University is a significant investment and for many students, it could be their first time applying for a student loan.
A student loan is designed to help students to pay for education and the associated fees. These may include a tuition fee and a maintenance loan which can help with your living expenses.
How to Apply for a Student Loan
The easiest way of applying for a student loan is by applying online, if you are located in England, Wales, or Northern Ireland. The government Student Finance is the official source for paying university tuition fees and the associated living costs while studying at university.
When Can I Apply?
Unfortunately, if you are planning to apply for courses starting between 1st August 2020 and 31st December 2020, the deadline for applying was 31st May. However, you can look forward to applying for courses beginning between 1st January 2021 and 31st March 2021. The deadline for this is 30th September 2020.
Find more information about the application dates here.
How Much Do I Need To Repay?
Student loans are often a long-term repayment as they are meant to be repaid throughout your career. If you are unemployed or on a low income then you won’t need to make any repayments until you meet the specifications. The amount that you need to pay would depend on a variety of factors, such as the cost of the course. Read more about the terms and conditions here.
You can also find more information about repaying your student loan here.
Will A Student Loan Impact My Credit Rating?
It’s important to know that student loans will not appear on your credit files and it will not affect your credit ratings. However, one thing to keep in mind is that when you apply for a mortgage, lenders will ask if you have a student loan which may affect the amount you can borrow.
What Should I Do If I’m Travelling For More Than Three Months?
If you are deciding to travel for more than three months, you are required to inform Student Finance so that they are aware and they can make sure that you are repaying the right amount towards your loan.
You will also need to ensure that your details are kept updated. Otherwise, you could miss important information about your loan repayments. The good thing is, it’s very quick and easy to update your information.
About Stuart Mosley
Stuart Mosley (CeFA, CeMap, CLTM) founded SJ Financial Solutions in June 2005 having spent 12 years with big corporates such as Halifax and Santander. He felt the personal touch and straight speaking was missing from financial and mortgage advice services and set up SJ Financial Solutions to change this.
If you would like to book an appointment then please get in touch and we can arrange a suitable time to discuss further. We can arrange appointments at a place and time suitable to you, we can discuss your options over the phone or if you prefer email, then this is fine with us.