STUDENTS should have already started receiving their loans for the 2023/24 academic year.
University pupils can claim cash to cover the cost of tuition fees.
They can receive a maintenance loan worth up to £13,022 to help with everyday living costs too.
But when are the payments made?
These are the dates that should be in your diary, and whether you can still apply for student finance.
What is a maintenance loan?
A maintenance loan is paid directly into your bank account at the beginning of each term.
This means typically you'll receive three payments a year.
The loan is meant to cover your living costs during your studies and most people use it to help pay for rent.
You won't need to use this money on your tuition because that is paid for separately.
How much you're entitled to could be affected by your household income during the application process.
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To find out how much you can borrow, visit the government website.
How much could I get?
Depending on your circumstances you could get up to £13,022 for each academic year.
If you are living at home with your parents, the maximum you can get is £8,400 a year.
If you live away from your parents and outside of London, you can get up to £9,978 a year.
If you are living away from home and study in London, you will get up to £13,022.
And if you spend a year of a UK course studying abroad you could get up to £11,427 a year.
What are the maintenance loan payment dates for 2023-24?
Student loans are paid in three instalments, but the exact day you'll receive yours depends on your term start date.
If your course starts in September, you should receive your payments in September, January and April.
That means if you started in September 2023, your second payment should hit your account in January.
The payments are sent by Student Finance Wales, Northern Ireland and England or, if you're in Scotland, the Student Awards Agency Scotland.
Student Finance England (SFE) says it can take up to three days for payments to reach a student’s account, so it's best to make sure you have some money to cover immediate costs like transport and your first rent payment.
Students usually receive a text or email to confirm when they will be paid each instalment.
How to view your payment dates and status
Once your loan application has been approved, you'll be able to view your student loan payment schedule in your online account.
How much funding you get depends on your individual circumstances – including your parents' income.
Once you’ve logged into your student finance account, you’ll see your "my account" page.
Then you can select "your finance", where you’ll find the option to see your payments.
You should click on "academic year 2023/2024" under "view your payments".
You'll be able to view your scheduled payment dates, the status of your tuition fee loan and your maintenance loan as well as any grants you'll receive.
You might see your payment status as "awaiting confirmation" or "blocked".
"Awaiting confirmation" means you'll get paid once your university or college has confirmed you’ve registered for your course.
"Blocked" means Student Finance is checking your national insurance number (which can take up to 10 days), your bank details are missing or it needs more evidence from you.
To find out what else you need to do, select "your profile" then scroll down to "your to-do list".
How do you apply for a student loan?
Students can apply online for a loan through the government website.
You can apply up to nine months after the start of the academic year – so usually around May would be the latest.
Students can set up a student finance account online – and will need their National Insurance number, as well as passport and bank details to apply.
You can apply for tuition fee loans and maintenance loans.
Do you need to apply for student finance every year?
Yes, continuing students always have to apply for funding every year.
Paper applications can still be downloaded from the student finance website, but applying online is fast and easier.
Can I still apply for funding?
Just because your term has started doesn't mean that you can't still apply for student finance.
You can apply up to nine months after the first day of the academic year for your course.
That means if you start your course in September, you can still apply for funding any time before June the following year.
However, if you apply later on, don't expect your payments to come through on the same day as everyone else.
When does repayment start?
When you start repaying your loan, and how much you have to pay, will depend on which repayment plan you're on.
Plan One (Loans taken out before September 1, 2012 in England or Wales and any loans taken out in Northern Ireland)
- If a student's income is more than £1,682 a month (before tax and deductions) or £20,195 a year, they will start repaying their loan the April after leaving their course.
- The amount you need to pay back will change on April 6 each year.
- Students will stop paying if their income drops below this amount.
Plan Two (Loans taken out on or after September 1, 2012 in England and Wales)
- If a student's income is more than £2,274 a month (before tax and other deductions) or £27,295 a year, they will start repaying their loan the April after finishing their course, or, if they are studying part-time, the April four years after the course started.
If you took out a Postgraduate Loan, you'll repay when your income is above £1,750 a month or £21,000 a year (before tax and other deductions).
Plan 4 (Loans taken out in Scotland)
If a student’s income is more than £1,834 a month (before tax and deductions) or £22,015 a year,
they will start repaying their loan the April after leaving their course.
The amount you need to pay back will change on April 6 each year.
Students will stop paying if their income drops below this amount.
Plan 5 (Loans taken out in England from August 31, 2023)
People with Plan 5 loans won’t enter repayment before April 2026. When they do they will pay
when their income is £2,083 a month or £25,000.
Repayments are taken out from a person's salary at the same time as tax.
Students can also make voluntary repayments through the Student Loans Company (SLC).
However, they should be careful as more than half a million graduates were owed a whopping £28million due to overpayments, research found in 2019.
The Student Loans Company then began trialling automatically refunding people who had overpaid back in 2020.
How much are university tuition fees?
The amount that a student will pay for their university tuition depends on the institution they study at, and what they study.
Tuition fees are capped at £9,250 for home and EU students.
Interest starts being added to your loan from when you get your first payment.
If you think university isn't for you, here's how you can earn £60,000 without a degree.
And make sure you don't waste your student loan – unlike this student, who blew it on a nose job in Turkey.
And as student loan overpayments hit £18.4million, here's how to check if you're owed a refund.
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