Oh Student Finance! We’re very grateful to have it but applying for it and budgeting can be a real headache for new university students. However, don’t worry because we’re here to help you out. So, if you’re expecting your first student finance maintenance loan payment then read on for everything you need to know.
Make sure you’ve applied for Student Finance
First things first, in order to get your Student Finance, you must make sure that you have actually applied for it. In order to do this, you must submit your application online and provide any evidence required. Make sure all you personal details (especially your bank details) are correct. Remember that Student Finance can’t make any payments until your university confirms that you are enrolled on your course.
Alternatively, if you have already start uni and haven’t applied for finance, don’t stress. You can apply for student finance months up to 9 months after you start your university degree. However, if you have decided to do this, make sure you do it by the deadline. For examples, for degrees starting between 1 August and 31 December, you should apply by May 31. For more information on the Student Finance deadline, you can read out article here.
Student Finance maintenance loan payment dates
A Maintenance Loan is the student loan that is paid directly into your bank account at the beginning of each term. You should receive three payments a year and this money is supposed to cover your living costs during your studies. This is a different student loan to the one that pays for your degree as that goes straight from the Student loans company to your university. How much Maintenance loan you get varies based on a number of factors such as parent’s income. You can read more about this here.
Student Finance payment schedule
There are no exact days that you receive your maintenance loan as it’s dependent on the date that your university starts. However, most students receive their payments in September, January and April so it’s important to budget accordingly.
What happens if you run out of money before your next student finance maintenance loan payment?
Many students find that their maintenance loan just doesn’t stretch far enough, particularly if they are studying in a more expensive city or are paying more for student accommodation. While it’s important to try and budget, if you do run out of money before your next student loan payment, try not to stress. Here are some of your options.
Use your overdraft
Most good student bank accounts offer interest-free overdraft. This means that you can dip into your overdraft and essentially borrow money off of the bank, if you run out of cash. An interest-free overdraft means that you won’t incur costs on this money so the likelihood of you getting into debt is significantly reduced.
Apply for bursaries, scholarships and grants
These are additional sources of funding for students and are provided by universities, charities and businesses. Unlike Student Finance, you do not need to repay this money however applying for it is harder, as there is a strict criteria that student’s will need to meet. Road more about bursaries, grants and scholarships here.
Get a part-time job
Balancing work with study can be tough but for some students it’s a necessity. Remember that when it comes to finding work at uni, flexibility is key. Remember that bigger companies are more likely to be able to accommodate your requirements than a small business. This is why supermarket jobs are a popular choice for uni students. Alternatively, your uni is a great place to look for flexible student jobs and options can include tutoring, being a student rep or student club photographer.
Do you have any other questions about student finance maintenance loan payments? Just leave you questions in the comments section and we’ll do our best to help you out.
Last Updated on October 12, 2024
Published on September 12, 2022
