Coming to university is a big step. There are all sorts of things we must do to be able to live independently, managing finances is one of those things, and probably one of the most difficult.
I heard recently of a case of students in partnership residences who found that direct debit payments had been made to their accommodation provider before student loan payments had been made. This has resulted in some students going over their overdraft limits and having to take on additional daily overdraft charges. This has caused a lot of stress to those affected and will likely compound the stress they have because of exams and coursework deadlines.
I would urge students – in partnership residents and those renting in the private sector – to check whether any large direct debit payments will be made before their maintenance loan payments come in. If this is the case I suggest contacting the accommodation provider and your bank to change the date of payment.
You can check the exact dates payments will be made on the student finance website (you will have to log into your account).
The dates when payments will be made should be in your contract/tenancy agreement.
Lucky Dube, Student Living Officer