When do loans and grants come in?

Hi, after applying to Student Finances for a Maintenance Loan and Grant I'm about to send of evidence of my parents being separated. I've already booked my accommodation and payed the deposit myself.

Though,
When does the Grant and Loan typically go into your bank account around what time? Because my accommodation asks that the first payment of £1,785.00 is payed by the 6th of september.

Reply 1

CelticSymphony67

You should expect the first instalment of you're grant and loan within 3-4 working days of you registering at University. What happens is, when you register, you're University will then confirm to SFE that you have registered, and then they will release the money to you're bank account, which will then take 3-4 working days.

Reply 2

iBlueBox

Original post by CelticSymphony67

Thanks! Do you normally register when your course starts.. as my course doesn't start till 16th september so that could cause a few problems when paying the first part for my accommodation..

Reply 3

Tiger Rag

They usually give you some time to pay the accommodation.

Reply 4

iBlueBox

Original post by OU Student

They usually give you some time to pay the accommodation.

I booked with iQ accommodation and they require the first payment eight days before :P

Reply 5

CodeJack

Original post by iBlueBox

I booked with iQ accommodation and they require the first payment eight days before :P

You should probably ask them because other people would have the same problem

Reply 6

CelticSymphony67

Original post by iBlueBox

Thanks! Do you normally register when your course starts.. as my course doesn't start till 16th september so that could cause a few problems when paying the first part for my accommodation..

When you register for your course, you will get your Student ID and the like. All Freshers have to register for there course. You should have the dates of your paydays for the academic year in your SFE paperwork.

Reply 7

iBlueBox

Contacted the accommodation and they say they understand loans don't come in till mid-september but they still need the rent by the 6th.

Gave me the two options of paying it in parts before, then which I really can't.

or pay half of it on the 6th of september and the other when my loans come in.

But still finding £892 is going to be really difficult.

Reply 8

CelticSymphony67

Original post by iBlueBox

In my humble opinion, they are being unreasonable. I'm sure there is going to be a load of students in your position. Have you thought about opening a Student Bank Account, with a Overdraft?

Reply 9

iBlueBox

Original post by CelticSymphony67

In my humble opinion, they are being unreasonable. I'm sure there is going to be a load of students in your position. Have you thought about opening a Student Bank Account, with a Overdraft?

It's what I've just been looking into! :biggrin:

I was looking into Halifax and they seem pretty decent for a Student Bank Account (I'm totally useless with banks, and finances they never taught us anything like that in school!)

Would it work if I open a Student Bank Account,
Would I be able to take an overdraft with not that much money in my account
as I was thinking if I took an overdraft of half the amount they want the £890 when my student loan came in do I have to pay the overdraft straight away? As I would have to pay the other half...
As can you even open a Student Bank Account even without your loan or anything yet?

Sorry for all the questions!

Reply 10

Miracle Day

Original post by CelticSymphony67

Does this mean for freshers we'll need our own money?

Reply 11

Tiger Rag

Original post by Miracle Day

Does this mean for freshers we'll need our own money?

Yes you will.

Reply 12

CelticSymphony67

Original post by iBlueBox

It's what I've just been looking into! :biggrin:

Well that is up to the University you are going to, if they are prepared to do that. Most Uni's will only expect the first payment for accommodation on the date you get your first instalment of loan/grant money through, or perhaps even a few days later. As far as Student Accounts go, it is best that you shop around for the best deal they usually start a campaign for students around July time. When I went to Uni the first time in 2000, I received a £1500 overdraft from day one. Now that we are in 2013 and post Banking Crisis, I'm not sure what overdrafts they offer now.