Student Loans Company calls on students to prepare for payment

During September approximately 1.25M students across the UK will receive Maintenance Loans from the Student Loans Company – supporting them to access opportunities in higher and further education.

With the new academic year set to start, SLC is urging students to get ready for the first payment by following its top 5 tips:

1. Complete your online application – it sounds obvious but some students, especially those who have gone through clearing, may not have applied for funding yet and should make sure they do this as soon as possible. 
2. Register at your 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.
3. Make sure you have provided up-to-date bank details – often when a student goes to college or university they open a new bank account. It’s important that they update their online student finance account with the new details to ensure their money goes to the right place.
4. Provide any evidence you have been asked for as soon as possible – parents and partners may also be asked to provide financial information and evidence. They should do this through their own online account which they can set up here. 
5. Follow Student Finance England’s Facebook (facebook.com/SFEngland) and Twitter (@SFE_England ) channels – look out for details of our Facebook Live sessions which give students the opportunity to put their questions to our team of student finance experts.

SLC’s Executive Director of Operations, Derek Ross 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 at https://studentfinance.campaign.gov.uk and on our social media channels to help students and their parents get prepared.“

The National Association of Student Money Advisers (NASMA) added:

“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!”