Scared student to be!

tickle_me_neenee

Got my offer-expecting to get grades-registered for accommodation and now looking at student loans. Frightening, masses of paper everywhere. Can anyone tell me whether loans are paid annually, termly or monthly? Do the loans arrive in time for the start of Autumn term? How soon do I have to get my loan application in?

David_Brent

Yes you get your loan installments each term thus being september usually when you start uni, then after the christmas holidays in Jan, then your final payment in April usually. Well thats how mine was paid in three installments. I suggest you get your loan application in as soon as possible theres no point waiting around otherwise you will be in a mess when you start uni and have no loan to help!

Murtle

Congratulations!! The loan application form should tell you the date you need to get it in by, although from when I was at Uni, the sooner you got it in - the more likely you were to have it at the start of the term!! I also think you had the option on the form if you wanted it termly or annually. Annually, you run the risk of spending it all - if you are disciplined though, you can put it in a high interest account and move it over termly!

Good luck!

student100

AFAIK there is no option for anything other than being paid termly.
They pay it by BACS to your bank account on the first day of each term (your university's official term dates).

burbs_2

the first installment of your loan is given to you on the day that you enrol at University. you fill in all the forms, get your photo for your student card etc etc. then once you are registered you are sent to the hall to pick up your student loan cheque. this is then given to you and you pay it into your bank.

i had a barclays student account and as soon as you hand it into them they credit your account with the money, as they know its defiantly coming they do not wait for it to clear first.

the remaining installments have to be paid straight into your bank account. if you have a student account, they will insist you pay it into there, especially if you want to use their overdraft facillities, which you will, trust me

redseven

All of my installments were paid directly into my bank a/c (per term). I don't think you are under any obligation to pay your loan into your student a/c - I wasn't, although they do ask every year when I extend my overdraft why I haven't. Use your interest free overdraft for spending and earn a 'little' interest on your loan, every little helps.

lellie

burbs wrote:

the first installment of your loan is given to you on the day that you enrol at University. you fill in all the forms, get your photo for your student card etc etc. then once you are registered you are sent to the hall to pick up your student loan cheque. this is then given to you and you pay it into your bank.

i had a barclays student account and as soon as you hand it into them they credit your account with the money, as they know its defiantly coming they do not wait for it to clear first.

the remaining installments have to be paid straight into your bank account. if you have a student account, they will insist you pay it into there, especially if you want to use their overdraft facillities, which you will, trust me

no that's not true anymore. They've got rid of the loan cheques..

Now - you MUST register at uni.. once that has happened.. a few days later your loan goes in by BACs.. so you get it about a week into term - not in time for freshers week - so make sure you have some cash saved up over the summer (job?) or you can use your overdraft until it's gone in..

crana999

I believe a few unis and colleges still issue cheques, but the vast majority of loans go by BACS.

Clareo

crana999 wrote:

I believe a few unis and colleges still issue cheques, but the vast majority of loans go by BACS.

Yep that's right, we still get a load of student loans employees sitting in the student union for weeks handing out loans at the start of term but most Uni's seem to have entirely switched to BACS.

stuwilky

On a technicality - they are uni staff!!

The BACS payment is dependant on whether the uni's student record system can talk to the SLC's system - to confirm that you have enrolled.

Clareo

stuwilky wrote:

On a technicality - they are uni staff!!

The BACS payment is dependant on whether the uni's student record system can talk to the SLC's system - to confirm that you have enrolled.

Strange, my Mum's friend did it and she said she had to apply to Student Loans, it was just a position for a couple of weeks....