What You Need to Do If You Have Missed the Student Finance Deadline

What You Need to Do If You Have Missed the Student Finance Deadline

Student finance is the funding of your education, including your living cost while studying from a government body. However, officials are not miracle agents, and hence they can only try their best to ensure that you all get money to fund your undergraduate course.

If you want to get money in your bank account on time, you will have to apply for these funding sources as soon as possible. The deadline for new university students of Northern Ireland for applying for student loans is 15 April 2021, while the deadline for returning students is 25 June 2021.

The deadline for putting in the application for student loans varies from country to country. The deadline for the students of England is 21 May 2021 and for returning student is 25 June. However, the deadline for both new and returning students of Scotland is 30 June.

This is why it is suggested to check the deadline on the internet. Applying for a student loan in Ireland ensures that you will have money in your account when you need it. Most students fail to put in the application on time because they struggle to decide on the university and the course. It does not matter if you still need some time to make a final choice.

You can apply for student finance. At the time of filling in the application, you have to write the name of the university and the course. You can update your application when you make a different choice about your university and course. Make sure that you do it as soon as possible.

What if you have missed the deadline for your student loan?

If you want to get money in your bank account on time, you will have to make sure that you put in the application before the due date. However, sometimes you miss out because of unavoidable circumstances.

Well, not to worry, as you can reapply for student finance within the first nine months after your course starts. It means you can still get a student loan, but you will have to wait for a bit longer time. However, sometimes the delay in the processing of student loans can result from many other causes.

Of course, it is tormenting to keep waiting for money to have in your bank account after the submission of your application. There may be issues with your applications. You may fail to fill in the required particulars of the form, or you may not be turned in the essential documents as evidence to prove your income.

If there are discrepancies in your application, it will naturally delay processing your student loan. If you are starting a new degree, make sure that you have registered with your university as a student. Get yourself registered as soon as you start your program.

What steps you should take to increase the processing of student loans

If you do not want to put up with the torture due to the delay in your student financing, you should consider the following steps:

  • Apply as soon as you can

It is quite obvious that the sooner you apply, the sooner you will get the student loan. A rule of thumb says that you should apply for a student loan before the deadline expires. Further, it is crucial to note that you should fulfill all formalities.

Even a little discrepancy can cause unnecessary delay. Whether it is about submitting your documents or filling in all particulars of your application, make sure that you do not create a flaw.

If your mind changes about university and course, you should update it as soon as possible because it determines the size of your student finance.

  • Do research beforehand

Of course, you will have to fulfill some formalities to start the process of your student loan. Although the processing of student loans is not the same as fast loans same day, it does not mean that you do not need to research, and you can sit back because it is government-backed funding.

You must know how student loans work. Make sure that you do research online. You must know the eligibility criteria, deadlines, and the method of applying for the loan.

  • Double-check everything

No matter how confident you are about your application and the documents you are to turn it along with it, to err on the side of the caution, you should double-check whether you have filled all particulars, attached all necessary documents, and provided the accurate information. Any error or wrongful information can delay the processing of your student finance.

  • Do not panic if you have missed the deadline

If you have missed the deadline for any reason, you do not need to panic because you still have nine months to reapply for it after your academic year starts.

The longer you take, the more cash you will end up shelling out in the interim.   

How to manage if you have not got the student loan in time

  • A student bank account

A student bank account can let you borrow money and the best part is it charges no interest for up to a certain amount of money.

It means if you do not cross that limit, you do not have to pay interest on it, provided you pay off in a lump sum within the grace period.

The overdraft limit with 0% interest varies from card to card. You will have to meet the eligibility criteria to get these cards. Make sure that you meet them.

  • Apply for a loan from the university

When your academic year starts, you can also take out a loan from the university. You can apply for a loan when you are running out of money.

Universities make sure that students have enough money to get by. If you need financial support to tide over, you can see it from your university.

  • Borrow from your family and friends

If you are in dire need of money, you can seek help from your friends and family. Of course, you can seek support from them for urgent expenses.

Nobody will be able to fund your regular expenses whether they are essential or inessential. This is why it is recommended to earn more money.

This will help you meet all of your regular expenses, and as far as it is about unforeseen costs, you should try to create an emergency cushion.

  • Consider private student loans

If you fail to meet your expenses despite making all efforts, you should think of applying for private student loans.

Note that these loans can be slightly more expensive than government-backed funding. Therefore, it is crucial to borrow money from those online lenders that offer affordable interest rates.

Note that the lender will not wait for you to have completed the course to start the repayments. You will have to pay down the debt based on your income you earn.

This is why it is suggested that you should consider a couple of repayment plans and pick the one that suits your budget.

  • Avoid overspending

Since you are to live off little money, you will have to control your spending. It is paramount to create a budget.

Make sure that you spend money on essential expenses and track your expenses periodically to avoid falling off your budget.

The bottom line

If you have missed the deadline for student loans, you do not need to worry about that. This is because you can reapply for the loan within a period of nine months after your academic year starts. However, it is suggested that you should apply for the loan as soon as possible.

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