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Students urged to get finances in shape

Emma Lunn
Written By:
Emma Lunn

The Student Loans Company (SLC) will distribute more than £2bn in maintenance loan funding to more than 1 million students across the UK in the coming weeks.

In order to get your student finance in time for term, make sure you’ve submitted your application and provided any evidence you have been asked for. To do this sign into your online account and check your ‘to-do list’ is complete.

If your to-do list isn’t showing, this means you have no actions. Most evidence can be uploaded online and you should only provide evidence you are specifically asked for.

Parents and partners may also be asked to provide financial information and evidence. They should do this through their own online student finance account. They don’t need to upload any evidence, unless the SLC asks for it.

Students should check their bank details and national insurance numbers are correct in their online accounts. If you need to update your bank details, make sure you do this at least four days before your payment date. It’s important that the details are correct to ensure your money goes to the right place.

Make sure you register on your course – follow the registration guidance provided by your university or college and make sure you register as soon as possible. The SLC won’t make payments to you until your university or college confirms that you’ve registered. It can take three to five days for payments to reach your account once you are registered so you should make sure you have money to cover any initial costs.

It can take six to eight weeks to process a student finance application, which means that applications made close to the term start date may not be fully processed in time.

You can view your payment schedule and check the status of your payments via your online account.

Chris Larmer, SLC’s executive director of operations, said: “SLC exists to enable students to invest in their futures through further and higher education. This year we have received a record number of student finance applications and are on track to ensure that more students than ever will have their funding in place at the start of term.

“We are urging students to play their part too and to follow our tips to prepare for payment. To further help students we have also made a wide range of information and resources available online and on our social media channels covering the most common payment questions.”

Students should open a student bank account before heading off to university. Banks and building societies are offering students a range of perks this year, including cashback, railcards and takeaway vouchers.