It is estimated that more than 1.5 million people will be attending college or university this fall, and the Student Loans Company (SLC) is urging students to apply for student financing well in advance.
SLC’s role is to enable students to invest in their future through access to higher and further education, and new full-time undergraduate students in Wales have just under three weeks to apply for funding by the Friday, May 27 deadline.
Students must apply online now even if they do not have a confirmed place at the university. By submitting their application before the deadline, they can ensure that their funding will be in place for the start of the academic year.
Students returning to England must also reapply for student funding each year, and the deadline for applications is Friday 17 June.
Chris Larmer, SLC Executive Director, Operations, said, “Our mission is to create opportunity and we are committed to helping students achieve their ambitions.
“Our application window opened earlier this year, giving students plenty of time to apply before the deadline to ensure they have the best possible start to their college or graduate journey. . We know it can be daunting, especially for new students, but there is a range of content on our website and on social media to help guide students, and their parents or partners, through the process. . Applying early means busy students can tick at least one thing off their list as they prepare for college life.
Chris added: “Applications can take around six to eight weeks to process and for the vast majority the whole experience will take place online. Students can track the progress of their application through their online accounts and if we need any further information we will contact you directly.
Students can continue to apply for funding throughout the summer, but SLC cannot guarantee that funding will be in place for the start of the term.
Tips for Applying for Student Funding
Apply online now even if you don’t have a confirmed university place – It only takes 20 minutes to apply and the quickest and easiest way to do it is online at https://www. studentfinancewales.co.uk/discover-student -finance
- You should apply now even if you don’t know what course you are taking or what university you are going to. Select the course you’re most likely to take and you can easily update the app later if needed.
- Have your important documents handy when applying – Have your national insurance number, passport and bank details ready before you start your application, as you will be asked for this information when you apply. If you do not have a bank account in your name, we encourage you to create one to ensure you receive your funding.
- Provide your supporting evidence online – To make a claim, you will need to create an online account and you may be asked to provide supporting evidence for your claim. Do not forget to provide the proofs which are requested of you. All proof, except for certain ID or residency documents, can be submitted digitally through your online account.
- Tell us if your household income has changed – If you applied for a maintenance loan based on household income, your sponsor – usually your parents or partner – will be asked to provide details of their household income for the previous tax year. For applications in the 22/23 academic year, this is the 20-21 tax year. If your sponsor expects their income to drop by 15% or more, a current year income assessment (CYI) can be requested.
- A CYI can only be requested once you have submitted your application and your sponsor has also submitted their household income for the 20-21 tax year to support your application as well. To do this, visit https://www.studentfinancewales.co.uk/parents-and-partners/how-does-household-income-affect-an-application.aspx to download a digital version of the form once you complete it. have completed you can then download it directly from your online account.
- Make sure you understand the amount of financing you may be eligible for. Students in Wales can apply for a tuition loan to pay tuition fees and a maintenance loan and grant to help cover living costs. Visit the SFW website to find out what’s available. Watch the Discover Student Finance movie to learn more.
- Find out if you may be eligible for additional support – Additional funding may be available if you have a disability or a dependent child or adult who is financially dependent on you. https://www.studentfinancewales.co.uk/undergraduate-finance/full-time/welsh-student/
- Follow Student Finance Wales (SFW) on social media Students can keep up to date with all the latest student finance news by following SFW on Facebook and Twitter.