Student Loans |
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When it comes to starting university it is vital that that you
have predicted what the exact cost may be for the entirety of
your chosen course. You need to do this before going to the
Student Loans Company (SLC) or your local bank to pursue a student
account otherwise you could underestimate the finance you will
need.
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The Student Loans Company tend to accept applications once you have been
informed by the education authority of how much financial aid they can
provide for that academic year. Once the SLC have approved your application
you can receive any amount of money up to that limit stipulated by the
education authority. Usual procedure is for you to receive the agreed
amount in instalments on a three monthly basis. Your first instalment
will more than likely be a cheque which can be collected from your university’s
administration office at the start of the term. The SLC will then pay
the other instalments directly into your personal bank account.
Student bank accounts are more orientated for those general expenses
that students are likely to incur, such as tuition fees and course materials.
They also tend to give generous interest free overdrafts so that any living
expenses can be taken care of without any worries or concerns.
The process of opening a student account is simple enough. Just ensure
that you are satisfied that you've opted for the right student bank account
for your circumstances. Firstly, you will need your acceptance letter
from the university that you are to be studying at. Make sure you take
your passport or driving licence as you will need some proof of your identity.
The bank’s student advisor will then take you through the application
and explain any areas that you may have difficulty understanding.
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