As many young adults head to university, research carried out by an online voucher code website has revealed 38% of students have had issues getting student loans, whilst 23% did not receive any money when starting University for up to 3 months. Furthermore 19% of the students questioned admitted they found the whole process of organising their loans difficult.
To find out what students face when it comes to organising their loans for the term, online voucher code website; www.myvouchercodes.co.uk surveyed students in the UK, who were planning on attending university or who were already attending University. They asked: "Have you had any issues securing your student loan?" 62% said they hadn't had any issues, however 38% had.
They also asked those who have secured loans for this term, or previous terms: "On average how long did you have to wait for your student loan to be paid into your bank account?" For the majority of respondents (35%) this was around 1-2 months, however 23% of students had waited up to 3 months for payment to be made. Whilst 5% had waited up to 6 months.
Securing any type of loan can be a complicated task, so my voucher codes also asked: How easy did you find the process of organizing your student loan?" Rated from quite difficult to very easy, they discovered that 33% of respondents had found the process easy, with 19% stating it was quite difficult.
A number of students spoke to My Voucher Codes about their student loan horror stories, including those who had issues securing their loans and those who had issues when it came to clearing those loans owed for tuition fees and maintenance loans.
Amy Marie Walsh who runs www.cocktailsinteacups.com said that she found the whole process difficult, when her loan didn't come in at the same time as everyone else. Her loan was delayed until January due to the fact they'd sent the letter requesting more information about her parents income to the wrong address! Because she never sent back the information (due to not receiving the letter in the first place) her student loan claim was canceled and she had to reapply. Luckily for Amy her parents subbed living expenses and the university worked with her and agreed to her paying two lots of rent and tuition when the loan finally came in.
Sarah Arnold who runs www.thesarahstory.com was stuck for cash after her loan was delayed due to an admin error on their part. Unfortunately Sarah hadn't budgeted for this and was stuck for cash and to make matters worse, the university she was attending wouldn't give out their emergency fund as she would get money eventually.
Heather a Pensions Consultant based in London had issues when she had paid off her student loan, due to the way the student loans company and HMRC worked. HMRC only pay across the monies taken from your salary monthly to the student loan company each April she had to wait until then to clear her loan. However HMRC would not stop taking payments monthly until they had confirmation from the student loan company, which meant that she was still paying for the loan despite technically paying it off. Once confirmation had been made HMRC stopped taking payments for the loan, but it would take another 6 months to get the money taken refunded.
Mark Pearson for My Voucher Codes made the following comments regarding the findings of the study:
"With the cost of attaining a University degree increasing as well as living costs for students, it's important that they receive loans on time, with as little hassle as possible. There is a lot to take into consideration when heading off to University, so it's shocking to see that so many students have issues securing their important loans at a time which his already very stressful for students, many leaving home for the first time."
He added:
"What also is frustrating is that students do also find the whole process difficult, with all they have to worry about it should be easy. As government plans look set to increase costs, it's worrying to think that going to university and gaining a degree could become harder for young people in the UK especially those from disadvantaged backgrounds."
To find out what students face when it comes to organising their loans for the term, online voucher code website; www.myvouchercodes.co.uk surveyed students in the UK, who were planning on attending university or who were already attending University. They asked: "Have you had any issues securing your student loan?" 62% said they hadn't had any issues, however 38% had.
They also asked those who have secured loans for this term, or previous terms: "On average how long did you have to wait for your student loan to be paid into your bank account?" For the majority of respondents (35%) this was around 1-2 months, however 23% of students had waited up to 3 months for payment to be made. Whilst 5% had waited up to 6 months.
Securing any type of loan can be a complicated task, so my voucher codes also asked: How easy did you find the process of organizing your student loan?" Rated from quite difficult to very easy, they discovered that 33% of respondents had found the process easy, with 19% stating it was quite difficult.
A number of students spoke to My Voucher Codes about their student loan horror stories, including those who had issues securing their loans and those who had issues when it came to clearing those loans owed for tuition fees and maintenance loans.
Amy Marie Walsh who runs www.cocktailsinteacups.com said that she found the whole process difficult, when her loan didn't come in at the same time as everyone else. Her loan was delayed until January due to the fact they'd sent the letter requesting more information about her parents income to the wrong address! Because she never sent back the information (due to not receiving the letter in the first place) her student loan claim was canceled and she had to reapply. Luckily for Amy her parents subbed living expenses and the university worked with her and agreed to her paying two lots of rent and tuition when the loan finally came in.
Sarah Arnold who runs www.thesarahstory.com was stuck for cash after her loan was delayed due to an admin error on their part. Unfortunately Sarah hadn't budgeted for this and was stuck for cash and to make matters worse, the university she was attending wouldn't give out their emergency fund as she would get money eventually.
Heather a Pensions Consultant based in London had issues when she had paid off her student loan, due to the way the student loans company and HMRC worked. HMRC only pay across the monies taken from your salary monthly to the student loan company each April she had to wait until then to clear her loan. However HMRC would not stop taking payments monthly until they had confirmation from the student loan company, which meant that she was still paying for the loan despite technically paying it off. Once confirmation had been made HMRC stopped taking payments for the loan, but it would take another 6 months to get the money taken refunded.
Mark Pearson for My Voucher Codes made the following comments regarding the findings of the study:
"With the cost of attaining a University degree increasing as well as living costs for students, it's important that they receive loans on time, with as little hassle as possible. There is a lot to take into consideration when heading off to University, so it's shocking to see that so many students have issues securing their important loans at a time which his already very stressful for students, many leaving home for the first time."
He added:
"What also is frustrating is that students do also find the whole process difficult, with all they have to worry about it should be easy. As government plans look set to increase costs, it's worrying to think that going to university and gaining a degree could become harder for young people in the UK especially those from disadvantaged backgrounds."
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