The Student Room Group

Rent/ Maintenance loan don't match up

I'm going into my second year of uni and am renting from a university approved third-party on a 52 week contract. The first payment was 8 weeks of half-rent to cover any work that needed doing on the house, and the first full rent payment is due on September 1st. Here's the problem: student finance isn't released to me until October 6th! (Sounds pretty late, but I study at Lancaster which always begins in October). I've emailed the letting company and asked about how flexible they can be, but a month is really pushing it. What can I do, short of draining my bank account of all the money I've managed to work up?
Original post by parakeetparakoot
I'm going into my second year of uni and am renting from a university approved third-party on a 52 week contract. The first payment was 8 weeks of half-rent to cover any work that needed doing on the house, and the first full rent payment is due on September 1st. Here's the problem: student finance isn't released to me until October 6th! (Sounds pretty late, but I study at Lancaster which always begins in October). I've emailed the letting company and asked about how flexible they can be, but a month is really pushing it. What can I do, short of draining my bank account of all the money I've managed to work up?


Have you used the overdraft facility on your student bank account? Can your parents give you a short-term loan until you maintenance loan is paid?
Original post by normaw
Have you used the overdraft facility on your student bank account? Can your parents give you a short-term loan until you maintenance loan is paid?


Unfortunately they can't, but my santander student account does have an overdraft of £1500 which I will use if necessary- I really hoped i would never touch it but needs must and all that. I could also try to pick up extra shifts, but we're overstaffed already so the chances of that are slim.
Original post by parakeetparakoot
Unfortunately they can't, but my santander student account does have an overdraft of £1500 which I will use if necessary- I really hoped i would never touch it but needs must and all that. I could also try to pick up extra shifts, but we're overstaffed already so the chances of that are slim.

That is the perfect time to use that overdraft - no interest fees and you will be able to get out of overdraft as soon as your loan arrives.
(edited 6 months ago)
Original post by parakeetparakoot
Unfortunately they can't, but my santander student account does have an overdraft of £1500 which I will use if necessary- I really hoped i would never touch it but needs must and all that. I could also try to pick up extra shifts, but we're overstaffed already so the chances of that are slim.


As above, this is basically the exact situation student overdrafts exist for :smile: It will let you amortize the cost over the coming academic year as you continue working and saving and since student overdrafts are normally interest free, you don't need to worry about that either!
Reply 5
Original post by parakeetparakoot
I'm going into my second year of uni and am renting from a university approved third-party on a 52 week contract. The first payment was 8 weeks of half-rent to cover any work that needed doing on the house, and the first full rent payment is due on September 1st. Here's the problem: student finance isn't released to me until October 6th! (Sounds pretty late, but I study at Lancaster which always begins in October). I've emailed the letting company and asked about how flexible they can be, but a month is really pushing it. What can I do, short of draining my bank account of all the money I've managed to work up?

Hi yes definitely go with the overdraft. My eldest was at private halls on penny st and she had to pay 7th of september last year and did not get finance until much later. Once the finance comes through, then pay it straight back.

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