The coming weeks look set to be very busy for the Student Loans
Company (SLC) as we prepare to make student finance payments of
over £2billion to over one million students.
Whether you are a new or returning student, we know that you will
be looking forward to returning to your studies and we are
working hard to ensure that the first Maintenance Loan payments
are received by term start, or as close to term start as
possible. We are confident that despite a record number of
student finance applications this year, we are on track to ensure
that more students than ever will start the new academic year
with funding in place.
Not all students will get their full entitlement all at once. It
can take 6-8 weeks to process a student finance application,
which means that if you applied late (after our application
deadlines), you may not have your application fully processed by
term start.
Our priority is to ensure that all eligible applicants have some
money in place by awarding the minimum Maintenance Loan amount
first, followed by a top-up payment if students are entitled to
more funding. You can find out more
about how to get your first student finance payment if you are
applying late online.
If you are due to receive funding you will receive an email from
us explaining how you can help ensure that the payment process is
as seamless as possible. The email includes simple tips like
making sure your bank details are up to date as well as a
reminder that we can only release your funding once you have
registered with your university or college.
This is our busiest time of year, and you may find it difficult
to get through to us on the phone, however, you can check your
payment schedule online to make sure your payment is on track.
You can also get in touch with us directly via SFE’s Twitter and Facebook pages and of course
you can find the answers to the most common payment questions
online.
To help prepare for payment students should follow the tips
below:
-
Make sure you’ve submitted your application and provided any
evidence you have been asked for:
Sign in to 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, you
can watch our short film explaining how to do this. Please
only provide evidence you are specifically asked for.
-
Prepare parents and partners too:
Parents and partners may also be asked to provide financial
information and evidence. They should do this through their
own online student finance account which they can set up at
www.gov.uk/studentfinance.
They don’t need to upload any evidence, especially not P60s,
unless we ask for it - otherwise it’ll take longer to process
your application if we receive information that’s not
required.
-
Check your bank details and National Insurance number are
correct in your online account:
If you need to update your bank details, make sure you do
this at least 4 days before your payment date. It’s important
that the details are correct to ensure your money goes to the
right place.
-
Register on your course:
Follow the registration guidance provided by your higher
education provider and make sure you register as soon as
possible. We cannot 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.
-
Remember if you are applying close to your term start date you
may not get your full entitlement initially:
It can take 6-8 weeks to process a student finance
application, which means that applications may not be fully
processed by term start. We will do our best to ensure that
all eligible applicants have some money in place by awarding
the minimum Maintenance Loan amount first, followed by a
top-up payment if students are entitled to more funding.
Read our online guide
on how to get your first payment if you are applying
late.
-
Check the status of your payments:
You can view your payment schedule and check the status of
your payments via your online account. Watch our handy film
explaining what each of the payment statuses mean.
