The clock is ticking for anyone looking to become a full-time undergraduate this autumn to get their student finances in order in good time. More than 1.5 million people are expected to enter higher education in the UK later this year - either at university or college.
New students, however, only have until tomorrow (Friday May 20) to meet a deadline to apply for funding through the Student Loans Company (SLC). Despite the SLC reassuring students that late applications will still be processed, it warns that these student loans may not arrive in time for the start of the new term.
Applications can be made online using the student loans website, with prospective freshers advised to go ahead and apply - even if they haven't yet got a confirmed place on a course. The situation is not as urgent for returning students to reapply for their student loans as the deadline for these applications is June 24.
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Chris Larmer, the SLC's executive director of operations said it has tried to make the application process is as straightforward as possible. "Our student finance application service launched at the end of February and before I know it, it's May, and I'm already talking about the deadline approaching this Friday (May 20) for full time, undergraduate students in England," he said.
"We have been focused on delivering a seamless application journey for students. We recognise that preparing to go to university or college can initially seem a bit overwhelming, so we want the application process to be as simple as possible."
He added: "The bottom line is students need to start the new academic year with their funding in place – that's our overall goal. The good news is that students can apply online and can do this even if they don’t have a confirmed place at university.
"The process doesn’t take too long and once it’s complete, students can relax knowing there is one less thing to take care of before they head off on this next chapter." Mr Larmer said it's important to apply as soon as possible as, despite many applications being approved "without a hitch", some are more complicated and may require additional information.
"There are some applications that can be more complicated to process and require additional information," he said, adding: "But our focus is on ensuring a good customer experience, which is why the improvements we have made to our digital services are so important."
Mr Larmer added: "The online account gives the student the freedom to self-serve where possible – update personal details and check the progress of the application at a time that suits them.
"Once submitted, applications can take up to six to eight weeks to process but if we need anything, or want to clarify their information, we will get in touch directly with a message on the account to-do list, by text or email."
Information and other resources are also available online to answer some of the common finance questions prospective students may have. "We strongly recommend that applicants check this out first before calling us, as our phonelines are always extremely busy at this time of year, and we would prefer not to keep people waiting," said Mr Larmer.
He added that students can also stay up to date on the latest student finance information through the SLC's social media channels on Twitter, Facebook and Instagram. "Of course, applications continue to stay open throughout summer, but we can’t guarantee full funding will be received before the academic term starts," added Mr Larmer.
"So, my advice to all students starting or continuing their studies at college or university this year is to apply now. We look forward to receiving your application." To apply for a student loan for this September, or to find out more about the process and what information and documentation is required, visit the Student Loan application website by clicking here.
