Will I still get my student finance for Term 3 2019/20?
Our short term loans aren’t part of the government student loan system, but The Student Loans Company and Universities UK (the body representing these institutions) have confirmed that students will receive the scheduled or next instalment of their Maintenance Loan at the planned start of their summer term.
This is regardless of whether your university or provider has made alternative arrangements for teaching or you’re studying from home/ not on campus.
I’m worried about my part-time/full-time job
As many students work part-time and often in hospitality, which is very likely to be affected by the government lock-down, we understand that this is a nerve-racking time for employees.
The Government have announced unprecedented financial support for employers to help its employees as much as possible. Some measures include being made “furloughed” – this means that you’ll still be employed by your employer, but you won’t be able to do any work. In return, the Government will pay up to 80% of your usual wage, up to a maximum of £2,500
More info can be found here on the full range of support.
Will I still have to pay for my student housing if I don’t need it?
With regard to your student rent payments, as the Student Loans Company have already confirmed that maintenance and loan payments will be made as scheduled, your landlord/accommodation provider will still expect payment as usual.
If you are unable to use your accommodation or paying your rent is a problem for you, it’s important that you reach out to your landlord/accommodation provider to discuss your concerns.
If you’re still concerned or your landlord/accommodation provider isn’t as helpful as you might expect – your university wellbeing support services could help, as well as Citizens Advice.
I’m concerned about my credit repayments
Providers of credit (lenders such as credit cards, loans, Hire Purchase companies etc) have been told by the Financial Conduct Authority to take additional steps to ensure they support customers who may be experiencing financial difficulties due to coronavirus.
Your lender should be understanding of your situation and will have a range of options to help you. To ensure that you’re best supported if you’re having trouble, it’s advisable that you contact your lender as soon as you possibly can! Don’t be nervous about reaching out to your lender to inform them that you are experiencing financial difficulties – the sooner you do it the better
As a lender, we appreciate that some of our customers may find themselves in a difficult situation financially. Please don’t worry, if you think you will have difficulty repaying your loan, give us a call or send an email explaining your situation and we will do our very best to help in any way we can.
- Email us – firstname.lastname@example.org
- Or call us on 0203 5071 930 (Mon-Fri: 9am-8pm Sat-Sun/Bank Holidays: 10am-6pm)
I’m planning on starting uni in September – can I still apply for Student Finance?
The Student Loans Company will continue to process any applications that have been received as quickly as they can.
Student finance applications in Northern Ireland for the academic year 2020 to 2021 have not opened yet but will process as usual once they start their usual intake of applications. Postgraduate and part-time undergraduate student finance applications for the academic year 2020 to 2021 are scheduled to open later this year as normal.
How can Smart-Pig help?
Our loans for students are still available to help students alleviate short term cash flow problems. Check out our website here to learn more.