Supporting Students Payments While Ensuring They Stay Safe

24 September, 2021 by Denzil Otieno 4 mins read Category:  Money Personal Finance

The Students Loans Company (SLC) exists to help students invest in their futures by delivering trusted, transparent, flexible, and accessible student financing services.

The Students Loan Board has been working hard to guarantee that as many students as possible get financing for the new semester. Monday was SLC’s most significant single payment day of the first term, bringing the total amount of Maintenance Loan cash advance to students to nearly £1.1 billion. This is a substantial achievement in a year in which SLC expect to process and pay a record number of student funding applications. 

At the start of the semester, not all students’ applications will be fully processed. Applicants who applied late (after the deadlines) will get the minimal Maintenance Loan amount first, followed by a top-up payment if they are eligible for more money. 

If students apply late, they can learn more about how to get their first student financing payment. However, students should be advised that their funds will not be released until SLC has confirmation from their institution or university that they have begun their course.

Students can use their online accounts to check on the progress of their payments. Each of the payment statuses is explained in this short video. Online accounts can also be used to update bank information and Social Security numbers. 

The Student Loans Company High Demand

SLC’s phone lines are bustling right now, indicating significant demand for their services. To avoid waiting in line to speak with them, SLC strongly advises students first to get answers to any questions they may have online. To assist you, SLC created an online payment guide that’s jam-packed with information and resources on the most common payment issues.

Additionally, the Students Loans Board has been advising students to be on the lookout for scammers while assisting them with their payments. Fraudsters can target students around payment periods, and SLC’s Customer Compliance Teams have prevented £850,000 from being phished from student loans in the last two academic years alone.

It’s not always simple to spot this kind of conduct, but the SLC has put together a list of fraud facts to help:

  • Keep an eye out for any unusual emails, phone calls, or SMS messages, especially when receiving payment.
  • Scam emails are frequently sent in mass and are unlikely to include both your first and last name; they often begin, “Dear Student,” so be cautious if you receive one.
  • ‘If you don’t react within 24 hours, your account will be closed’ – these types of communications are meant to elicit a sense of urgency and promote a speedy response.
  • Consider what you’re doing before you click. If you receive a suspicious email or SMS, hover over it to ensure it goes where it’s supposed to. If you’re still unsure, don’t take a chance; instead of clicking on a possibly dangerous link, go straight to the source.
  • Scammers may use a range of tactics to persuade students to pay money or reveal personal information, including phoney phone calls, social media posts, and direct messaging on digital platforms. If you suspect you’ve been contacted, use legitimate phone numbers, your internet account, and official communication methods to confirm accurate contact.
  • Visit our phishing guide to learn how to spot a phishing scam

www.gov.uk/guidance/phishing-scams-how-you-can-avoid-them/ 

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