A recent survey has revealed that university students in the UK aren’r receiving loan payments in time, something which has been described as “frustrating” and “shocking” after the results of a new survey were revealed.
MyVoucherCodes is one of the largest discount websites in the UK and after they spoke with close to 600 students who were either about to attend university, currently studying or already graduated and the results were worrying.
Far more students than expected voiced concerns over their loan applications, with 38% agreeing that they had encountered issues when it became time to secure their loans. 23% of students said they had to wait for up to three months before receiving their loans, while astonishingly, 5% of students waited up to six months.
While MyVoucherCodes did acknowledge that it can be complicated securing any type of loan, they asked students to rate their experience, and 19% of respondents rated it quite difficult.
MyVouchersCodes’ founder Mark Pearson spoke about how it’s getting even more expensive for students to attain a degree and living costs are also increasing, saying that it’s important they receive loans on time.
Mr Pearson went on to say that there’s a lot to take into consideration for students heading to university, and it’s shocking that so many students are having issues when it comes to securing important loans, especially considering how stressful the experience can be for many students.
Amy Marie Walsh was one of the respondents to the survey, and she told MyVoucherCodes about how she started university in September and didn’t receive her loan until the following January after the letter requesting she provide more information went to the wrong address.
Since she wasn’t able to reply, Amy’s loan was cancelled and she needed to reapply. While her parents were luckily able to help her out, and her university agreed to accept her tuition and rent in two payments.
Sarah Arnold wasn’t as lucky as Amy, and when her loan was delayed (due to an admin error) she ended up stuck for cash, with her university refusing to give out their emergency fund since they said she would eventually get her loan.
Sarah is an example of many students who won’t be able to ask mum and dad for help if they don’t receive their loans on time. What this means is that students who are already financially disadvantaged will have less of a chance to go to university.
Imagine for a moment that you’re a young 17 or 18 year old and you’re ready to get your degree. You may be the first in your family to achieve higher education, and when it comes time to pay your university tuition you can’t make the payment due to something which is entirely out of your control.
We need to fix this situation and make it easier for students to study if we want to bridge the gap between rich and poor in the UK.
For more information about the survey and this issue, you can read the article here.