How to sort your student loan if you applied to the university through the Clearinghouse

Hundreds of thousands of students are getting their A Level results today, and those who have the necessary scores will be eagerly awaiting their acceptance letters for their chosen undergraduate courses.

But for those who are not getting the results they were hoping for, don’t panic.

Over 47,000 students were accepted onto a university course through clearing last year, more than 10,000 of whom did not progress to university until they had obtained their A level results.

Thousands of students received their A Level results today and it is expected that over 47,000 students will be accepted onto a university course through clearing this year

Education Secretary James Cleverly warned that some students “may get scores a little lower than they might have been expecting and hoping”.

Scores were expected to fall after exams were re-submitted in the wake of the Covid-19 pandemic, and so the number of students potentially admitted to the course was also expected to decrease.

University places are also expected to be some of the most competitive to date, with 40 per cent of students expected to use the clearing system to find a place on a course.

Funding their degree is also set to be at the forefront of students’ minds, with the typical student attending this year expected to graduate with £45,800 in debt.

The new student loan system is coming from 2023, which has a repayment period of 40 years, instead of 30, and a lower repayment threshold.

This means that many students who decide to re-apply next year could end up paying more overall – potentially making a place obtained this year by survey more attractive, at least from a financial perspective.

New research from website provider GoDaddy indicates that nearly half of GCSE, AS-level and A-level students are considering starting their own business rather than attending university, as the cost of higher education leaves many completely overwhelmed.

For those set to start university this September and who are applying through the clearing, there is a lot to consider. Should they be worried about getting a maintenance loan before the big move in September? Is it sufficient to cover the costs of living and accommodation?

This is the money takes a look at everything you need to know about student financing if you decide to follow the path of higher education through clearing.

What is university clearing?

Once they have their A-Level results in, students who applied through the traditional Ucas route will begin hearing from their universities of choice about whether or not they have been accepted.

But those who may not have applied, or not gotten the results they had hoped for, can still apply for college space through the clearing.

The Ucas process helps applicants find vacancies on a wide range of undergraduate courses across the UK. This could be at the same university and course they applied to previously, or it could be something completely different.

Student maintenance loan based on family income
Family income live at home away from home
(other than London)
away from home
£25,000 or less £8,171 £9,706 £12,667
30 thousand pounds sterling £7,484 9012 pounds sterling 11,961 pounds sterling
£35,000 £6,796 £8,318 £11,255
40 thousand pounds sterling 6108 pounds sterling £7,623 £10,549
£45,000 £5,420 £6,929 £9,843
£50,000 £4,733 £6,234 £9,136
£55,000 £4,045 £5,540 £8,430
£58,253 £3,597 £5,088 £7,971
60 thousand pounds sterling £3,597 £4,845 £7,724
£62,311 £3,597 £4,524 £7,398
£65,000 £3,597 £4,524 £7,018
70 thousand pounds sterling £3,597 £4,524 £6,312
£70,022+ £3,597 £4,524 £6,308

What funding is available through student finance?

Student financing is necessary for the majority of university attendees, to pay for tuition and general costs of living.

All full-time students can apply for a tuition fee loan, which usually covers the full amount of the costs of attending their chosen undergraduate course. This is paid directly to the university, so you don’t have to worry about sorting this out once they have applied.

Full-time undergraduates also have the option to apply for a maintenance loan to help cover additional expenses, such as student housing or course materials.

The alimony loan is calculated based on your living situation, age and parents’ income. Undergraduates can apply for up to £12,667 per year if they plan to study in London, or up to £9,706 for courses outside London.

Those studying on an accelerated course can receive up to £11,100.

This money is paid directly into their bank account, in three installments at the beginning of each semester.

Those with special circumstances, such as dependent children or a disability, may also be entitled to additional funding.

Can I Get Student Funding If I Enter Through Clearinghouse?

Students applying to the university should submit their student funding application as soon as possible, to ensure they have the funds they need to support them once the new semester begins.

Students applying to the university should submit their student funding application as soon as possible, to ensure they have the funds they need to support them once the new term begins.

Whether you already know university is the way to go, or your results have surprised you, you can still apply for student funding — but you’ll need to act fast.

Even if you’re not sure which university to go to yet, apply for student financing anyway.

University details can change online, so use your university of choice first and then amend your application when you know exactly which course you are studying and which university you will be attending.

The application process usually takes about six weeks to complete. Unfortunately, this means that if you haven’t applied for your student financing, you may not be able to get your education and maintenance loan in time for the new school year.

However, the earlier you start your application, the more likely you are to get your loan in time for the start of the new term.

If you are a parent or guardian, you can support your child’s application by providing details of your household income as soon as possible. If you don’t, it may delay the progress your application can make before class starts.

If you are from England, you can apply for university finance through Student Finance England.

If you are from Scotland, Wales, Northern Ireland, Channel Island or the Isle of Man, you can apply for student finance through your local government or education authority.

Finally, don’t forget to check out the scholarships or scholarships on offer from your chosen university, to see if there is any additional funding available for you.

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