Almost half of new students in England missed
Resulting in new university students in England missing the official student finance deadline last academic year, figures recently released by the Student Loans Company (SLC) show. With nearly 45% of first-time applicants missing out on their applications for financial aid on time, the data raised questions about the accessibility of the system — and the financial burden it could bring to students and families.
This issue seems to indicate an increasing amount of friction in the higher ed market, especially in the areas of outreach and support for prospective students. Student finance underpins affordability for the vast majority of students bar none, and high-stakes application deadlines are inevitably risky; late applicants will face delayed payments, added stress at the pivotal early start of university life, and in some cases, an inability to engage with accommodation and learning resources.
A Troubling Trend In A Time Of Expensive Living
New student finance applications have a deadline that typically falls much earlier than the academic year, allowing students time to collect paperwork and fill in their forms. But this year, for 2023/24, almost half the new intake are well passed the cut-off date in May. Because of this, thousands of students started their time at university with no clear idea of when, or if, they would get their funding.
Now, this comes at a time when students are already feeling the pinch from the cost-of-living crisis. In many university cities, rent prices have skyrocketed, and inflation has made food, transport and study material so much less affordable. For students that rely on loans and grants to pay for these necessities, a delay in the receipt of funds could have grave consequences for their health and academic performance.
Failure to Connect: Systemic Obstacles
The cause of the high rate of missed deadlines is probably multifactorial, experts suggest, including a lack of communication from secondary schools and universities, digital access issues and the complicated nature of the process itself. For students coming from underrepresented backgrounds — particularly those first in their family to go to university — they are far more likely to struggle with the subtleties of student finance, or our online portal.
Criticism has also been levelled at the application system itself, with many finding it confusing and bureaucratic. Besides, students sometimes also need to submit a ton of documents including household income, national insurance number, and ID proofs. With little support, it becomes a stumbling block rather than a pathway into higher education.
THE IMPLICATIONS FOR UNIVERSITIES AND STUDENT SERVICES
This delay in student finance not only impacts students, but will add extra pressure on universities and student support services. To fill that gap, institutions are often forced to provide short-term financial assistance, deferments or emergency hardship funds. That reactive nature, necessary thought it is, strains already lean university budgets and ignores the true source of the national crisis.
Reacting to the figures, a number of universities have called for a review of the student finance system, saying students should be engaged earlier during their last year of secondary education. The Study suggests that embedding finance workshops into schools and making resources clear and accessible through both schools and higher education could help improve understanding.
Government and SLC Response
The issue has been recognised by the Student Loans Company, which has now launched a new public awareness campaign designed to increase the number of applications made on time for the 2024/25 academic year. They are strongly encouraging students and families to submit applications early and have updated their website with digital reminders and easier access to instructions.
The Department for Education, meanwhile, said it was working closely with stakeholders to enhance communications methods and ensure the finance system is as easy to engage with as possible. But critics say without a systematic overhaul and more investment in outreach programmes, the endless cycle of deadlines missed should not be surprising.
Looking Ahead
With universities gearing up to take in another batch of students in the next few months, the spotlight is back on how to ensure students get into financial support smoothly. Student finance used to be something you gave almost no thought, it was just there, but with the increasing competitiveness for getting into higher education, timely access to student finance is now a key factor of educational equity instead.
This data highlights the critical need for improvement in how financial support is communicated and distributed. When deadline timing is a discipline for, to borrow a phrase from the raging student loan debate, half of students, the issue is less about discipline than the discipline of a system that may be losing its way.
