When will student loan be paid out?

continentalgal

Did my application with studentfinancedirect and called their 0845 number recently. After clicking through an endless number of options, the automated service said that the loan will be paid approx. 20 days before the start of the term.

Now I'm kinda musing about this: my term starts on 18 September, so is it 20 days before that, end of August? Because on the application, one didn't have to specify a particular date, just the month, so if I counted from 1 September, would that mean I can expect the money pretty soon?

DrFluffy

The first payment of the year goes in 3-7 days AFTER you have registered for your course. The uni have to verify that you are enroled and an actual live student, not someone after a cheap loan

After that point, my loans have seemed to hit my account anything from the weekend before, to 10 days before the start of my academic term.

continentalgal

Thanks, fluff When do I officially register? When I send them the results from my Access course (mature student)? Anyway, I'm just thinking out loud, I'll find out hopefully next week when visiting my uni.

DrFluffy

Usually during the first few days of term - when you get your university card etc.

continentalgal

Still, it means, if my maths is right, there's no way the money will be in the bank before uni starts, no? OK, I'm also speaking from the perspective of an out-of-town student, it will probably just about a week before the start of term that I'll be moving there, so, local students might be able to get this sorted out sooner?

Stubert

You'll probably be given a set time to register. Student loans company send you a letter that you have to take to your registration. You won't get your money before term starts as pointed out correctly by Dr Fluffy.

luv_or_h8_me

I rang my local LEA to ask when the student loan is going to be paid as I have been asked for student accomidation desposit... they said it is paid in installments 3 or 4. The first one is the day that you enroll... you take your final agreement of your financial notification to the university and they then scan the barcode on this form. This will bring up your details and notify the SLC that you have enrolled. Wherever you have read that you will be paid before starting isn't true... they won't pay until they defo know that you are going to attend!
Hope this helps people... P.S. I was confused as anyone else... My first installment date should be the 24th of September....

continentalgal

I was the one starting the rumour! I rang the 0845 number, pressed buttons until I got to 'enquire about the status of your application', that's the info the message gave me.

Anyway, now I know, thanks to you all I can plan accordingly (whatever that means - if you've seen my post about moving cheaply)!

kr15snw

You wont get it before, I got mine about 1 - 2 weeks after I registered (when you go and pay fees / get your student card etc)

guardianangel

The earliest you'll get it is on the first day you enrol. I got a cheque for my first instalment in my first year and then by bacs since then. You won't get anything before you enrol.

Stubert

luv_or_h8_me wrote: »

The first one is the day that you enroll... you take your final agreement of your financial notification to the university and they then scan the barcode on this form. This will bring up your details and notify the SLC that you have enrolled.

This isn't strictly true. Manchester never actually asked to see my student loan thing in registration for my first year and in my second year it was all done online. I did say before you needed to take your letter and in most places you do, but its not always the case.