The student finance deadline is fast approaching (Picture: Getty)

Exam season is now upon us, and whether you’re completing your A-levels or finishing another year at uni, applying for student finance is something you must not forget if you will be attending university after the summer break.

The student finance loan is given to all students that apply for it and helps pay for your rent, food and general living costs when you are at university.

Not every student gets the same amount, as it is based on how much your parents earn, with students from lower income families entitled to more money.

But just when is the deadline to apply for next year, and how do you do it?

When is the student finance deadline?

If you haven’t applied for student finance for the next university year yet then you better do it quickly, as the deadline for new students is May 19.

If you are a returning student then you have slightly longer to apply, with the deadline being June 23.

You have to reapply for student finance every year as your parents’ financial situation may have changed, for example, they may have got promoted or decided to retire, meaning you may be entitled to more or less money.

Exam season is now upon us (Picture: Getty Images)

How to apply for student finance

The quickest way to apply for student finance is online.

It can take up to six weeks to process your application, so make sure you apply in plenty of time.

You can still apply if you miss the deadline, but this may mean your money is late, which could affect your ability to pay rent.

To fill out your application you need your passport, bank details and National Insurance number.

If you don’t already have a bank account you will need to create one in your own name as student finance will need to pay the money directly to you.

To apply, simply visit the Gov.UK website, click ‘start now’ and fill in the relevant details – the process should take around 30 mins.

You will have to give your parents’ (or partner’s if you are a mature student) details and they will then be contacted by student finance and will need to provide details of their income.

If your application is accepted you will get a lump sum at the start of every term – this is your maintenance loan.

You do not need to use this loan to pay your tuition fees as they will be paid directly to the university by student finance.

A-Level students can apply even if they do not yet have a confirmed offer from a university – just select your first choice university and you can change your uni, or course details if you need to when you get your A-level results.

You can also cancel your application if you decide you no longer want to go to university.

When you have finished university, you will have to start paying back your loan each month, but only if your income is over a certain threshold.

If you finished university before 2012 the threshold is £22,015 a year (before tax) and if you finished university after 2012 the threshold is  £27,295 a year (before tax).

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Don’t forget to apply!