Student Loans Company Reminds New Students to Apply Now

SLC is reminding new full time undergraduate students in Wales to apply for their student finance before the deadline on 26 May.

The Student Loans Company (SLC) is reminding new students in Wales, who are planning to attend university and college this autumn, to submit their student finance applications right away.

With the new student application deadline approaching on 26^th May*, students should apply online now even if they don’t have a confirmed place at university.  This will ensure their finance is in place for the start of the academic year.

The Student Loans Company (SLC) paid over 1.5 million students more than £22bn in maintenance loans, grants and tuition fees in the last completed academic year (21/22). Given the scale of the service it offers, it’s important that students’ applications are submitted and ready to be processed.

Jackie Currie, Executive Director Operations at SLC, said: “We understand that prospective students have a lot on right now, with studying and exams on the horizon. However, my message to them is apply now because getting their student finance application in before the deadline gives them one less thing to think about during the important study period. And even if they don’t know what course or university they are going to, or if they are waiting for exam results, please still apply.

Students can apply for Tuition Fee Loans to cover fees and Maintenance Loans and grants to help with living costs. There may be circumstances where a student is able to access some extra money, for example if they have additional needs, have children, or are studying for a medical, social work or teaching course. More information about what is available can be found here: https://www.studentfinancewales.co.uk/undergraduate-finance/full-time/welsh-student/what-s-available/

Important information for prospective students:

There are a number of resources available for students to find out more on how to apply and about the financial support that might be available.

·        Full information, including guides on how to apply, what funding is available and videos to help students through the application process are available at: https://www.studentfinancewales.co.uk/discover-student-finance/

·        Students can apply for Tuition Fee Loans to cover fees and Maintenance Loans and grants to help with living costs

·        Students can also access more information and guidance on, The Student Room and by following Student Finance Wales at facebook.com/SFWales, twitter.com/SF_Wales or youtube/SFWFILM

• If the current tax year’s household income drops by 15% or more compared to the 21/22  tax year the student may be entitled to receive more maintenance loan, more info here: https://www.studentfinancewales.co.uk/current-year-income

Have important documents to hand:

• Students should have their National Insurance Number and passport details to hand before starting the application.
• They will also be asked for bank details when applying, including the 8-digit account number and 6-digit sort code.  If the bank details change after applying, it’s quick and easy to log into their online account and update them.

Track the progress of the application:

• Applications can take six to eight weeks to process, and students do not need to contact us during this time. They can track the status of their application via their online accounts and will be notified if there are any outstanding actions they need to take.  Students can also make changes to their personal information in their online accounts.

Returning students are also reminded to apply before their application deadline on 30 June

A very helpful guide can be found by clicking: https://www.comparethemarket.com/loans/content/how-do-student-loans-work/