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Advice from the Student Loans companies

Posted on 2 November 2011

The start of the new academic year is a busy time and exciting time for students. The Student Loans Company (SLC) has produced the following materials to help students understand about what they need to do get paid as the first installments of student finance payments are processed.

Student loan checklist image

Staying safe online

There are always a number of phishing emails and text messages in circulation and some look very authentic. Phishing scams are very common around this time of year, in the lead up to first loan and grant payments being made.

Here are our top tips to help students stay safe online: 

  • Student Finance England (SFE) will never ask you to confirm your bank details or login information by email.
  • Dear Student – a phishing emails are sent out in bulk and are unlikely to contain your first or last name.
  • Be suspicious of any urgent requests for personal or financial information. 
  • Check the quality of the communication you receive. Misspelling, poor punctuation and bad grammar are tell-tale signs of a phishing communication.
  • Be careful not to post personal details online, fraudsters also target social media sites for details to defraud or trap you. 

If you believe you have received a phishing email or text message from someone posing as Student Finance England or The Student Loans Company, you should report this by emailing the details to phishing@slc.co.uk

Payments

The start of term also means getting your student finance paid. Your tuition fee loan will be paid in three instalments direct to your university or college.

Maintenance grants and loans will also be paid at the same intervals throughout the academic year direct to the bank account that you have detailed in your account.

First job – make sure your bank account details are up to date! You can do this by logging on to your online account at www.gov.uk/studentfinance and go to My Account>Update bank details.

Here’s the SFE Payment Checklist to help make sure those funds transfer, in and around the start of term:

  • You've submitted your application and all the correct supporting evidence. Our FAQs at www.thestudentroom.co.uk/studentfinance will help if you’ve got a question!
  • You've signed and returned your declaration form
  • You've registered at university/college
  • Your university/college has confirmed your attendance to us
  • You’ve allowed a few working days for the funds to be paid into your bank account

Payment status 

Your online account is a ‘one stop shop’ to find out about the status of your student finance account. It will detail your entitlement, the dates you will be paid and how much. You can also keep your bank details and address up to date too.

Want to know what your 'Application Payment Status' means? 

Blocked - new students' loan payments are "blocked" while Student Finance England confirms your National Insurance number (NINO) with the Department for Work and Pensions. The block is automatically removed as soon as your NINO is confirmed. Payments may also be blocked if you have not supplied Student Finance England with your bank details or we're checking the bank details you've provided. If you have not provided bank details, do this online now and make sure payments are not unnecessarily delayed.

Approved - Student Finance England has assessed your application for finance and once your university has confirmed your attendance, your funds will be released. Not all universities send confirmation of attendance the day you register; it could be a few days later. Keep an eye on
your online account and call us if your payment status doesn't change to ‘submitted’ a few days after registration.Submitted - the payment has been prepared and will normally be paid within three or four working days.

Paid – the payment has successfully been paid and will be in your bank account in due course 

Late student finance application

  • SFE want to make sure that you have student finance available to you at the start of term. They will initially assess how much funding you receive without taking your household income into account.
  • SFE still fully assess your application based on household income once they’ve received and processed all of the information and evidence you send.
  • Applications can be made at www.gov.uk/studentfinance 

Find out more

Money Matters eMag

Student Finance England has published ‘Money Matters’, an interactive online Magazine which provides students with all they need to
know about money for university.

There are video interviews and advice on budgeting while studying, grants and bursaries and even repaying your student loan after
graduation. Visit the student finance zone of The Student Room at www.thestudentroom/studentfinance

Student Finance on Film

Student Finance England has a dedicated You Tube Channel which hosts a number of helpful video on the various topics about student finance. Visit www.youtube.com/SFEFilm