JordanWall100
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Hi guys I was just wondering I have only just applied for student finance (didn't want to go to university intill now) I was just wondering how long will it take for the money to go into my bank I have sent them all the evidence they need now I'm just waiting I start my course on 13th September so you guys think I will have my money in time for start of the course?
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luq_ali
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This is a good question that depends on several different factors. First of all, I will respond to internal funding coming from the University, itself, in the form of grants and scholarships. Presuming you meet their deadlines for the
scholarships and funds coming directly from the University in the form of
grants or tuition reduction (not sure if you are from the UK or not,but
some institutions will do home rate tuition for non-EU/UK students).

The funds coming directly from the university, should be, with the start
of classes on September 13, available in your account presuming they
are first used to offset what you owe the university with whatever is left
over coming back to you in the form of a check or transfer into your
account.

Now, for funding coming from an external source, in the form of loan,
grant, or scholarship, the answer is a little different. First of all, if the
University knows you will be getting so and so amount of money in from
an external source, and that those funds will cover your tuition and other
expenses and has been applied for and forthcoming, they will float you
and allow you to begin classes since they have independently verified
that so and so amount of funds will be coming into the system for you.

Will those funds for an external source be available after you have only
just recently applied for them by September 13, actually in your account?
Is two months sufficient enough time? This depends on the University
and how quickly they process receipt of the funds, apply them to what you
owe and then return the funds back to you to your account, whatever is
left over. Some schools work very quickly, and others will drag their feet
because they have those funds in their account, not just from you, but
1000's of other students, where interest is earned over that month or two
or whatever time and it may seem small, but when we are talking about
1000's of students who have funds coming in, the amount of money that
can be gleaned in interest-it can be very significant just for those few
weeks or months. I would think it would be available, but if not, then
if the funds are coming through the university you will be covered and
if the issue is shortage of cash in your account, you might be able to
swing a short term loan to cover somethings (hopefully you will be living
in the dorms so that those costs will also be a part of the University)
in the interim-the University would be able to grant that to you for those
few days or weeks, if the money should NOT be there on time.(with the
short term loan being repaid from whatever funds you are being given)

Finally, IF you mean to say the funds, from whatever source, loan, grants,
scholarship are coming directly into your own bank account, to you
directly, to pay the school, then that becomes a different matter. It will be
based upon the funding sources' processing of your request for funds. I
honestly would think 2 months is sufficient time to allow for them to get the funds
to you in an era where a car loan for significant amounts is almost
an instantaneous thing, or where a loan on a home certainly gets
processed in that time or quicker. BUT-if it is a third party, and let's just
say this is a loan or scholarship-if its coming from a third party directly to
your account, do NOT just sit back and wait for it to be processed. Starting
now, I would slowly begin to get in touch with the people who are
processing it, their customer service or help line desk. You can't expect
it to be done already, but for example, by August 7, if you have not been
in receipt-you should be contacting them saying "hey, I'm a month out, how
much longer will this be." Make them aware, if the funds have not reached
you, that they have not, stay on top of it, the worst thing any student can
do is sit back and presume and hope that everything will be okay, as a
student, I hate to say this, but no matter the University, instead presume
things can and will go wrong and be prepared to tackle things head-on
(will remaining professional as much as possible.)

I think in any of the situations discussed you should be okay in 2 months,
normally most processing, even for slow University systems and third parties
would be cleared within that time frame, NORMALLY-but again, we must
keep in mind-there are folks who applied for their financial aid back in January,
obviously their money will be there queued up and ready to go, as would
those who applied in April or even May, so that is why I am saying, if you are
getting the funds in part or whole from the Uni, let them know if they are not
received, track and monitor it, stay on top of it-become more urgent and
frequent in your inquiries the closer you are coming to September 13 and
needing the funds-thank whoever is helping you but if you are hitting
a wall, ask to respectfully escalate it to a supervisor, on up the chain of
command to the Executive Offices, if needed. The same is true if you are
receiving moneys from, in part or whole, some 3rd party-in the form of loans,
etc.

Hope this is helpful on a practical level.

L.Ali


(Original post by JordanWall100)
Hi guys I was just wondering I have only just applied for student finance (didn't want to go to university intill now) I was just wondering how long will it take for the money to go into my bank I have sent them all the evidence they need now I'm just waiting I start my course on 13th September so you guys think I will have my money in time for start of the course?
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