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Possibly late loan payment

SystemSystem Posts: 8,583 Community Managers
I have got two problems at the moment, both are to do with money, both are to do with my impending time at university. Earlier this week, I received an offer from MMU of a place in halls. The deposit of £100 has to be paid by the 22nd of August. That was not a problem - I paid the bill this morning, which was timed to coincincide with my pay day. They need me to pay the first term's installment of approximately £1700 on September 17th, one month from now. And this is where things get difficult...

I was intending to use part of my student loan and part of my own savings to pay for that particular bill. Unfortunately, the SLC have been in touch - due to a cock-up on my part, it looks like my student loan is going to be late arriving. My savings could yet cover the entire cost of the September bill, but it does concerns me. In the rare occurence that I'm not able to pay the bill on the exact date, are MMU going to look at that in a negative light? Or would halls be more flexible about these things?

Secondly, I've received an induction letter from MMU yesterday. According to them, when I'm being registered, I need to bring a letter from the SLC so that my student loan can be paid. Seeing that it will most likely be late arriving, is that going to affect when I can start my studies or when I can register?

Comments

  • Former MemberFormer Member Posts: 1,876,328 The Mix Honorary Guru
    1. Your student loan might be late, it may well not, the say that to cover their backs but they often get them through in time (assuming it's all sorted now).

    2. Halls are not necessarily understanding, because lots of people are in the same situation. If it's likely to be a problem, get in touch with them soon (leave it til the second half of next week when their lives have calmed down a bit) and explain and find out what the arrangements are if you can't pay until your loan comes through.

    3. The letter you need to take when you register is your 'Final Assessment Notification' or something similar to that effect. It's the one that says how much loan you will be getting, and if all your paper work is now done then you should have that by now. The uni need that because a) it proves your status as a home student and thus that your fees will be paid and b) they need to see it so they can tell SLC that you are there so SLC authorise the payment. Your loan won't come through until the uni see that piece of paper.
  • JsTJsT TheSite Graduate Posts: 18,265 I am one with The Mix
    If its anything like the two sets of halls i've stayed in expect to be charged for the privledge. If you dont have the form at the time then you need to present it to your student finance office or equivalent as soon as you do.
  • Former MemberFormer Member Posts: 1,876,328 The Mix Honorary Guru
    I just have no idea what to do.

    My dads paying for accomodation all in 1 etc, but he lives in another country, so therefore cant get the money here and then to the uni in time, so can he put the money in my bank and then I send the cheque? Hmm

    And do I have to send the accomodation payment off by next week?

    This letters aloada jibberish. Hmph.
  • Former MemberFormer Member Posts: 1,876,328 The Mix Honorary Guru
    When you have to pay by will depend on which uni and which halls you are in. The contract/letter will tell you when you need to pay what by. They may not want anything yet.

    There's no reason at all that your dad can't pay you the money and then you pay the uni, that's what loads of people do. Just make sure you don't spend it on anything else!
  • Former MemberFormer Member Posts: 1,876,328 The Mix Honorary Guru
    When you have to pay by will depend on which uni and which halls you are in. The contract/letter will tell you when you need to pay what by. They may not want anything yet.

    There's no reason at all that your dad can't pay you the money and then you pay the uni, that's what loads of people do. Just make sure you don't spend it on anything else!

    Phew...thats good to know..someone told me I couldnt!! Am I the "Guarantor" then?
  • Former MemberFormer Member Posts: 1,876,328 The Mix Honorary Guru
    Well, I've given them the details that I'd accidentally left out on my application, and they're dealing with that now. Having looked again at my finances, paying the September bill isn't going to be too much of an issue now.

    Unfortunately, because of all that's going on with the student loan application, I don't have my 'Final Assessment Notification'. Yet.
  • Former MemberFormer Member Posts: 1,876,328 The Mix Honorary Guru
    stargalaxy wrote: »
    I have got two problems at the moment, both are to do with money, both are to do with my impending time at university. Earlier this week, I received an offer from MMU of a place in halls. The deposit of £100 has to be paid by the 22nd of August. That was not a problem - I paid the bill this morning, which was timed to coincincide with my pay day. They need me to pay the first term's installment of approximately £1700 on September 17th, one month from now. And this is where things get difficult...

    I was intending to use part of my student loan and part of my own savings to pay for that particular bill. Unfortunately, the SLC have been in touch - due to a cock-up on my part, it looks like my student loan is going to be late arriving. My savings could yet cover the entire cost of the September bill, but it does concerns me. In the rare occurence that I'm not able to pay the bill on the exact date, are MMU going to look at that in a negative light? Or would halls be more flexible about these things?

    Secondly, I've received an induction letter from MMU yesterday. According to them, when I'm being registered, I need to bring a letter from the SLC so that my student loan can be paid. Seeing that it will most likely be late arriving, is that going to affect when I can start my studies or when I can register?

    You'll find alot of students get the loan late. It was an utter nightmare getting mine last year. Okay I applied a little late but Student Finance direct were awful, they were having problems with the phones lines, the lot, I ended up paying a huge phone bill just getting through to them. Thank god I had an overdraft. absolutely awful.

    When registering you'll probably get asked to fill out a direct debit mandate and thats it, they wont have a problem with that. Just explain your situation, there will be others in the same boat! and In my experience, well not mine, a friends from last year, he spent all his first installment loan for accommodation on, erm... lets just say, other things. He didn't pay it back till the final semester! That was at Salford Uni, so I don't know how it might play out at MMU. I do know they'll give you a chance and time to pay it, just as long as you do. A few weeks paying it late wont mbe a biggie I'm sure :thumb:
  • Former MemberFormer Member Posts: 1,876,328 The Mix Honorary Guru
    Your uni should have a student advice / financial welfare system so talk to them before getting too stressed about things, there is probably a simple fix they can offer you.

    My old uni allowed you to borrow short term loans up to £500. If you needed the money because of a student loan delay, they just ticked the box and that was that.

    They also have loans available for people who are just struggling, say later in the year, you just fill out forms and show evidence of expenses/bank accounts and if they think you are in hardship they can give you anything from a small loan to a large grant to help out.

    My best friend spend the best part of her 1st year literally starving because she couldnt get a job and had no money, and had no idea that the uni helped people like her. This was before I knew her, so I couldnt help. I don't think they really advertise the help that is available enough. Me being broke at the time and proactive with this kind of thing, I knew every trick of the trade to squeeze money from them :lol:

    Im sure most universities have equivalent schemes so you should talk to yours and ask whats available. You won't be the first in this situation!

    -Jess-
  • Former MemberFormer Member Posts: 1,876,328 The Mix Honorary Guru
    Many thanks to everyone who's written in this thread, you have all been extremely helpful.
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