Student Loan instalments question

MrsBartolozzi

My son is off to uni in September and while he's sorted out the grant/loans etc we don't know exactly how the loan will be paid until he starts uni (trying help him with budgetting now). I've managed to find out that it gets paid in 3 instalments - is this the same for unis working on 2 semesters too?
Is the loan split into 3 equal parts, or is it weighted to more in the first installment?
From what I've read it seems to come in September, January and April - but his uni finishes in May so he's going to be pretty poor in the first half of semester 2, but be better off when his course is finishing - even though halls want to take the same DD each month.
Thanks for any help - he's an undergrad starting at Glasgow uni so if anyone knows how it works for their semester times then that would be great,

Thanks, MrsB.

purplerose

MrsBartolozzi wrote: »

My son is off to uni in September and while he's sorted out the grant/loans etc we don't know exactly how the loan will be paid until he starts uni (trying help him with budgetting now). I've managed to find out that it gets paid in 3 instalments - is this the same for unis working on 2 semesters too?
Is the loan split into 3 equal parts, or is it weighted to more in the first installment?
From what I've read it seems to come in September, January and April - but his uni finishes in May so he's going to be pretty poor in the first half of semester 2, but be better off when his course is finishing - even though halls want to take the same DD each month.
Thanks for any help - he's at Glasgow uni so if anyone knows how it works for their semester times then that would be great,

Thanks, MrsB.

If he's an undergrad it's usually paid by SAAS monthly I think on the 6 or 7th of every month. If it's a post grad grant he'll get 3 installments in sept, january and april. You should get a letter out saying when and how it will be paid.

I just finished my postgrad, I got 2 big payments in September and January and a much smaller payment in April.

Don't forget he can also apply for travel expenses just after xmas and there is also the discretionary fund at most unis to help with living expenses if you need it.

purplerose

Have a look here: http://www.student-support-saas.gov.uk/student_support/payments.htm

MrsBartolozzi

Purplerose, yeah I had a look at that and it only talks about the grant, says the loan payment schedule comes from the SLC, but only after you start your course do you get the details.
If it's monthly then that's much better as his bursary is monthly and his DD for halls is too - this will make budgetting easier for him.
Thanks.

Indie_Kid

Do you live in Scotland? or is he just attending a Scottish uni?

MrsBartolozzi

I live in Scotland attending a Scottish uni, and he's an undergrad.
Thanks

Lokolo

As above ^^ if you are English going to Scotland its SLC. If its Scottish -> Scottish then SAAS. Completely different systems.

The_One_Who

If you live in Scotland and are being supported by SAAS, the loans come in monthly installments, with the first being a double installment. However, if he is not being supported by SAAS (as a non-Scot) the loan will be in three installments (one at the start of term, one in January, one after Easter), with the first and third being slightly larger.

EDIT: As he is a Scot attending a Scottish university, it will be monthly installments. On the seventh of the month, I believe.

MrsBartolozzi

I'm confused now, the link provided earlier says the same as the award notice from SAAS he got in the post:

When we process your application for support, we will send you an award notice which will show the monthly break down of any Bursary and grants you are entitled to, plus the full loan you are entitled to. If you have applied for the loan, you will receive a Loan Payment Schedule from the Student Loan Company which will show the monthly break down of any loan you are entitled to.

The letter of confirmation from SLC he got says he'll get a schedule a week or 2 after matriculating, I just wanted a heads up of the frequency of payments. <where's the shruggy smiley when you need him?>

Just to clarify - we did apply to SAAS, he will get the bursary from SAAS but the majority of his money - the loan -is coming from SLC.

The_One_Who

The loans and bursaries are paid on the 7th of the month. You get two different letters, but they are both paid into the account at the same time.

purplerose

MrsBartolozzi wrote: »

I'm confused now, the link provided earlier says the same as the award notice from SAAS he got in the post:

When we process your application for support, we will send you an award notice which will show the monthly break down of any Bursary and grants you are entitled to, plus the full loan you are entitled to. If you have applied for the loan, you will receive a Loan Payment Schedule from the Student Loan Company which will show the monthly break down of any loan you are entitled to.

The letter of confirmation from SLC he got says he'll get a schedule a week or 2 after matriculating, I just wanted a heads up of the frequency of payments. <where's the shruggy smiley when you need him?>

It all comes in together as 1 payment on the 7th of each month usually. The September payment will go into his account within a week of enrolling and having the letter scanned by the uni. The next payment will be on the 7th of October