The Company is due to pay over one million new and continuing students across England and Wales over the coming weeks, once they register and attend their courses.
Derek Ross, Director of Operations and Customer Services at the Company, said:
“Last year over 240 students provided SLC with incorrect bank details on their application forms.
“Funding is transferred to bank account details provided and if the student enters the wrong details, we can chase the funding with the relevant bank but have no guarantees of getting it back for them.
“We would urge all students to take five minutes to log into their student loan online account and make sure their funding is due to be paid to the correct account at www.gov.uk/studentfinance. They should do so more than five working days before any payment is due, to allow time for any updates to be made. Many students change their bank details before term start or have given us temporary payment information. We need account numbers to make payments to the correct account, not long card numbers.
"Students should also be aware that they will only be paid once they have registered at university and their university has confirmed their attendance to us. They should allow 2-3 working days for funding to be paid into their account."
The Student Loans Company's top tips for term start are:
- If you've not already applied for finance, do it now at www.gov.uk/studentfinance or www.studentfinancewales.co.uk
- Send in any requested evidence straight away or it will hold up payment.
- Check your bank details are correct and up to date by logging into your online account.
- Remember to sign and return your online declaration to us. Log into your online account and follow the instructions on your to-do list.
- Be aware of fraudsters targeting your student finance. SLC will never request a customer provides or confirms their account or banking details by email or text. Anyone who receives a scam email about student finance should send it to us at firstname.lastname@example.org, as this allows us to close the site down and stop students from being caught out.
For top tips, advice and information from the Student Loans Company visit The Student Room: thestudentroom.co.uk/studentfinance and our social media pages facebook.com/SFEngland and facebook.com/SFWales