Student Loans Company(SLC) Funding – How Many Years Do The Student Loans Company Fund You?
Being a student is hard. You not only need to take care of your studies but also your budget. Thus when you are applying to universities that are within your budget. There are many students who do not apply to such universities which have higher tuition fees. However, the good part is many institutions help the students by providing them with funds. If you are a student who lives in the UK, the Student Loans Company (SLC) can help you by funding your tuition fees. But for how long Student Loans Company provided funding to you?
- Student Loan Company(SLS) is a UK-based public company that offers loans to students for studying.
- You will get funding for the duration of your current course plus one additional year. Though this will depend upon the course and the type of education you are taking.
- The eligibility criteria depend upon if you are a full-time or part-time student and also on different factors like age, course, etc.
However, you must read till the end so that you do not miss any important facts related to the student loans company (SLC) funding.
What is Student Loans Company(SLC) Funding?
Generally, there are two types of student funding- Private and federal loans. Student Loan Company(SLS) is a UK-based public company that offers loans to students for studying. The SLC was founded in 1989 to offer loans and grants to students enrolled in UK-based academic programs. Initially, they were mortgage-style loans, which were given to students between 1990 and 1998 to assist with living expenses.
When tuition fees were implemented in the UK in 1998, the SLC switched to offering loans with an income-contingent repayment (ICR) plan. SLS is owned by the UK’s Education board, the Scottish government, Northern Ireland Executive, and Welsh Government. The SLC’s main job role is to give loans to students and take them back from them. It is a fully funded organization that is generally funded by the government of the UK.
How Many Years Do The Student Loans Company(SLC) Fund You?
You will get funding for the duration of your current course plus one additional year. After it, prior years spent in higher education will be subtracted. They will only finance you for the third and second years of your course if you want to enroll in a three-year program and have previously received money for two years. They will finance you for all three years of a 3-year program if you have already received financing for one year at another university that you left in the first year. You will have to pay for it yourself if you repeat a year.
What are the eligibility criteria for getting approved by SLC?
Following are the eligibility criteria to get approval for funding by the SLC-
Which university/college you are studying will affect your approval by the SLC. If you are studying in England, your university must give you a degree from the Royal College of a University or the Archbishop of Canterbury or is on the list of the recognized awards.
Which course you have taken will also determine if your application will be selected or rejected. The courses that you can take to get approval for your application will also depend upon if you are a Part-time, Full time or Continuing student. Your university degree will also affect your loan.
There is no age limit for getting approval on this platform. Though if you apply after the age of 60, you will only get a limited amount of funding.
What are the courses you need to have for getting funds from SLC?
Following are the courses that you must have according to what type of student you are-
If you are a full-time student, you will need to have the following subjects-
- First degrees, like BA, BSc, or BEd
- Foundation Degree
- Certificate of Higher Education
- Diploma of Higher Education (DipHE)
- Higher National Certificate (HNC)
- Higher National Diploma (HND)
- Initial Teacher Training course
- Integrated master’s degree
- Pre-registration postgraduate healthcare course
The subjects that you need to get the tuition fee loan are the same as for full-time students. The only requirement is that you must have the 25% of course intensity. Also, you will not get elected if you are doing a Degree Apprenticeship. Along with it, to get the maintenance loan you need to have the following courses-
- First degree
- Integrated master’s degree
- Foundation Degree in dental hygiene and dental therapy
- DipHE in dental hygiene and dental therapy or operating department practice
- Initial Teacher Training course (if it’s degree level or above)
If you have studied before
The basic rule of getting funds under SLC is that you get funding only in your first higher education qualification. Though you can still get the funding under some specific conditions. Some of these are mentioned below-
- You will receive funding for the same course or a new course when you return only if you dropped your course before the first year.
- If you dropped out of a class early because of thinking that the college is a scam or suspended it, you can enrol in any course again.
- You are taking the same course again for one additional year.
- If you have an Honors degree or a higher level of qualification and begin a new program, you can also be eligible for limited funding.
- You should submit an online application with accompanying documentation if you had to suspend your studies for personal reasons.
- If you’ve completed a higher education certification, you can be eligible for limited funding.
How to apply at the SLC?
If you are a full-time or part-time student, you can apply by following the given steps-
Start by creating a Student Finance Online Account.
Once set up, log in to the account and complete the process of the application form.
You must involve household income. These details may need to get confirmed by your parents or partners.
If required you will need to send the proofs as well.
The UK-based public corporation Student Loan Company (SLS) provides loans to students for their academic pursuits. The primary responsibility of the SLC is to loan money to students and collect it back from them. It is a fully funded institution that often receives funding from the UK government. The number of years SLC will fund you will depend upon the length of your course. There are other eligibility criteria like age, courses, university, etc that will affect the acceptability of your application.