For students who are preparing to commence their university studies in September, HMRC has introduced a new tool aimed at simplifying the process of obtaining the necessary National Insurance and tax information required for student finance applications. As the academic year for 2024/25 approaches, prospective students are advised to initiate their applications and ensure they have all essential details at their disposal, including their National Insurance (NI) number.
According to data from HMRC, there has been a significant demand for lost or forgotten NI numbers, particularly among individuals aged 16 to 20, with over 112,000 customers contacting the National Insurance Helpline within a year. The month of May, in particular, saw over 6,400 inquiries from young people seeking their NI numbers in time for their student loan applications.
Suzanne Newton, HMRC’s Director General for Change Delivery, highlighted the ease of obtaining the NI number through the HMRC app. She urged young individuals to take advantage of this feature, emphasizing the convenience of swiftly and effortlessly accessing all necessary information. In addition to the NI number, students applying for finance will also need to provide a working email address, a bank account in their name, a valid UK passport, and course details. The amount of financial support granted to students for living expenses depends on household income and their chosen place of residence during their studies.
It is important for the parents or partners of students to have their NI numbers readily available as well, as any missing details in the application could lead to delays in receiving loan payments in time for the start of the academic year. Bill Watkin, Chief Executive of the Sixth Form Colleges Association, expressed support for the new HMRC app feature, recognizing its potential to expedite the student loan application process and alleviate the administrative burden on young individuals preparing for higher education.
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