Clearing myths on student loans

Students grappling with the latest A level results will no doubt be faced with decisions regarding student loans to finance their time at university if they chose that option. There are a number of myths surrounding this source of funding and in a recent news story government attempted to dispel some of these myths. They are:

Myth: If I get a place through Clearing it’s too late to apply for student finance.

 

BUSTED: No, but if you haven’t applied for student finance yet, you need to apply right away. It can take up to six weeks to process your application. You might not get all of your money in time for the start of your course, but Student Finance England (SFE) will try to make sure you have at least some money as close to the start of your course as possible.

 

Myth: If I’ve already applied for student finance and my course changes through Clearing, I don’t have to do anything.

 

BUSTED: If you have already applied for student finance but want to change your course, university or college you need to update your course details to make sure that you receive your student finance at the start of term.

The easiest way to update course details is to log into your online account and choose ‘Change your application’: www.gov.uk/student-finance

 

Myth: I need to send my Passport and a signed terms and conditions to receive my student finance.

 

BUSTED: If you have an in-date UK Passport you can provide your Passport details on your online application form which will be automatically checked with the Government Identity and Passport Service. When your application has been processed you can even accept the terms and conditions using a digital e-Signature.

 

Myth: It takes ages to apply for student finance because my parents or partner need to send paper forms and evidence.

 

BUSTED: If your parents or partner are providing financial information to support your application, they can do this online and we’ll verify their information with HMRC. If you are asked to send some additional paperwork to support your application this can be uploaded from your account using the new digital evidence upload service.

 

Myth: There’s no information available on student finance and Clearing.

 

BUSTED: There’s a range of helpful tools and guidance on SFE’s student finance zone Clearing page

 

You can also access the SFE YouTube Clearing playlist. Don’t forget you can also contact SFE Monday to Friday from 9am-5pm and Saturday from 9am-4pm:

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