Even though student fees have tripled in the last few years the number of people applying for university places hasn’t slowed down at the same rate. Rather than easing the pressure on the student financial services some of the problems it faced in the past are continuing.
Every year there are always several students who receive their loans late for various reasons. Sometimes it may be through a fault of their own, at others the student services just struggle to deal with such great demand. Either way, when you’ve got bills to pay not having the money in your account on time can lead to relying on other sources.
Bridging Loan
The first thing to do if your student loan doesn’t arrive on time is checking to see if you’ve got the right payment date. Ensure your application has been approved, you have done everything, and been registered at university, as only then will your loan be paid, before getting in contact with the student financial services.
If you have and the problem is with them, then applying for a bridging loan from your place of study is a good idea. The purpose of this is to tide you over until your loan arrives and is repaid after two weeks of receiving the full student grant/loan. All that’s required is evidence that you should receive a student loan and a bank statement showing you have below a certain amount in your account.
Student Payday Loan
Having to pay for the first month’s rent on your new student flat, bills, and internet installation, along with other essential purchases such as books and equipment for your course becomes a real struggle if your expected loan doesn’t arrive. For those who haven’t got enough savings, taking out another quick loan is one option.
Unlike a normal payday loan, short-term personal loans from Smart-Pig.com have been designed by students for students. Available in 60 minutes means you have near-instant access to the funds. Ten days without late payment fees and interest which never rises above 50%, means paying it back should be affordable for most students when their loan arrives.
Borrow from Family
You may think the moment you set off for university is when your full independence and freedom from your family starts. However, most people still return home every holiday and often move back in after their time studying has finished. It can be hard asking to borrow money as this seems like further relying on them.
Borrowing from family or even friends should hopefully result in far fewer interest costs (if any) compared to payday lenders. Plus there’s even more of an incentive to repay on time as you don’t want to ruin these relationships.
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