How and when do I get the money?
Usually you get it in three instalments – one instalment roughly around the beginning of each term. Occasionally the money comes in two payments or even just one (but only, as a rule, if you’ve applied after the beginning of the academic year). The SLC will send you a schedule to let you know when exactly they’ll cough up and how much.
The SLC usually transfers the money directly into your bank or building society account. That robs you, unfortunately, of the elation of holding a stonking great cheque in your sticky paw but you do get to marvel at your bank balance statement.
More significantly, spreading out the money stops giddy students doing anything too reckless like buy a Mulberry bag off ebay when Primark's offerings would do. The chunk students get each term is probably still a considerable amount compared to what the shifts at Sainsburys or the paper round ever brought home though.
Still, don’t be tempted to splurge on a cruise in the Bahamas, a half-tonne bar of chocolate or a dead cert in the 2:30 at Newmarket. It may be more cash than you’ve ever had before, but it’s got to last. Spread out over a year, it’ll dwindle faster than chocolate biscuits at a diet club. That’s why you should have a budget – to scare yourself into appreciating the truly tiny amount you really have.
Last updated on: 14 August 2008