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Martin Lewis issues urgent three day warning to students applying for loans


A compilation image of a student in graduation robes and Martin Lewis

Get applying quick (Picture: Getty Images)

Students – deadlines are fast approaching. Don’t worry, you haven’t missed handing in an essay, we’re talking about applying to student finance.

Martin Lewis’ Money Saving Expert has reminded first-time students, or those starting their undergrad degrees, that they need to sort out their loan applications as soon as possible.

Many students who are planning to move out of their homes to study will likely need a maintenance loan to help with living costs, or just to pay for student life.

But the deadline to apply for this living loan is Friday 17 May, so if you haven’t already, get applying now.

For returning students, that’s second and third-year students, you have a bit more time as you don’t need to get applications in until June.

The maintenance loan can be used for whatever costs you incur as a student, whether it be for accommodation, travel or books.

Get applying quick (Picture: Getty Images)

But it is means-tested meaning the amount you get depends on your family earnings.

For 2024/25 starters, the full loan is £8,610 if living at home, £10,227 living away from home, or £13,348 away from home in London. 

So, if you’re going to apply, here’s everything you need to know.

What is the deadline for student maintenance loan?

The Money Saving Expert newsletter reads: ‘You don’t need to wait to have a confirmed place. First-time student applicants living in England have a deadline of 17 May 2024 to apply and get their living loan guaranteed for the start of the 2024 term.

‘Returning students have until 21 June 2024. If you’ve missed the date, don’t worry, you can still apply and get the loan, you just may wait longer for it to arrive.’

How much maintenance loan do you get?

The newsletter explained that the living loan amount received is means-tested for those:

Age 25+: Those aged 25 or over on the first day of the academic year automatically have independent student status, so are assessed on their own (and their co-habiting partners if they have one) residual income.

Under 25: For most under-25s, even though you are old enough to vote, get married and fight for our country, your living loan is dependent on family residual income, which for most people is a rough proxy for ‘parental income’. This assessment often includes the income of your parent’s partner or step-parent.

For new starters, the amount of maintenance loan you get starts to go down if your family earn more than £25,000.

The good news is you have time to apply for your actual student loan to pay for the £9,250 a year course fees – you’re given nine months into the start of your course to sort this out.

Student Finance dates to be mindful of

Course start date:

Between 1 August and 31 December – Apply for student finance by 31 May after your course started

Between 1 January and 31 March –Apply by 31 May after your course started

Between 1 April and …read more

Source:: Metro

      

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