What Time Does Student Finance Go Into the Bank?

At the start of every school year, many students who need financial help have countless questions about how student finance works.

But, what most students often wonder is: What time does student finance go into the bank? 

In this blog post, we will explain when student finance is paid, what happens if you miss the student finance payment dates deadline, how much tuition fees are in the UK, and how to get student finance payments on time.

When is student finance paid?

According to Student Finance England, it takes up to 3-5 business days after the scheduled payment for student finance to go into a student’s bank account.

What is student finance comprised of?

Student finance can be broken down into 2 categories: tuition fee loans and maintenance loans. The amount of loan you are entitled to will depend on the university you’re attending and course choice, as well as your living arrangements, and household income.

But, what is a maintenance loan?

A maintenance loan is a loan that helps cover your living expenses, such as rent, accommodation, food, books, and transport. The tuition fee loan, on the other hand, covers a portion or the entire amount of your tuition fees.

Both of these loans are provided by the government and are managed by 4 different organisations: Student Finance England, Student Finance Wales, Student Finance Northern Ireland, and Student Awards Agency Scotland.

How is the tuition fees loan paid?

The tuition fees loan is paid directly to the college or university by the Student Finance body once you’ve completed your student finance application.

How is maintenance loan paid?

Unlike the tuition fees loan, the maintenance loan is transferred into your bank account at scheduled maintenance loan payment dates. These loans are paid in three instalments, and when you’ll receive them depends on the term start date. 

For example, if your course starts in September, your SFE payments dates should be in September, January, and April.

Related: What Happens If You Don’t Pay Student Loans in the UK?

What is the maximum maintenance loan for the academic year 2022/2023 in England?

The maintenance loan amount is based on your living arrangements and household income.

The table below shows the maximum maintenance loan you can get under different living arrangements.

Living arrangement	Max. amount
Living with your parents	£8,171
Living away from your parents, in London	£12,667
Living away from your parents, outside of London	£9,706
Living abroad for a year to attend a UK course	£11,116
You’re over 60 and this is your first day of the first academic year	£4,106

What happens if you miss the student finance deadline?

Students can apply for student finance after the deadline, up to 9 months after the beginning of the academic year, or at the start of the course.

If you apply late, you might:

• Not receive the money at the start of the term
• Get the minimum allowed amount since the student finance body didn’t have enough time to assess and verify your household income on time.

If you get the minimum amount in the initial instalment and you’re eligible for more, you’ll get the rest of the money at a later date. 

What should you do in case you withdraw from your course?

If you decide to leave your course, you should inform the Student Finance body as well as your college or university in order to stop an unnecessary payment from coming in.

How much are tuition fees in the UK?

The undergraduate student tuition fees are capped at £9,250 across the board for all UK universities for home and EU students. Universities can charge up to £11,100 for accelerated studies.

Tuition fees vary depending on where you’re going to study and the country of residence.

• In Wales, tuition fees are capped at £9,000 
• In, Northern Ireland, home students don’t pay more than £4,530
• Scotland has £0 tuition for Scottish students

How to get student finance paid on time?

Here are some tips on how to make sure that you’re on top of your student finance payment schedule.

Make sure you apply on time

To get paid on time, you need to apply before the deadline. 

If it is your first time applying, you will need to submit identification evidence. You will also be asked: 

• when your studies start
• what type of student are you (part-time or full time)
• where and what you will be studying
• your bank account details
• your household income

Keep track of your payments 

If you check your payment status regularly, you could prevent any unnecessary delays.

Make sure you have all the necessary documents 

Household income determines the amount of student finance that you’re eligible to receive. You’ll need to submit your parents’ or partner’s National Insurance number and any other income information that the student finance body may need to approve your payments.

Student finance status meanings

To receive student finance, students need to have a personal UK bank account or a building society account. Once you’ve registered on the Student Finance website, you can track their student finance status in the ‘Your Finance’ tab in your account.

Here’s what different statuses mean:

Awaiting confirmation: The Student Finance body is waiting for the college or university to confirm that your registration form is valid. 

Scheduled: The loan will go through on the scheduled dates, which you can find in your online account.

Payment in progress: The scheduled student finance payments have gone through and you should receive the money in the next 3-5 business days.

Blocked: The Student Finance body hasn’t verified or is missing your bank details and/or your National Insurance number.

Failed: The payment was unsuccessful and the bank has sent back the money to the Student Finance body. You need to contact the Student Finance body in order to resolve the issues.

Bottom Line

What time does student finance go into the bank? It usually takes 3-5 days after the scheduled date. To make sure your payments aren’t late, it’s important to apply on time and provide all the necessary documentation to avoid any delays, which, in some cases, can affect your initial payment.