SLC makes the first payment of the student maintenance loan
SLC exists to enable students to invest in their future through higher and further education by providing them with access to reliable, transparent, flexible and accessible student finance services. This week we are starting to disburse maintenance loans to new and former students across the UK and in the coming weeks we will be supporting around 1.5 million students with access to funding.
Today we have made payments to approximately 170,000 new and old students and will continue to do so over the next several weeks, with the most significant payment date scheduled for September 20, when the majority of students start the new term.
Students who applied before the registration deadline will receive their first payment at the start of the term. However, we can only release funding once we have received confirmation of enrollment at the university or college a student has enrolled in (or enrolled in). It can take three to five days for payments to reach students’ bank accounts once they enroll, so it’s a good idea that they have money available to cover upfront fees.
If a student has applied late (after the deadlines), their application may not be fully processed until the start of the term. However, we are working hard to ensure that all eligible applicants have some cash by providing the minimum maintenance loan amount first, followed by a top-up payment if they are eligible for more funding. important. Students can learn more about how to get their first student funding payment if they applied late online.
The start of a new academic year can be a busy and exciting time for students, when there is often a lot to organize. It’s also our busiest time of year, and it can be difficult to reach us on the phone. We’ve tried to make it as easy as possible for students to track their payment without having to contact us. They can check their payment status easily and at any time through their online account – our short film explains what each of the payment statuses means.
We’ll also send a text message right before payment to let students know it’s on its way, so it’s important that they make sure their mobile number is up to date in their online account. It’s also a good time to verify that we have the correct bank details and the national insurance number, so they can be sure their money is going to the right place.
To provide our student clients with better payment assistance, we’ve published information and resources in our online guide. And if they missed our recent Facebook Live payment event, they can watch the recording of our customer advisers answering payment questions.
I hope these resources are useful, and to all students who are starting or returning to university or college this fall, I would like to send my best wishes for the year ahead.