When do you need to apply for your student loan?

Applying for student finance is an inevitable part of university life. Most students don’t have the cash lying around to pay for the years of tuition and living expenses, so it’s part and parcel of the process to apply for a loan for students worldwide. 

This can feel daunting – many students won’t have any existing experience with applying for finance – but once your application is accepted, the money appears in your account with surprising ease. However, it’s important to make sure that you hit all the key application deadlines, otherwise you can be left scrambling for funds when term starts. 

It can take up to six weeks to process your application, especially if you’re applying for a childcare grant, parent’s learning allowance or adult dependants’ grant. You don’t need to have a confirmed place to apply – the government will only release the money when you turn up to registration, so there’s no chance of you accidentally taking a loan you don’t need.

Let’s take a look at some of the key dates you need to know. 

Application deadlines

For a September start

If you’re looking to start your course in September with the majority of other students, you’ll need to have your application in to Student Finance by around the middle of May. You’ll have the benefit that a lot of your peers will be applying at the same time, so there’s likely to be plenty of reminders and resources out there to help you.

For a January start

For winter courses, the application date is later – the deadline is usually around the end of September. This can be helpful if you’re not sure if you want to apply for university, or want to see how you do on results day before you make any decisions.

For an April start

For those students looking to take their university education to the next level with a Masters degree, there’s sometimes the option to start your course in April. This can give you a short period of time between finishing your undergraduate studies and starting your next step – a time to travel, earn extra money or complete an internship. The finance deadline for a spring start is usually around the end of December.

For a July start

A few universities offer a July start for Masters students, reducing the waiting period between your undergraduate and postgraduate studies. The application date for student finance for these courses is usually around the end of March.

What happens if I miss the deadline?

You can check the current timescales if you’re worried about cutting it fine, but you can also apply up to nine months after the start of your course if you really need to. However, this will mean you may have to fund your university life until this point, which can be incredibly expensive. If you find yourself in this situation, talk to your university, as they may be able to provide a ‘bridging loan’ or bursary to help until your funds arrive.

What do I do if I change my mind?

If your plans change before the start of the academic year and you’ll no longer be attending university, then contact student finance as soon as possible. They can cancel your application with no penalty. If you start your course and find that it’s not the right path for you, it’s still possible to cancel your student finance. However, you’ll be liable for 25% of your tuition fee loan, and this rises to 50% after the second term, and 100% for the third term respectively.

The best way to make sure that you hit the exact student finance deadline for that year is to look out for information on the government website. You’ll have plenty of time to apply, so don’t leave it until the last minute.

Published: 29 January 2024