The easiest way to apply for a student loan, if you don’t already have a form, is to go online to the student finance website for your area. Different countries in the UK have different websites, so the easiest way to do this is search the internet for the right address.
The questions can be quite complicated to answer, but you can order a paper copy from the websites as well as filling in the form online if you would rather do that.

After filling in the form and sending it off, (do pay attention to the deadline – a few of my friends didn’t get their forms in on time and their payments were delayed), you should receive confirmation through the post within a few weeks telling you that they have received your form. After this, you won’t hear anything else for a while – DON’T WORRY!! Eventually, only a couple of weeks before you are due to start term, a provisional notification of finance and then a final notification of finance will arrive through the post. These will list the breakdown of when you will be paid and how much they will pay you. It’s important to keep these papers safe – you will probably need to show them when you enrol at university.

The final notification will detail the different categories that the money lent to you falls into. Normally, you will have a:
‘Tuition Fee Loan’ which is paid directly to the university to cover the cost of your tuition,
‘Student Loan’ which is the money that they are lending you (and will have to pay back eventually),
‘Maintenance Grant’ which you do not have to pay back (loans you have to pay back, grants you don’t).

The money is paid straight into your bank account in three instalments – the first a few days after you enrol in September/October, the second in January and the third in April. Taiko, a moderator from thestudentroom.com says; ‘The amounts paid in instalments will vary, but it’s usually best to guess at 1/3 of your overall entitlement.’ The amount you are paid does hugely depend on your household income, but (in my experience), the loan can be up to about £3,500 in total, spread over the year, with the grant adding up to £2,500 on top of this. If you have any questions or issues with this, it’s best to talk directly to student finance; their telephone numbers should be listed on their websites and they are very helpful.

If you have any savings, it’s a good idea to have some money put aside for the time before term starts, when the loan hasn’t come through (in other words, for the beginning of Freshers’ week). When I started university, I was told that I would need an interest free overdraft, and the people in the bank were right!! If you tell your bank that you are now a student, they will arrange for you to have an interest free overdraft, giving you that extra bit of stability if you are struggling. These are normally £1000 in the first year and can increase up to £2000 in subsequent years. However, you need to remember that if you spend more than this the bank will charge you horrendously, and it is also important to remember that you have to pay it back as soon as possible!! Many students will work full-time over the summer to do this, so that it is clear for the following year.
It is worth noting that you currently don’t pay back any of your loans until after you graduate and are earning over £15,000 a year.

If you run into problems, talk to the university. Most places have contingency funds for the people who struggle with finance, and they will help you if you need it. Good luck, enjoy yourself, as it will probably be the best time of your life!!

By Alison W, 2nd Year from University of Wales Institute, Cardiff

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