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Deadlines to apply for maintenance loans

If you have a child heading off to University this Autumn it’s time to make sure all the paper work for loans is completed. To make sure the student loan is in place for the start of the autumn term, students resident in England need to apply by 31 May 2014. In Scotland, prospective students have until 30 June. For Welsh students, it’s 16 May. There’s no real deadline for Northern Irish students, but you must have applied by nine months from the start of your course.

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 If you miss the deadline doesn’t mean you can no longer apply for a loan, it just means the cash might not arrive until a few weeks into term. Which can make things pretty tricky for the young person and might mean the bank of mum and dad may be called in again albeit for a shorter term loan.

Remember under £42,620 income households’ students get maintenance grants and in 2014/15 full-time students with residual income under £25,000 get a grant of £3,387. Because it’s a grant, not a loan, it never needs repaying (unless you leave your course early, when you may be asked to pay it back).  If you’re entitled to a full grant the maximum loan you’ll be entitled to is reduced though by less than the amount of the grant. So at £25,000 income or less, in 2014/15, a student living away from home (outside London) would get a grant of £3,387 and a maximum loan of £2,725 (not the full £5,555).  Enable’s Independent Financial Advisors in Bishop’s Stortford are here to help you support your young people.

Issued by: Enable Independent Financial Life Planners
25c North Street, Bishops Stortford, Herts CM23 2LD
Telephone: 01279 755950 – Fax: 01279 657339
Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Conduct Authority.
It is important always to seek independent financial advice before making any decision regarding your finances. If you would like any assistance, please contact us.

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