Latest figures show that thousands of students in England are still facing delays in getting loans and grants, although many weeks have passed since the start of term.

The Student Loans Company stated that almost 132,000 applicants are there, who have not received first maintenance payment after approval.

This figure includes the applicants who failed to take places, but at least 60,000 are still being processed.

The students had been assured by the loan companies, that all payments would be processed by the end of October, which hasn’t been done so far.

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Bigger overdrafts have been offered by a high street bank Lloyds TSB to those that are affected by delays to the student finance system.

Students starting university without full funding

There are hundred of students out there who are starting university this month without full funding after the Student Loans Company (SLC) struggled to cope with demand.

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Thousands of students from Huddersfield are facing a worrying start to their new academic life.

It is really very tough to go to university for the first time, but it will add more burden if students are uncertain that they will have the finances they need or not.

Students debt have great impact on their lives

Students know they will leave university saddled with debt for years to come and they are aware of the fact that these will impact greatly on their lives and it will probably effect their ability to become homeowners in the short to medium term.

So if the Student Loans Company do not not fully deal with the applications from up to 60,000 students then no excuse is simply acceptable at this late stage.

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The Student Loans Company has admitted that at least 50,000 students are going to start university without grants or loans.

It has been said by the company that the sheer pressure on the system meant that many undergraduates that had applied late had still not had claims processed.

50,000 students face starting term without money, books and food rent

The company also said that a further 50,000 are not going to get their full entitlement at the time when term begins.

According to them the poorest students would be left short of money for rent, books and food.

This year there is a 17 per cent increase in the number of people applying for university funding this year. this surge is due to the record numbers of students that has started degree courses in 2009 coupled with the effects of the recession.

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There may be good news for students who have taken loans. Students will get to see their debts reduce over time, even without repayments, as the interest rates turn negative in a move. Almost 390,000 graduates, having outstanding student loans will be able to benefit from this.

Interest rate on student loan sinks to –0.4%

The UK’s current period of Retail Prices Index (RPI) deflation, will see the interest rate payable on student loans taken out before 1998 sink to minus 0.4%. This will be the first time the interest rate has turned negative, since the Government-subsidized loan service was launched.

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