What to do if your Student Loan arrives Late

What to do if your Student Loan arrives Late

Looking at a low bank balance is one of the worst feelings you can have, which is why waiting for money to appear in your account can be so stressful. We’ve all been there, refreshing our banking app every few minutes waiting for the numbers to magically change to a slightly better picture. 

However, there’s a unique kind of panic that ensues when you’ve arrived at university and you still haven’t received your student loan. 

So, if this has happened to you, here is what you can do if your student loan arrives late. 

Why is it late? 

It’s going to be much easier to find a solution if you know the actual cause of the problem. So, here is where you need to start. 

Check your Loan Dates

Not everyone’s loan arrives at the same time. When your loan was approved, you would have received some form of payment schedule or information about when you would be getting your payments. 

These may not line up your start of term dates, so this could be why you’re still waiting. If it is past the due date, then contact your loan provider. 

Check Your Application Status

This may seem like a silly question - but has your loan actually been approved? There may be an issue with your loan that you aren’t aware of. Check your application status and check that everything has been organised. 

Check that You’re Registered

A condition of receiving your loan is that you actually attend your university. The way this is confirmed with your loan company is when officially register as a student at your university. 

If you haven’t done this already, this may be what is causing the holdup. If you aren’t sure how to get registered, contact your university and they will be able to explain what you need to do. 

What Next? 

After you’ve done the above, you may or may have got some answers. Either way, here are some tips on what you can do next! 

Contact your Loan Provider

If you tried our suggestions above and are still lost for answers, the thing you need to do is contact your student loan provider. They will be able to offer some more information about what the problem is, and help you find a solution. 

Consider a Bridging Loan

Many universities offer support for students who may be issues with their loans, such as late payments. As the name suggests, these are quick injections of funds to help you through until your loan arrives. 

Contact student services at your university about this and they will be able to give you all the information you need. Make sure you have a bank statement ready, as you will need to provide proof that the money is late and that you have less than a certain amount of money. It also helps to have something to demonstrate when your loan will be arriving and why it’s late. 

It’s worth noting that these loans are small payments that often occur at regular intervals until your full student loan arrives. It will be enough to cover the bare essentials like food or bills and not much else. 

Student Overdrafts

Many student bank accounts offer overdrafts with 0% interest. We are by no means are recommending that you make a regular habit of dipping into your overdraft, but in a pinch, this can be a very handy tool if used correctly. 

If you’re uncertain whether this is available to you, contact your bank. If you don’t have a student bank account, it may be a good idea to open one. 

Get a Job

Whilst this may be the last thing you want to do, a guaranteed way to get some extra cash to go to work. Many casual jobs, such as retail, will have more frequent pay cycles (weekly) so you may be able to get some much-needed funds sooner than you think. 

Job hunting can be time-consuming, however, so if you’re short on time there are a number of other ways you generate an income. You could join a freelancing website, see if there are any jobs on campus, sell come clothes or old possessions - the options are limitless. 

Hopefully some of these tips and bits of knowledge help you if you're finding yourself in this tricky position!