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How to claim for student loan delays

Student loan delays can add to the stress of going into further education or they can just be a bother you could do without when you’ve got to move to another city and start a new life but they’re a fact of life for thousands of students each year. You’re probably asking how to claim for student loan delays and wondering if you can make a case against the Student Loan Company when you’re left high and dry. Unfortunately, you’ve got no recourse at the moment if you experience delays that leave you out of pocket.
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Away from home loan

Most of the media attention focuses on the rising cost of tuition fees but no real attention is given to the rapidly increasing cost of living in this country and the fact that the away from home loan no longer adequately covers everyday expenses like travel and food. At £5,500, or £7,675 if you’re studying in the capital, the maximum living away from home loan will only cover the cost of accommodation in a university’s halls of residence so even if it’s on time, you won’t be living off it.

Why is the student loan late?

Your loan can be late for several reasons. The first is that you may have missed the deadline for submission. If you’re a returning student who’s changed course or any other details, you may experience a delay. Perhaps your bank details are incorrect, or maybe your loan that was approved has been blocked. To find out what the problem is use the contact details found at gov.uk/student-finance.

In the meantime

While you wait for the error to get correct, don’t do so without any funds in hand. Your bank account provider will normally be happy to change your account from a standard current account to a student bank account. Depending on the lender, this can give you anything up to £1,000 as an overdraft that you can use immediately. That should be enough to tide you over until the Student Loans Company resolve whatever issue’s holding up your money.

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