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Reminder for students to sort their finances

Emma Lunn
Written By:
Emma Lunn

The Student Loan Company is urging students to get ready for the first payment of the new academic year.

During September approximately 1.25 million students across the UK are set to receive their first maintenance loan instalment from the Student Loans Company.

However, there are a number of things undergraduates need to do to ensure they receive their funding on time.

It might sound obvious but the most important thing is to complete your online application. Students who have gone through clearing may not have applied for funding yet and should make sure they do this as soon as possible. The easiest way to apply is online at www.gov.uk/studentfinance.

It’s important students formally register at their college or university. Payments are made to students on the first official day of their course, but only if their attendance on their course has been registered. Students should follow the registration guidance provided by their university or college. It can take up to three days for payments to reach a student’s account so they should also make sure they have money to cover initial costs, such as books, transport or their first month’s rent.

Students also need to make sure their student finance account has up-to-date bank details for them – especially if they have opened a new student account – this will ensure their money goes to the right place.

The Student Loans Company may ask for certain information such as financial information and evidence from parents and partners – make sure you provide this as soon as possible.

Derek Ross, the Student Loan Company’s executive director of operations, said: “The team at SLC will be working hard over the next month to ensure that students receive their funding at the start of term. Students can help ensure the process is as smooth as possible by following our advice. There is lots of information available on our payment page and on our social media channels to help students and their parents get prepared.”

The National Association of Student Money Advisers said: “We here at NASMA know what an exciting time this is for new students starting on the next stage of their educational journey. You’ll be meeting new friends and getting involved in lots of new interests and projects so the last thing you’ll want is money worries. We can only support our friends at SLC when they say how important it is to get your finances sorted out as soon as possible. That way you’ll be able to budget effectively for the year and enjoy all of what is going on around you without having to worry too much about money.”