the following April after you finish your course. This is what frightens most students but you only start repayments if you are earning more than £21,000 per annum. Payments are calculated on your earnings, not on the amount you have borrowed, and if you haven’t paid off your loan after 30 years it will be written off. You can get an estimate of what you will need to repay by using the Student Loans Repayment Calculator. 4. Home* students will get help with living costs - The Maintenance Loan and the Maintenance Grant help with the cost of course books, trips, food, rent, bills, etc. The difference between the two is that you pay back the loan while you do not have to repay the grant. Both are based on your household income so the amount you will receive will vary for each student; visit the Government website to see what you are entitled to. You can also find out more about additional support from the Government website page or check out the scholarships that St Mary’s offer on the Money Matters page of the University website. 5. Tackling the application form – The student loan application form is lengthy but as you create your account online, you don’t have to complete it all at once, so you may want to do one section a day. Remember to check that you have provided the correct details as wrong or false information can delay your claims. It’s also handy to have your passport (or birth certificate if your passport has expired or you do not own one), National Insurance number, details of your household income, bank details and course details nearby. If you are under 25 you should get your parents/guardians to complete the application with you, particularly when filling out evidence of household income. 6. Remember - you will have to apply for tuition loans, maintenance loans and maintenance grants for every year of your degree. If you need any more advice on student funding, you can contact St Mary’s Student Funding Officer Lynne Fardon on lynne.fardon@stmarys.ac.uk. Good luck! *Home students are students who have lived in the UK without any restrictions for three years or more before the start of their course

Media enquiries

For media enquiries, please contact:

St Mary's University logo

Press team

020 8240 8262