How to apply for a student loan: Everything you need to know, from deadlines to when repayments start

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When it comes to sorting out your student finance, the sooner the better ⌚
  • There are two main types of student loans, and not everyone will be eligible for both.
  • It’s not too late to apply - even for students wanting to start studying this year.
  • Your loan will start accumulating interest right away.
  • But you don’t need to start paying it back until later on, once you’re earning a certain amount.

Young people with university aspirations who got organised a little late this year have no need to fear - there’s still plenty of time to apply for student finance.

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Students who sat their A Level exams throughout May and June got their final results last week. The number of A Levels taken by students rose overall, as did the number of top grades awarded. While overall pass rate did fall a little, this was in line with normal fluctuations.

Four out of five students who applied to university managed to immediately land a spot in their university of choice. Others, however, are now facing the Clearing process, as are those who applied late, or who have changed their mind about what they want to study.

Luckily, it’s not too late for these students to apply for a student loan, to fund their upcoming studies. But how exactly do you apply, what do you need, and when will you have to start paying it back? Here’s what you need to know:

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What you need to know to apply for a student loan

There are really two main types of student loan. The first covers tuition fees, which are capped at £9,250 per year. The second is called a maintenance loan, and can help cover things like your textbooks and living costs. Not all students will be eligible for maintenance loans, as it depends on how much money your household makes.

For English students, applying for a loan is a fairly straightforward process. First, you should check you and your course are eligible for student finance by looking at the criteria here.

The UK has quite a generous deadline when it comes to applying for student loans (Image: National World/Adobe Stock)The UK has quite a generous deadline when it comes to applying for student loans (Image: National World/Adobe Stock)
The UK has quite a generous deadline when it comes to applying for student loans (Image: National World/Adobe Stock)

If you are, the easiest way to apply is online. You’ll need to sign up to the Student Finance England website here. You can start your application right away - even if you don’t have a confirmed place at a university yet - and the whole form should only take about 30 minutes, UCAS says.

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If you apply for a maintenance loan, you will have to provide your household income for the last financial year. Your parents or partner may be asked to verify this, and they will be sent an email asking them to provide their National Insurance Number.

You might also need to provide proof of your identity. You can do this either by entering your UK passport details, or by uploading a copy of your birth or adoption certificate online.

Finally, there is also the option to apply by post. You can find the forms you will need for this - as well as where to send them - online here.

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Is there a deadline to apply?

Yes, but it’s quite a flexible one. Prospective students can apply for student loan funds up to 9 months after the first day of the new academic year.

For students wanting to start at a university or another tertiary course from September through to the end of the year, they should apply for their student loan by 31 May, 2025.

You don’t need to have a confirmed place yet to apply for a student loan, the government says, but it’s worth getting your finance application started as soon as possible. If you do apply late, your money may not arrive before your course begins.

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Applying in other UK countries

There’s a different process for applying for student finance if you’re from live in Scotland, Wales or Northern Ireland.

You can find out more about Scotland here.

You can find out more about Wales here.

And you can find out more about Northern Ireland here.

When do I have to start paying it back?

You don’t have to start making repayments on your student loan until the first April after you either graduate, or leave your course. For students starting an undergraduate degree in 2024, you won’t have to start making paying off your loan until you’re earning at least £25,000 per year, the government says.

Once you do, these payments will be taken out of your salary automatically for most people. If your pay falls below the limit or you lose your job, they will stop automatically too.

Your loan will also start accumulating interest from the day you take it out. For this year’s new students, this will be at a rate of 8%, although this could vary year on year based on the rate of inflation.

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Finally, student loans do have an expiry date. For people who have not managed to pay them off within 40 years in England, they will be written off. This period is considerably shorter elsewhere in the UK.

We’ve put together a series of articles to help students with the transition from secondary school or college to university. To find out more about appealing your A Level grades, check this one out. If you’d like to learn more about navigating the Clearing process, try this one.

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