Students applying for student loans for 2024/25 academic year are being encouraged to commence applications early to ensure that they can obtain all essential documentation ahead of the academic start date in September.
Students applying for student loans for 2024/25 academic year are being encouraged to commence applications early to ensure that they can obtain all essential documentation ahead of the academic start date in September.
In preparation of the critical university start dates in September, the process of obtaining student loan finance can be delayed where the individual does not provide specific details as stipulated by the relevant finance companies. This in turn can lead to delay in receiving any loan payments in time for the start of the students’ course.
To speed up the process, the HMRC is recommending that potential students download the ‘HMRC app’, which will enable them to request and obtain confirmation of certain information such as their NI number and other necessary tax details that are required to support their applications.
This can be a lengthy process and, in some cases, administratively burdensome. By using the app this can reduce the time spent chasing up information that is either lost or mislaid.
Statistical data gathered by HMRC in the 12 months to March 2024 showed more than 112,000 customers called the National Insurance helpline asking for a lost or forgotten NI number, of which nearly 50% were from customers aged between 16 and 20. It also shows May was the busiest month with more than 6,400 young people calling the helpline for their NI number, coinciding with students applying for their student loans.
Students applying for finance will need to provide the following details as part of the application process:
- National Insurance number
- a working email address
- a bank account in their own name
- a valid UK passport
The app can be downloaded at the App Store or Google Play. HMRC suggests that online reviews indicate plenty of satisfaction with the app’s performance and holds a score rating of 4.8 stars on the App Store, and 4.7 on Google Play, so is easily accessible on mobile phones.
App users will need to create a Government Gateway account or sign in if they already have one to access their personal information.
The app can be used to access additional details such as income and employment history, salary information, tax code, and more whenever it’s needed. Users can quickly download and print much of this information through the app within seconds, eliminating the need to call HMRC to ask for it or to be sent in the post.
Upon successful registration individuals will be able to add additional security measures as decided by them.
As part of the initiative to encourage students to use the App HMRC has produced a short video highlighting the benefits and pushing forward the ‘time saving’ element by downloading the free and easy to use HMRC app for instant access to the details they need.
