Welcome To The Current (but wasn't always) BANE OF MY LIFE (Student Loans Co.)

Member Name: malteser1987

Product:	Student Loans Co.
Date:	26/09/09 (73 review reads)
Rating:

Advantages: Great long term loan, online services etc...

Disadvantages: Crappy customer services team who do not appear to communicate or do the things you say

**My Undergraduate Experience with Student Loans**

My run-ins with student loans have been a mixed bag. Through the 3 years of my undergraduate Drama degree 2005-2008 their system was flawless. When I did my application form in 2005, it was handwritten and as 'straightforward' as it could be. There are many variables which can dictate the amount of loan you recieve and what money you are entitled to i.e. disability allowance, medical courses receive extra grant etc...but otherwise I was able to work out what was neccessary, send in my parents information in order to have my loans income-assessed and therefore getting that bit extra because my parents couldn't help me through my studies. I also carried 2 jobs whilst at uni to supplement the loans.

So yes, through those three years I filled in the forms by hand each time and for the most part, with a few phone calls here and there to clarify that everything was correct, I received my payments on time, my university received my student loan without delay and I had no problems, as such. The one instance that stands out as problematic was in my final year where, as is the same across the board, I received less. This was scary; I had to take on extra work and balance two jobs because being in my final year lowered my entitlement. Conveniently where my loan lowered, my overdrafted opened up and here I am paying off the dreggs of that still a year on.

So I've had a year out where I've worked; finding work wasn't easy but it gave me time to review my options and so;

**My Postgraduate Experience with Student Loans**

Welcome to the current bane of my life. I started my postgraduate teacher training course 2 weeks ago and am living off the money I earnt over the summer working in a kennels. I upped sticks and moved to London from rural Somerset and it is far from cheap let me tell you! Being a postgrad and teacher training course, I cannot sustain a job. I am in every day for the full day with enough reading and homework to fill every day of the week and the work load is only going to increase. My rent is a couple weeks away and student loans have failed to up there game. I applied for my loans in May, filling it in online which is a new option for me and it was all quite smooth and straightfoward in terms of the information I needed to provide. Being 22 I am still entitled to be means tested against my parents income but I am completely independent - nothing will be coming from them. So on the 22nd May my indentification documents are received - the last element to my loan application. 3 days later it is back with me.

Problem 1) I call in August as nothing appears to have happened. I am told my application would not have been assessed and I should call back at the end of August to see where it is.

Problem 2) My account says I need to send in my passport but it also says they've received my passport. Whoever received it forgot to put in the date they returned it. This error puts my loan into limbo as evidently the information has been received but is not flagged up properly despite the errors.

Problem 3) I call up in the first week of September and explain that the tax office have given my father the wrong tax code - one that says he has 2 jobs but he has only ever had one. Fine; we'll get you a non-means tested loan but in 8 weeks the paperwork should be done for a means tested loan and they'll get me that money once it's done. But she does note that if I hadn't called, my loan wouldn't have gone through because of this I.D. anomaly on my account. She says she'll sort it out.

Problem 4) Uni starts; no money. I give them a chance as no one on my course has their money. I give them a week. I cannot get through to the offices; I am queuing for nearly half an hour to an hour at a time. I haven't got my loan; I cannot afford to call this 0845 number for that long. I finally get through on 23rd September; he says I don't need to send in my I.D. and it was a baffling problem so he said he'd speak to the relevant people and they would call me tomorrow.

Tomorrow comes. The site and call centre are down for maintenance. No phone call is received.

I call early on the 25th September. The woman I speak to is struggling to understand me and so repeatedly says "Send in your I.D. Send in your I.D.". I explain the situation but she doesn't get it so repeats herself. I write an arsey letter with 2 forms of I.D to be sent this Monday. Today (saturday 26th) a letter from student loans is on my door step saying "Please send in your passport". The first piece of paperwork I have recieved from the in 4 months!!

Effectively 2 months of phone calls and being told that I did not need to send in my I.D. only to finally be told that yes, we need it again is exceptionally frustrating. Doing everything 4 months ahead of time was far too optimistic! Weighed up against my anxiety about being able to pay my rent when it could take up to 6 weeks to send me my money and sort it all out, I have to say student loans is currently not in my good favour.

So do I recommend them? Yes; but you need to be on the ball and on their case. Send them too much; if you get a similar problem, sod what they say and send it any way. Do not become too reliant on them; have a back up i.e. interest free overdraft, parents because if you do have any upcoming debts, student loans may not be on the dot with their payout. If, like my undergrad, everything gets the thumbs up then you can expect a predictable services. Otherwise, keep on their case and harrass them untill you get what you need. Write down every instance where you've contact them; get the names and if possible a direct number to those you are speaking to! Good luck if you're going for it - you're going to need it!

Summary: Great long term loan - but keep on their case!!