Applying for student finance in 2012/2013
By Jake Butler in Student Money
As most of you will already know student loans and grants are an increasingly important factor of university life, especially with the tuition fee rises in 2012.
Whether you are a new or current student you have to apply for university student finance every year. For new student (freshers) the student finance application deadline is fast approaching and current students do not escape either! You have to renew your student loan and finance claims every year or you could end up getting your student loan late.
Here is Save The Student’s quick guide to all you need to know about student finance, whether you are a new or current student.
Introduction to student finance
To keep it simple there are two types of student finance that you need to know about. You can apply for a loan which you will have to pay back, and some students are eligible for a grant or bursary.
Types of student loans
- Tuition fee loan – used to pay the cost of your university tuition fees
- Maintenance loan – to help with accommodation and other living costs
Types of student grants
You can apply for a maintenance grant which you will not have to pay back at any point. What’s more, you can now apply for a student grant if your household income is below £42,600.
- The maximum grant available to students in 2012/2013 is £3,250.
- The amount you receive can depend on a number of factors such as where you live.
Types of student bursaries
Bursaries given to students by universities to help pay the tuition fee cost: these are similar to grants in that you don’t have to pay them back.
Check out our list of student grants, bursaries and scholarships that you can apply for.
You can get at least £329 a year for a bursary but check if you are eligible for one by visiting DirectGov student finance calcualtor.
How much will student finance cost?
There are two costs involved with student finance and these are the maintenance loan and the tuition fee loan. These are the only two types of student finance that you will have to pay back. To see how much you will have to pay back and when, take a look at our student loan repayment calculator.
The maximum a university can charge for tuition fees in 2012/2013 is £9,000. Look out for the cost of your course at university as you need it to fill in the student finance form.
The maximum you can get for a student maintenance loan is £7,675, and it all depends on factors such as where you live and your household income.
How much of a loan or grant are you entitled to?
As you can see the maximum you are entitled for on a loan is £7,675 for the year. It all depends on where you are living, the year you are in, the year you started your course and your household income.
If you are living at home with your parents you can expect to get up to £4,375 as opposed to if you are living away from home. If you are living in London then you could get up to £7,675, outside of London you can get up to £5,500.
As was noted before, if your household earns below £42,600 then you can claim for a grant up to £3,250 a year. However, you are not entitled to this full amount unless your household (your parents) earn below £25,000 a year; anything above this is then worked out on a tier structure.
What documents do you need for your student finance application?
When you fill in your application with your loan or grant provider then you will need to send proof of identity along with other documents in order to complete your claim. These can differ from claim to claim, but there are a couple of things that you need to have handy when filling in your student finance forms whether online or offline.
You will need to prove your own identity which will usually be in the form of original documents such as driving license or passport. Also, if you are looking to get a grant or bursary you may have to send off documents to prove your parents income. Keep in mind that you will need these when filling out the form.
When to apply for your student finance
First time students – If you are applying for the start of university in the year 2012/2013 then applications must be submitted by around 31st May 2012.
Returning students – You can renew your claim or change any details to household income, and you must apply by around the 30th June to make sure that you receive the correct payment and on time.
Beware that as a returning student in 2012/13 your tuition cost will be going up from £3,375 to £3,465. You will need to remember this when applying for next years student finance.
How to apply for student finance
You should now be ready to fill in your finance form and if you want to do it online (whether renewing or starting from the first time,) then take a look here.
For more information on any of these issues or some extra tips, you can take a look at the DirectGov website or ask a question below.
If you wanted to know more about the student finance in 2012 then take a look at our full review.
Student finance 2012 >>
Last updated 26th January, 2012
