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Generic Student Finance Questions!

Hello, I have a few questions;
- What is needed to apply for student finance- I don't have a student bank account yet, so do I need one before I apply?
- Once I have applied, am I obliged to accept the loans if they have been offered, if I were to choose not to go ahead with university for example, could I reject them- if so when do I need to decide?
- When is the best time to apply?!

Apologies if any of the above seem trivial.

Much appreciated.

Reply 1

Klix88

My thoughts:

Original post by Davalla

- What is needed to apply for student finance

Initially, just your personal details and an idea of where you want to go to uni. Put your first choice uni/course - these can be changed later if it's not the uni or degree you end up on. If you want to be assessed on your parents' income, they will later be sent their own login details and they will need to enter their income into the system.

I don't have a student bank account yet, so do I need one before I apply?

No. You can't open a student bank account until after you have firmed your uni offer. You apply for Student Finance now and add your bank account details once you have them. As long as they're in the system correctly before your first Maintenance Loan/Grant is due, you'll be fine.

- Once I have applied, am I obliged to accept the loans if they have been offered, if I were to choose not to go ahead with university for example, could I reject them

You can phone SF and cancel your application at any time. Payments are only triggered when your uni confirms to SF that you have enrolled at the start of the academic year. If you don't go to uni, then the loans will never be given. However if you do decide not to go to uni, it's always best to let SF know direct, so that their records are up to date.

- if so when do I need to decide?

You can decide at any time up to the start of the academic year.

- When is the best time to apply?!

Ideally, before the end of May. The system opened for applications at the end of January. If you apply before 31st May, SF guarantee to have your Maintenance payment(s) ready for you at the start of the academic year. If you apply after May, you will still get your SF funding but it may nit arrive until after you start uni. This means that you may have to fund yourself for a while.

The message is - apply as soon as possible!