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Myths and Student Loans

Student Loans are part of the government’s financial support package for students in higher education in the UK. They are available to help students meet their expenses while they are studying. The Student Loans Company (SLC) is a non-profit making government-owned organisation that administers loans and grants to students in universities and colleges in the UK.

As many students have started securing a university or college place, the SLC has published a press release aimed at helping dispel some common myths on student finance and Clearing 2020. Clearing is the process by which universities and colleges fill any remaining places they still have on their courses by matching students looking for a university place with unfilled places. This represents the last opportunity to apply for a place at university before the start of the academic year.

The press release ‘busts’ the following myths:

Myth: If I get a place through Clearing it’s too late to apply for student finance.
Myth: If I’ve already applied for student finance and my course changes through Clearing, I don’t have to do anything.
Myth: I need to send my Passport and a signed terms and conditions to receive my student finance.
Myth: It takes ages to apply for student finance because my parents or partner need to send paper forms and evidence.
Myth: There’s no information available on student finance and Clearing.
For more information on any of these issues search for the press release on the GOV.UK website.

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HM Treasury coronavirus (COVID-19) business loan

HMT Information about the Coronavirus Business Interruption Loan Scheme (CBILS), Coronavirus Large Business Interruption Loan Scheme (CLBILS), Bounce Back Loan Scheme (BBLS) and Future Fund Scheme.

Under the Coronavirus Business Interruption Loan Scheme (CBILS), 49.247 businesses have received funding so far, with lenders approving £10.11 billion.

The Coronavirus Large Business Interruption Loan Scheme (CLBILS) has approved £1.77 billion in loans to 279 larger businesses.

Under the Bounce Bank Loan Scheme (BBLS), for small and micro businesses, in the five weeks since the launch over 863,584 businesses have successfully applied for funding totalling £26.34 billion.

The Future Fund is a special investment fund for high-growth companies impacted by the crisis, made up of funding from government and the private sector. Funding applications for the Future Fund opened on 20 May 2020 and the first government loans totalling £146.0 million have now been approved for 155 companies.

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