5 Inevitable Things to Expect During The Student Loan Cycle

5 Inevitable Things to Expect During The Student Loan Cycle

Student Loans occupy a unique place of love and loathing in the hearts of most students. But don’t fret – you’re not alone!

5 Inevitable Things to Expect During The Student Loan Cycle
Credit: Dean Drobot, Simon J Beer – Shutterstock

We are, of course, grateful for the Student Loans system. It’s great that it helps us eat more than just boiled rice for the entire academic year.

But, only just. We’d be lying if we said it was all plain sailing.

The Save the Student editorial team has more than a decade’s worth of experience living off the good old Student Loan system. So, we’re well acquainted with the rollercoaster of emotions involved. You will be too, after reading this.

Please, share in our pain and learn from our mistakes. Do it for us.

Still a bit confused by the whole process? Our simple guide to Student Finance can help.

Every student will likely go through these 5 stages when getting a Student Maintenance Loan:

1. The application form takes too long

red alarm clock

Credit: samritk – Shutterstock

It’s 30 minutes until the Student Finance deadline, and you assumed it would be a 10-minute job.

Now you’ve lost your National Insurance number and your mum’s off to aerobics so she can’t fill out her part of the Student Finance application form. Learn from our mistakes and make sure you complete your form well in advance.

Missing the deadline can mean your Student Loan payments are severely delayed.

Also, don’t forget you have to apply for Student Finance every academic year. This will often be before you’ve broken up for the summer holidays. Don’t say we never look out for you.

2. Refreshing your bank statement at midnight

You know your Student Loan payment is due the next day. And, it’s technically already tomorrow. Why wait until you wake up in the morning?

You can almost feel the sense of camaraderie in student halls as you all refresh your phones and head promptly to the SU bar supermarket.

You Can Also Check: 10 Easy Ways to Protect Your House From Burglars As a Student

3. Watching everyone else receive their loan instalment – while still waiting

Credit: Pormezz – Shutterstock

You’re sitting at home feeling very broke and very sorry for yourself. You sneak a casual glance at your Twitter feed and BOOM. Suddenly you’re overcome with the feeling of injustice.

Why does it feel like everyone and their dog has got their Student Loan through already? All while you’re stuck at home watching Netflix and eating super noodles…

The reason for this isn’t that the world hates you. Really.

The Student Loans Company tailors loan payment dates to your university and course.

That’s why your mates at different universities get their money first. But don’t worry. It’s likely the tables will turn in two weeks’ time, when they’ve spent all their cash.

4. Wondering why you bought unnecessary things

lady holding a pound coin putting into a wallet

Credit: Yulia Grigoryeva – Shutterstock

When did you decide you even liked leopard print anyway? Who knows what you were thinking when you bought all this stuff. But in the cold light of day, regret will be looming.

For some items, if you bought them less than 28 days ago (14 if bought online) and they’re still good as new, you can usually return them to claw back your cash. When returning items, make sure you understand your consumer rights.

Paying back your Student Loan

It’s insanely tempting to think of your loan as free money. Unfortunately, you will end up paying it back eventually.

Thankfully, you won’t start paying anything back until you’re earning a decent wage. Even then, it’ll always be a percentage of what you earn over a certain amount. The threshold will depend on what ‘Plan’ your loan is on. You can check out our Student Loan repayments guide to find out more.

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