STUDENT Finance is responsible for paying the student loans of Uni students. When does Student Finance get paid?
The student maintenance loan is paid to help students with living costs while studying. The amount you get depends on when you started your course, where you live, and information about your household income. Students are paid their loans in three installments, but when exactly does Student Finance get paid?
When does Student loan get paid?
When you apply for a student loan, you won’t get the money straight away.
The payment will be released in three chunks at the start of each term.
Normally you get the money on your first official day of your course, but only if you have registered your attendance.
The exact day you’ll be paid depends on your term start date, which differs for each University.
The loan can be used to cover the cost of books, transport, rent, and other things.
Be prepared with some backup money though, as it can take up to three days for payments to get to your account.
Once your application has been approved, there’s a really easy way to find out the exact dates you’re due to be paid.
Login to your student finance online account here, and you’ll be able to see your personal payment schedule.
Do you need to apply for student finance every year?
Yes, you’ll need to reapply for student loans every year.
You have to apply online rather than by a paper form.
You can apply up to nine months after the academic year has started.
You’ll probably need to prove your identity, household income, and a few other things.
This applies to tuition fee loans and maintenance loans.
When do I have to repay my student loan?
There are two different repayment plans– plan one and plan two.
Plan one is for loans taken out before September 1, 2012 in England Wales.
These people won’t pay back their loan until they earn £19,390 a year before tax and deductions.
The amount those on plan one need to pay back changes every year on April 6.
If your income drops below the set figure, you’ll stop paying.
Plan two is for students who took out loans on or after September 1, 2012.
These students won’t start repaying their loan until they earn more than £26,568 a year.
In both plans, repayments are taken out from your salary just like tax.
You don’t need to actively pay it yourself, the work is done for you.
If you want to speed up the process, you can repay some of your loan voluntarily.