Over £2.6bn has been paid to 1.1m students in the first term of the 22/23 academic year, according to figures released today* by the Student Loans Company (SLC).
The organisation, which administers student finance on behalf of the UK Government and the Devolved Administrations in Scotland, Northern Ireland and Wales, has now completed the majority of first term Maintenance Loan payments to students across the UK. Payments will continue to be made to students who are due to start courses in the coming weeks.
For the third year in a row SLC has increased the number of applications that it has had processed and ready to pay to students by term start.
Chris Larmer, Executive Director of Operations, at SLC said: "SLC exists to enable opportunity for students to invest in their future through access to trusted, transparent, flexible and accessible student finance services. We are pleased to have reached this important milestone where we have completed first term Maintenance Loan payments for the majority of students, ensuring they have started the new academic year with their funding in place."
Although the majority of students will now have received their first payment, not all of them will get their full entitlement straight away. Eligible applicants who applied late will be awarded the minimum Maintenance Loan amount first, followed by a top-up payment if they are entitled to more funding. Payment can only be released to students once their higher education institution has confirmed their registration.
