HMRC has recently unveiled a new service targeted at A level students who are gearing up to start university this year. The purpose of this service is to furnish students with the essential National Insurance and tax information required for completing their student finance applications.
According to HMRC statistics, over 112,000 customers sought assistance with lost or forgotten National Insurance numbers in the 12 months leading up to March 2024. Almost half of these requests were made by individuals aged 16 to 20. This surge in inquiries typically occurs in May, coinciding with students applying for their student loans.
Suzanne Newton, HMRC’s Director General for Change Delivery, underscored the ease of obtaining an NI number through the HMRC app. She urged young people to download the app to easily access the necessary information.
Apart from their NI number, students applying for finance will also need a functional email address, a bank account in their own name, a valid UK passport, and course details. Financial aid for living expenses is also available, with the amount received depending on household income and living arrangements during studies.
Bill Watkin, Chief Executive of the Sixth Form Colleges Association, expressed approval for the new HMRC app, noting that it will streamline the student loan application process and alleviate some of the administrative burden on young people.
It is imperative to note that any missing details in a student finance application could lead to delays in receiving loan payments in time for the start of the academic year. Hence, having all essential details on hand is crucial.
Parents or partners of students will also need to have their NI number available when assisting with the application process. Further information is available on GOV.UK.
In conclusion, the new service provided by HMRC offers a convenient way for students to access the necessary information for their student finance applications. By utilising the app, students can simplify the application process and ensure that they have all essential details at their fingertips. This initiative aims to alleviate some of the administrative burden on young people as they prepare for higher education.