Clearing and Student Finance: Everything you need to know

No matter your reasons for accepting a place at university through Clearing, there are a few important tasks that you’ll need to do now — this includes making sure your student finance application is up to date. However, how you go about this will depend on whether you’ve already applied for student finance or if you need to start your application.

To help, here is everything you need to know, including how to apply (if you haven’t already) and how to update your details.

What is student finance?

Student finance is a financial package funded by the UK government to help students from any background attend university. Student finance generally covers two things:

Your Tuition Fees Loan
Your Maintenance Loan (to help cover living costs)

Both loans must be paid back, but don't panic! Your repayments work more like a graduate tax and will not start until after you have finished your course and are earning over the stipulated threshold for student loan repayments. For more information on student loan plans and their corresponding thresholds, visit the GOV.UK page.

In short, you only pay back what you can afford. Repayments are automatically calculated in line with your salary and stop if your income drops below the threshold.

However, an interest charge does apply to your student loan — if you are starting university for the first time in September 2024, you will be on a Plan 5 Student Loan and your interest rate will be based on the Retail Price Index. Again, you can find more information about this at GOV.UK.

Updating your student finance application in Clearing

If you have previously applied to student finance but have changed your course or university in Clearing, all you need to do is update your existing application.

Updating your application with your new details will ensure you get the loans you’re entitled to and prevent any delays with your funding. To amend your information, head to the student finance application portal and go into Your Account > Change Your Application > University/College Course.

How to apply for student finance in Clearing

If you haven’t applied for student finance at all yet, you need to start the process now. The review process can take 6-8 weeks, so if you delay submitting your application, you may only receive a minimum payment to start with.

The good news is that applications are easy and should take you less than 30 minutes via the student finance application portal.

Before you begin, make sure you have the following to hand:

Your passport details
Your National Insurance number
Your UK bank account information

It is important to carefully review these details in your application and check that everything you submit is accurate. Incorrect information can lead to a delay in your payments (or mean that your payments go to the wrong place)!

What should I do if my funding is delayed?

If this does happen to you, try not to worry — Student Finance England (or the relevant body if you’re from Scotland, Wales or Northern Ireland) will ensure that you have some money to begin your studies. Once your application has been reviewed and confirmed, you will receive the correct payment.