Student Finance Applications are now open
While we in the Student Finance Team love all things Student Finance, we imagine you have many other things to focus on right now. So here are some key things you should know.
Apply now
You should apply as soon as possible. Making sure you have your funding in place for the start of the academic year is an easy way to support your transition to higher education. Applying early will also help you make realistic financial plans for your time at uni.
No need to wait for an offer
It's important to know that you don’t need to have secured your place or even applied to university to apply for Student Finance. Just put down your first choice course and university and, if it changes, you can update your account.
Application is easy
You can apply online. It’s simple and straightforward and completing the form takes around 30 minutes. While we might not be able to help face to face this year, if you have any tricky questions feel free to get in touch with our Student Finance Team – they will always help if they can.
Current Year Income assessments
Money has, and will continue to, be tight for lots of people due the pandemic. If your household income has gone down by at least 15% compared to the 19/20 tax year, you can ask for a Current Year Income Assessment.
Changes to Student Finance
There are no big surprises but as always there have been some tweeks.
1. The maximum maintenance loan amounts have gone up. Which means there’s even more money available to help with living costs for those who need it most.
| Minimum loan | Maximum loan | |
|---|---|---|
| Living in parental home | £3,516 | £7,987 |
| Living away from parental home | £4,422 | £9,488 |
| Living in London | £6,166 | £12,382 |
2. The repayment threshold at which you start making repayment contributions has gone up to £27,295 a year. This is great news if you’re worried about the affordability or value of going to university.
3. Access to Student Finance for EU, EEA, and Swiss nationals, and their family members living in the UK has changed. If you’re in this category, you should seek clarification and support as soon as possible.
4. The Disabled Student Allowance is now a single allowance capped at £25,000 (travel allowance remains uncapped). It can take around 14 weeks for applications to be approved – so if you’re applying for DSA you should do so as early as possible.
5. There’s a dedicated Student Loans Company email for estranged students, estranged@slc.co.uk. Great news if you need to prove estrangement.
Get help with your finances
You can contact our Student Finance Team at studentfinance@port.ac.uk with any questions or concerns you have about your finances.
