Applications for finance for students in England need to be submitted by May 19th for those starting this year.

Students can apply for loans to cover their tuition fees and their maintenance costs. For tuition fees, loans of up to £9,250 are available and for those studying accelerated degree courses it’s up to £11,100.

For maintenance fees, the amount available is based on the student’s household income. Those living away from their parents, and out of London, can apply for up to £9,978 in the 2023-24 academic year. For those in London, but not living with parents, this rises to £13,022.

Returning students also need to submit their funding application by June 23rd.

Even if students don’t have a confirmed place at university, the Student Loans Company said they should apply online to ensure the money is in place when they start their studies.

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The notifciation to apply by Friday comes as 84% of current students have said they are facing significant financial stress, with 61% of those worried about student loans, according to the study from GenerationMoney.co.uk.

Of those students who said they are facing financial stress, 52% said it had negatively affected their mental health.

An unprecedented burden on students

Alex King, founder of GenerationMoney.co.uk, said: “Students today face an unprecedented financial burden, with rising tuition fees and the cost of living, it’s no surprise that financial stress is on the rise among this demographic. It’s crucial that we provide young adults with the tools, resources, and support to manage their finances effectively and alleviate this stress.”

“While these strategies and financial tips can indeed help students navigate their financial landscape more effectively, it’s important to note that they are not definitive solutions to the systemic issues underlying the rising costs of higher education and living expenses.”

Jackie Currie, executive director operations at SLC, said: “We understand that prospective students have a lot on right now, with studying and exams on the horizon.

“However, my message to them is apply now because getting their student finance application in before the deadline gives them one less thing to think about during the important study period. And even if they don’t know what course or university they are going to, or if they are waiting for exam results, please still apply”.