Expect Delays On Student Loan Applications
Last year saw a record number of new students applying to Universities across the country and it seems likely that we will see the same thing happen once again this year. The majority of students (or their parents) will not have sufficient money and savings to be able to fund their education and living costs in full and therefore most will apply for a student loan in order to get them through their education.
However, with increasing numbers of individuals applying for student loans, there have been problems with processing loan applications for the start of the academic year. Last year, the student loan company was inundated with loan applications and simply could not cope with the volume of applications.
This meant that a large number of students were forced to start the term without having received the money from their loans and had to use either their overdraft facility, or take out a personal loan to see them through until their funding arrived.
Because of this, there are worries that many potential students are being put off from applying for higher education, simply due to the fact that they can expect long delays on their loan application.
Despite the likely delays in loan funding, students have been advised that they should not be discouraged by this, as they will receive their loan funds eventually. Dr Tessa Stone of Brightside UNIAID said “If it does happen again there will be a lot of people in the same boat and I think too, that Universities this year will have a very eagle eye on it.”
The key message to anyone considering entering or continuing in higher education this academic year, is that it seems likely that they can expect delays as last year and therefore it is important to get their loan application in as early as possible in order to get it processed in time.
