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Higher education

Talk to other parents whose children are preparing for university on our Higher Education forum.

Original poster

Applying for finance- your tips please

48 replies

whataboutbob · 19/05/2021 20:20

DS1 is doing A level exams this week and has just informed us he needs to do his University finance application by Friday. I had no idea. Any tips would be gratefully received, he agreed we are going to do the form together tomorrow.

OP posts:
motogogo · 19/05/2021 20:22

It takes about 10 mins initially, very simple, he needs to do the first bit, if your household income is under the max he'll need you email address too

Cookerhood · 19/05/2021 20:23

You just go through the form & complete it! If you are applying for the minimum loan it's easier as you don't have to provide any financial details.
Is there something specific you want to know?

singsingbluesilver · 19/05/2021 20:25

There really is no deadline as such. It will still be processed. Take your time and do it properly and don't panic that it needs to be in for Friday.

singsingbluesilver · 19/05/2021 20:28

Posted too soon! I speak from experience having helped three dc and numerous nieces and nephews through the process. The applications get turned around pretty quickly and despite not submitted until July on one case not once was the payment delayed.

MarchingFrogs · 19/05/2021 20:33

If he doesn't have a current passport, he will need to send them his birth certificate (with a passport, one just enters the details, rather than sending the document).

Rillington · 19/05/2021 20:47

We did ours today. It took about 10 minutes in total.

SusannahSophia · 19/05/2021 21:18

Just remember if you’re giving your financial details that they are for April 2019 to April 2020. If your income has dropped (due to Covid for instance) by at least 15% you can ask to have an estimate for this year’s income to be used instead, after downloading 2019-20 first.

22nd May is the deadline to guarantee the money will arrive at the start of term, but it’s usually fine even if a bit late.

lovelyupnorth · 19/05/2021 21:21

They’ve got ours wrong both years and a bloody nightmare to sort. Awful Comapny to deal with.

Original poster
whataboutbob · 19/05/2021 21:52

Thanks guys this is very reassuring- apart from lovelyupnorth- that must have been very annoying. We’ll get cracking on it tomorrow. He has a passport and it shouldn’t be too hard to get our income details together. Thanks again all.

OP posts:
mimbleandlittlemy · 20/05/2021 14:05

My top tip is don't do what I did on the parental form - input your NI number wrongly and not notice. Causes all sorts of problems (because you don't exist...). If you aren't a complete incompetent (like me Grin) it takes no time at all to do both the student side and the parent side and if you do make a mistake, they are very friendly and helpful once you finally get through to them after an hour of their terrible hold music.

mimbleandlittlemy · 20/05/2021 14:08

Just to add, I'm a single parent and self-employed so I had to provide my 19/20 tax return as well as evidence that I had paid in to the pension schemes I said I had paid in to. Next year I'm going to have a file marked Student Finance so I have those bits of info immediately to hand rather than hunting through the filing cabinet.

DahliaMacNamara · 20/05/2021 17:19

Now that we've done the forms it all comes flooding back. One thing I would advise, not from my own experience but of students known to older DS, is to check the account from time to time to make sure they don't need anything else from you, because if they do, they have a tendency to keep that to themselves, and the first thing you know about it is your DC ringing you from halls to say their loan's not there because you didn't send student finance some document back in June. I know that on MN they're all adults, etc, and for the most part I tend not to be too hands-on myself, but keep an eye on this one, and make sure they check their account for messages and updates too.
It's usually straightforward, honestly. Nothing to worry about. But when it isn't, it's a bugger.

MarchingFrogs · 20/05/2021 17:25

@mimbleandlittlemy, my organisational skill took the form of ordering a copy of DS2's birth certificate a few weeks back, on the grounds that however much I know that they are all in labelled envelopes, even if I can remember which alternative 'safe place' seemed like a good idea when a birth certificate was last required, the one marked with that DC's name will inevitably turn out to contain one of the other two instead...

His has been evidenced by completely forgetting to get the wretched thing in the post today, but we will get there eventually. And yes, a sibling has experience of applying late (for second year finance) with no problems.

lovelyupnorth · 20/05/2021 21:42

@whataboutbob

Thanks guys this is very reassuring- apart from lovelyupnorth- that must have been very annoying. We’ll get cracking on it tomorrow. He has a passport and it shouldn’t be too hard to get our income details together. Thanks again all.
They buggered up first year and again this year and then you have to do a manual from. Some how our daughters became detached from one another and could re attach them online.

Still have a complaint running. They’re fucking hopeless.

Original poster
whataboutbob · 20/05/2021 21:57

Thanks everyone. We did the form together but come to think of it , it didn’t ask anything about my or DHs husband’s income so I’m wondering if it’s been filled in correctly. I made sure to keep the password and thanks for the heads up @DahliaMacNamara, I can absolutely foresee being advised of some pressing need by DS , right at the last minute.
I was a bit shocked that interest is charged at 5.5%, when the actual rate of interest is 1.5% 😡.

OP posts:
DahliaMacNamara · 20/05/2021 22:10

Once your DS had submitted the form, you and your DH should have been sent a link to set up your own accounts and complete the finance bit. Might it have gone to spam?

kitnkaboodle · 20/05/2021 22:11

They will email you and your DH to ask about your income. Saves the awkwardness of your DC knowing the precise details of your income!

LIZS · 20/05/2021 22:11

I think the income based part is separate. But you may not get a link if you ticked a box to decline more than minimum maintenance loan.

Original poster
whataboutbob · 20/05/2021 22:13

Nothing so far. DS has his last exam tomorrow and is revising now, but I will ask to go over the form with him again at the weekend. I can’t remember them asking for parents’ email addresses.

OP posts:
Rillington · 20/05/2021 22:14

@whataboutbob you and your DH need to set up your own accounts and complete the questions about income, benefits, dependant children etc.

HmmmmmmInteresting · 20/05/2021 22:16

I was a bit shocked that interest is charged at 5.5%, when the actual rate of interest is 1.5

What do you mean by this?

LIZS · 20/05/2021 22:28

Interest rate on SF loans is around 5.5% pa but current base rate is 0.1%.

HmmmmmmInteresting · 20/05/2021 22:35

@LIZS

Interest rate on SF loans is around 5.5% pa but current base rate is 0.1%.
Thats why I was confused, because she said 1.5%

Yes, I think interest rates on student loans are a scandal. And nobody seems to care much.

Rosieredapples · 20/05/2021 22:40

I agree re the interest rate it's an absolute rip off. I could secure a loan in my name for 2.8% and give that to my child, however the payments would start immediately of course, so not a great idea, but the interest rate is scandalous.

HmmmmmmInteresting · 20/05/2021 22:53

@Rosieredapples

I agree re the interest rate it's an absolute rip off. I could secure a loan in my name for 2.8% and give that to my child, however the payments would start immediately of course, so not a great idea, but the interest rate is scandalous.
The payments would start immediately, but at least the loan amount would reduce every month. These student loans increase every month!

I've just gone on the MSE website student loan calculator and I suppose it depends on what career your DC goes into. If it's a high-earning career, that 5.7% interest rate is extortionate and they could pay back well over £100k depending on their salary. If they're going to be relatively low paid it's decent value for money, although annoying because we didn't have to pay £30+-odd grand!