Student finance

Florin 111

Hi, can my student finance be paid in cash? Because I don't have a bank account thanks

Reply 1

EssexStudentRep

Official Rep

Original post

by Florin 111

Hi, can my student finance be paid in cash? Because I don't have a bank account thanks

Is this for the tuition fee loan and/or the maintenance loan?

Tuition fee loans are paid from student finance directly to the university. Student finance will not pay you your maintenance loan in cash, you will need to provide bank account details under your own name when you fill in your loan application.

Is there a reason why you cannot open a bank account in your name?

Best wishes
Essex Student Rep - Hayley

(edited 1 year ago)

Reply 2

David SLC

Official Rep

Hi there. As mentioned above, we cannot make these payments in cash. You must be using a UK bank account under your own name only. Thanks, David

Reply 3

Florin 111

Original post

by EssexStudentRep

Is this for the tuition fee loan and/or the maintenance loan?
Tuition fee loans are paid from student finance directly to the university. Student finance will not pay you your maintenance loan in cash, you will need to provide bank account details under your own name when you fill in your loan application.
Is there a reason why you cannot open a bank account in your name?
Best wishes
Essex Student Rep - Hayley

Hi, thanks for the reply. I have an account with Suits Me, can I make payments to this account?

Reply 4

Florin 111

Original post

by David SLC

Hi there. As mentioned above, we cannot make these payments in cash. You must be using a UK bank account under your own name only. Thanks, David

Hi, thanks for the reply. I have an account with Suits Me, can I make payments to this account?

Reply 5

EssexStudentRep

Official Rep

Original post

by Florin 111

Hi, thanks for the reply. I have an account with Suits Me, can I make payments to this account?

In theory, yes probably. It would need to be a UK account with an account number and sort code. It's not an account type I've personally used before so not totally sure. You would still need to go through your student finance application to check if they approve it, because it isn't technically a bank account.

Check the account type you have, as there are limitations on the amount of money you can have in a Suits Me account at any one time (£5000 limit for an essentials account). As your maintenance loan is paid in 3 instalments and not all at once, this would be ok if you stay under the limit, otherwise the premium accounts incur monthly fees.

As long as you can receive money and are able to set up a direct debit to pay for your bills then this should be ok. Bear in mind there is no overdraft on an e-money account so there is no flexibility like a high street bank if you run out of money.

Good luck with your application, let me know how it goes :smile:

Essex Student Rep - Hayley

Reply 6

Florin 111

Thank you for your reply. I use this account and have a premium plus prepaid card. There, a larger amount can be received on account. I have already applied for student finance and will receive the second payment next month. But my account that I had entered for payments will be canceled in two months, hence the question of whether suits me is suitable for student finance payments. Now all I have to do is change the bank details in the application so that my third payment arrives on the suits me account. Thank you very much for your reply.