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Students still waiting to receive student loans
Despite the fact that most students are settled into their first term in university, many thousands are still to receive payments due to them by the Student Loans Company (SLC). Recent statistics from the SLC indicate that nearly 30,000 applications are still being processed while a further 31,000 are incomplete applications and awaiting further information.
If you are a student whose loan payment has been delayed, there are a few things you can do. Speak to the student support service, often located within your Students’ Union – universities are aware that many students are still waiting for payment to come through, so there are systems in place to help you out. Similarly speak to your bank – it's likely that if you have a student account you will have an interest-free overdraft. By speaking to an advisor they will be able to tell you what options are available to you.
Here is a review of the other top money stories of the past week commencing 9 November 2009.
Monday 9th November
Parents struggling to save for the future – Recent research conducted by Abbey Savings has shown that there is a growing trend of families who do not have any savings. The research highlighted that more than one in four (28%) British parents with young children have no savings or investments to use in times of difficulty. A further 20% of these parents have less than £1000 to fall back on. There is a growing concern for families, especially those with children of primary school age, who are contending with the higher costs of raising a child, particularly educational and childcare costs. However, on a positive note, nearly one third (29%) of parents said that they intend to start saving more each month. Saving is a really useful financial habit to get into, whatever your income. You can find out more on saving, by looking at this information from moneybasics and Moneymadeclear.
If you are a student whose loan payment has been delayed, there are a few things you can do. Speak to the student support service, often located within your Students’ Union – universities are aware that many students are still waiting for payment to come through, so there are systems in place to help you out. Similarly speak to your bank – it's likely that if you have a student account you will have an interest-free overdraft. By speaking to an advisor they will be able to tell you what options are available to you.
Here is a review of the other top money stories of the past week commencing 9 November 2009.
Monday 9th November
Parents struggling to save for the future – Recent research conducted by Abbey Savings has shown that there is a growing trend of families who do not have any savings. The research highlighted that more than one in four (28%) British parents with young children have no savings or investments to use in times of difficulty. A further 20% of these parents have less than £1000 to fall back on. There is a growing concern for families, especially those with children of primary school age, who are contending with the higher costs of raising a child, particularly educational and childcare costs. However, on a positive note, nearly one third (29%) of parents said that they intend to start saving more each month. Saving is a really useful financial habit to get into, whatever your income. You can find out more on saving, by looking at this information from moneybasics and Moneymadeclear.
Wednesday 11th November
Debt levels leave low-paid in unsafe financial position – Research by the Resolution Foundation has indicated that almost 15 million low earners are in danger of being "sucked into a whirlpool of poverty". The research conducted by the think-tank has discovered that 24% of low-wage households spend more than a quarter of their monthly income on debt - twice the number from three years ago. As a result of its research findings the foundation is also calling for high-street banks to be more proactive in providing guidance and assistance to low-income households that miss their first mortgage payment. The earlier a financial problem is identified, the easier it is to avoid falling into arrears or spiralling into more debt. Credit Action have recently released its updated Dealing with Debt Moneymanual. Dealing with Debt is a practical manual that offers clear step-by-step advice on dealing with a range of debt issues such as how to prepare a financial statement, how to prioritise your debts and where to go for further help. It can be downloaded in PDF format by clicking here.
Debt levels leave low-paid in unsafe financial position – Research by the Resolution Foundation has indicated that almost 15 million low earners are in danger of being "sucked into a whirlpool of poverty". The research conducted by the think-tank has discovered that 24% of low-wage households spend more than a quarter of their monthly income on debt - twice the number from three years ago. As a result of its research findings the foundation is also calling for high-street banks to be more proactive in providing guidance and assistance to low-income households that miss their first mortgage payment. The earlier a financial problem is identified, the easier it is to avoid falling into arrears or spiralling into more debt. Credit Action have recently released its updated Dealing with Debt Moneymanual. Dealing with Debt is a practical manual that offers clear step-by-step advice on dealing with a range of debt issues such as how to prepare a financial statement, how to prioritise your debts and where to go for further help. It can be downloaded in PDF format by clicking here.
Thursday 12th November
Unemployment growth slows – The number of people losing their jobs has shown signs of stabilising, according to the latest figures from the Office for National Statistics. Unemployment rose by 30,000 to reach 2.46m in the three months to September - the lowest rise for 16 months. A rising trend of people taking part-time and temporary jobs while seeking permanent positions has been credited for preventing unemployment reaching over 2.5million. Credit Action has a Moneymanual for coping with redundancy which can be downloaded by clicking here.
Unemployment growth slows – The number of people losing their jobs has shown signs of stabilising, according to the latest figures from the Office for National Statistics. Unemployment rose by 30,000 to reach 2.46m in the three months to September - the lowest rise for 16 months. A rising trend of people taking part-time and temporary jobs while seeking permanent positions has been credited for preventing unemployment reaching over 2.5million. Credit Action has a Moneymanual for coping with redundancy which can be downloaded by clicking here.
Friday 13th November
Households going hungry because of debts – Almost half of people seeking advice on debt from Citizens Advice Scotland (CAS) have gone without food or fuel to pay what they owe, the organisation has said. CAS recently produced seven reports that suggest that single parents, the elderly, young people and the sick and disabled were hardest hit by debt. In a worrying development the surveys undertaken by CAS showed that two in five of their clients were sacrificing nutritional intake and their health to pay off debts to creditors. If you are worried about debt it is important to seek help as soon as possible. Citizens Advice, National Debtline and the Consumer Credit Counselling Service (CCCS) all offer free, confidential and independent help.
Households going hungry because of debts – Almost half of people seeking advice on debt from Citizens Advice Scotland (CAS) have gone without food or fuel to pay what they owe, the organisation has said. CAS recently produced seven reports that suggest that single parents, the elderly, young people and the sick and disabled were hardest hit by debt. In a worrying development the surveys undertaken by CAS showed that two in five of their clients were sacrificing nutritional intake and their health to pay off debts to creditors. If you are worried about debt it is important to seek help as soon as possible. Citizens Advice, National Debtline and the Consumer Credit Counselling Service (CCCS) all offer free, confidential and independent help.
