SORT YOUR SAAS AND KNOW YOUR MONEY
With summer days in the distance and the library looming, money may be the last thing on your mind.
With the new term getting into full swing, it’s important to make sure you’re financially fit and not just Fresher-faced too.
Understanding how, when and what about student funding doesn’t need to be difficult. So here’s an easy guide.
Who pays my money?
If eligible, your tuition fees will be paid directly to your college or university. Students in Scotland can apply for a bursary as well as a student loan.
If successful, SAAS pay all bursary payments to you and The Student Loans Company then pay your student loan.
SAAS also assess other additional grants for students who are lone parents, those with dependants and those leaving care to enter higher education and then pay grants on the same day as your bursary payments. You can find out more about these grants on the SAAS website.
When will I get my cash?
An award notice is sent to you explaining the amount of tuition fees and bursary that you’re eligible for, how much the instalments will be and when they’ll be paid into your allocated bank account.
For those who have successfully applied for a loan, the lump sum will be shown here but The Student Loans Company will send you a loan payment schedule a few weeks before your first day of term which explains when each loan instalment will be paid.
REMEMBER YOU MUST CONFIRM WITH YOUR COLLEGE OR UNIVERSITY THAT YOU HAVE STARTED BEFORE YOU’LL RECEIVE ANY LOAN PAYMENTS.
What happens if my application was in late?
Late or incomplete applications to SAAS can result in your funding not being assessed before the first day of your course. If this happens, any funds you were entitled to from the beginning of your course will be backdated and paid in a single instalment with all remaining payments paid on the 7th of each month up until the end of your last term. Make sure you include all relevant household income documents in your first application for funding or you won’t get your full cash.
What about my placement expenses?
If you’re studying nursing or an allied health profession, you may be able to get help with extra accommodation or travel costs while on placement by applying for those costs in arrears throughout the academic year. Any funds due to you will be paid into your bank account within 10 days of SAAS processing your claim. You can download the forms to claim placement expenses from the SAAS website.
Help, I’m still stuck!
If you have any questions about your payment of bursary, additional grants, placement expenses or your student loan assessment, you should contact the SAAS helpline on 0300 555 0505.
If you have any questions about your student loan payments and you have already received your SAAS award notice, you should contact the student loans company on 0845 026 2019.
If you change your bank account after applying for your bursary or loan, notify SAAS of your new account details through your web account and also inform The Student Loans company.
We want you to be clear on your financial matters so you can start enjoying student life!
Watch the new ‘Your Money’ video on the SAAS YouTube channel to help keep you right on your cash.