14 stages of the student loan cycle you know all too well

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By in Student Finance, Timewasters. Updated October 2016.

Student loans occupy a unique place of love and loathing in the hearts of most students, but don’t fret: You. Are. Not. Alone.
soitwasWe are, of course, forever grateful for the student loans system and the fact it allows us to eat more than just boiled rice for the entire academic year – but only just, and we’d be lying if we said it was all plain sailing.

With more than a decade’s experience of living off the good ‘ol student loan system, the Save the Student editorial team are well acquainted with the rollercoaster of emotions involved (and you will be too when you read this!).

Please, share in our pain and learn from our mistakes. Do it for us.

If any of these points ring a little too true in your ears or you’re just a little confused by the whole process, you can de-stress with a nice hot cuppa rosy-lee, and our simple guide to the ins and outs of student finance.

14 stages of the student loan cycle

  1. WHY IS THIS FORM SO DAMN LONG?!

    ysolongIt’s thirty minutes to deadline, you only assumed it would be a ten minute job and now you’ve lost your national insurance number and your mum off to aerobics so she can’t fill out her part of the student finance application form.

    Learn from our stupid mistakes and make sure you complete your form well in advance – missing the deadline can mean your payments are severely delayed, and you really will have to eat boiled rice every day.

    Also, don’t forget you have to apply for student finance every academic year – and this will often be before you’ve broken up for the summer holidays. Don’t say we never look out for you.

  2. The seemingly endless wait for loan day

    arewethereWho knew the wait for cash could be quite so long and torturous?

    If you’ve gone back to university early to catch up on studying or live that dream of independence full-time, waiting for loan day can seem like a small lifetime of its own.

    The wait will end eventually, we promise, but if you’re looking to diversify sources of cash income, we’ve got tonnes of great ideas on how to rake it in plus here are some tips on how to survive until that cash monies lands in your account.

  3. Watching everyone else roll around in baths of money

    bathrichSo you’re sat at home feeling extremely broke and sorry for yourself. You sneak a casual glance at your Facebook feed and BOOM! Suddenly you’re overcome with the feeling that you’re incredibly hard done by.

    Why does it feel like everyone and their dog has got their loan through already, whilst you’re stuck at home watching the Hollyoaks omnibus and eating Sainsbury’s basic super noodles?

    Well, the reason for this is that the Student Loans Company tailors loan payment dates to your university and course, meaning there’s not much you can grumble about when your mates at different universities get their dosh first (and it’s likely the tables will turn in two weeks’ time).

  4. STILL not having your loan

    stroppykidOkay, we know, waiting is absolutely pants. But there’s not a lot you can do other than suck it up and wait for it to come through (bar throw an angry pout or two).

    Make sure you have a decent budgeting system from the start (yes, we know, we sound like your parents) and you won’t have to scrimp and save prior to your next instalment.

    If your loan is genuinely delayed though make sure to contact Student Finance at the earliest possible moment, and read this guide for some support.

  5. Going to the cash point at two-minutes past midnight

    cashpointYou know your loan date is the next day, and well, it’s technically already tomorrow, so why wait until you wake up in the morning, right?

    You can almost feel the sense of camaraderie at the student halls cash point as you all file down to get your hands on some crisp new ten pound notes and head promptly to the student union supermarket.

  6. Feeling like a small-scale millionaire

    gatsbyrichLOOK HOW MANY NUMBERS THERE ARE ON THE BALANCE SCREEN! THE POSSIBILITIES!

    Especially when you’ve gotten so used to counting your coppers to see if you can afford a cucumber at the local Tesco Express, we really can’t blame you.

    If you like the feeling of watching the money pouring in (and who doesn’t?) check out our guide to finding a part-time job and get that pay-day feeling as well as that student loan feeling – double win!

  7. Going on an inevitable spending spree…

    allofthemSo those trainers you’ve had your eye on that you totally can’t afford? And for some reason it really feels like pizza night is in the air…

    It’s all too true that it takes an iron resolve to stop the money splurge when you’re loan comes in, but do try to control yourself!

    Unnecessary purchases will only come back to bite you on the bum later on in the term when you really need money for essentials like… eh…food and bills?

    So, at the risk of sounding like your parents, we urge you to try and resist (a bit).

  8. And a hella awesome night out…

    partyhardEven if you’re not tempted by the lure of material goods and all the chocolate you could ever want, it can be extremely hard to say no to the night of your life in the campus bar.

    And who are we to say deny you a good party? Just try a few money saving tricks like starting the night off with pre-drinks and cocktails at home, and only taking as much as you intend on spending. #partyon

  9. Where you buy ALL the drinks…

    shotsWhen you feel like you’re swimming in cash and you’ve racked up a few G&Ts, it’s often time for the generous soul within you to emerge. Shots all round?

    If you are splashing the cash, at least make sure you’re only buying for your genuine bezzies – and impress upon them the importance of getting you a drink afterwards. ‘Tis only fair after all.

  10. Then watch rent payments ruin your riches

    grumpyOne minute you’re rolling in it and the next minute it’s ALL GONE. And probably not because you had the party of the century, unfortunately.

    Once your rent and bills have left your account, you can be left feeling like it was gone before you even had chance to make friends!

    If you’re keen to stretch out your loan as far as it can possibly go, make sure you check out our guides on how to get the best deal on your energy bills. That way, there’s more spare for funzies!

  11. Wondering exactly why you bought ALL the things

    whyyyyyWhen did you ever decide you like leopard print anyway?! Who knows what you were thinking when you bought all this stuff, but in the cold light of day and with a bare bank account – regret will be looming.

    For some items, if you bought them less than 28 days ago (14 if bought online) and they’re still good as new, you can always return it to claw back your cash, or if not, we’ve got some stellar tips for how to sell your unwanted gear on eBay.

  12. Feeling extremely poor and vowing to budget

    countingpenniesDon’t say we didn’t warn you earlier! But you will eventually come to the realisation that you shouldn’t have spent quite that much on amaretto and kebabs when you’ve got a whole term to get through.

    It’s never too late to start budgeting though, and we’ve got shedloads of great advice on how to get through the uni year financially unscathed.

  13. Realising this will be your last ever loan instalment…

    shockeddogAs the third term of your final year rolls around, a strange feeling will engulf you… This will be your last instalment of your student loan. Ever.

    From hereon in you’ll have find your own cash for places to live and fun exploits – here’s where to head over to next!

  14. And now you have to actually pay it back…

    nonononIt’s insanely tempting to think of your loan as free money, but unfortunately you will end up paying it back eventually.

    Thankfully, you won’t start paying back anything back until you’re earning a decent wage, and it’ll always be 9% of what you earn, no matter how much your salary is.

    If you want to prepare yourself for how much you’ll see exiting your bank account, you can find out in a few clicks with our calculator.

Phew, that just about sums up our rollercoaster of emotions onboard the student loans express!

If you want to swat up more on the ins and outs of student finance, check out our big fat (and wonderful) guide.

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