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Student finance

I'll try to write it here again and briefly and hopefully something will be found out. On Monday, January 6th, I was supposed to receive two payments from student finance 1. loan 2. Grants. The total amount exceeded £5,000. I have a SUITS ME prepaid CARD that I receive payments on and the daily limit is £5,000 that I can receive. Since the total amount exceeded £5k, I only received a payment for grants on my account, but the loan payment was rejected and sent back to student finance. Today is Wednesday, soon to be Thursday, and since Monday I've been calling the bank and student finance to see if they've received the payment back that my bank sent them. The bank says that it sent the payment on Monday. Student finance says that they haven't received any money back yet. In my online student finance account in the Payments department, it still says PAID. So how long does it take for student finance to know that it has received a payment back? When will my online student finance account be updated to failed and then to the new scheduled payment date? Thank you, I would really appreciate if someone could explain this to me in detail because I am tired of this, we live in 2025 where there is modern technology and all transfers take a long time when it should all be done in one day

Reply 1

Clearing and Applications Advisor

It’s a bit unfair to blame SFE for your prepaid card limits. Why don’t you have a standard student or basic bank account? That would accept large payments no problem and you could then transfer them to your prepaid card in smaller instalments.