The Students Loans Company (SLC) is set to fail 140,000* students nationwide for the second consecutive year.
September will see thousands of undergraduates enter University in a desperate financial state, as once again the SLC fails to process applications in good time, leaving students penniless.
University applications are up 16.5% on last year, representing an additional 80,000 students. Last year over 250,000 students began the term in the red, 109,000 of which were still without their cheques over a month in to the term thanks to the SLCs blunder.
While students desperately await their student loans to help pay for rent, food, books and other necessary study equipment, one entrepreneur is taking direct action for the second time and coming to the rescue of impoverished students.
Stepping in to take positive action against the SLCs ineptitude, Simon Thompson, MD and co-founder of http://www.accommodationforstudents.com, is urging all Landlords to support student tenants by offering a delayed payment system. If this gallant act is achieved, and enough Landlords come on board, those affected by the student loans shambles will receive a months grace on paying their rent.
Thompson is also hoping to rally student brands, such as Pot Noodle, Heinz Baked Beans and Red Bull, to deliver ration packs to students affected by the SLCs incompetence. Any brands wanting to be involved and help needy students are urged to contact Thompson.
Following last years loan debacle, http://www.accommodationforstudents.com took to the streets in support of skint students, doling out free Pot Noodles to over 6,000 struggling undergraduates.
Simon Thompson is outraged the loans failure has been allowed to happen again and hopes that even a tenth of the 60,000 Landlords registered with Accommodation For Students (AFS) will come to the rescue of penniless students by offering delayed rent payment until October.
He comments: Its an absolute disgrace. 109,000 students were left stranded last year and it is clear that nothing has been learned from the Student Loan Companys previous mistakes. What message is this giving out to potential students? It reflects badly on us as a nation.
We all expected the new Government to prevent such a colossal disaster but they are obviously just as incapable as the last leaders. How do they expect the economy to flourish when they cant even provide budding entrepreneurs with the funds to support them through University?
Last year the error was blamed on a new system but recent reports would suggest that this year its down to sheer ineptitude students have claimed the loans company has denied receiving information sent recorded delivery, even though they were in the same envelope as forms they have processed. Its a combination of laziness and incapability that has lead us straight back to the same situation. Those held responsible for last years humiliation soon departed, so it begs the question, who is to blame this time?
As over half a million students (UCAS applicants 570,556) prepare to start University for the first time and more than 700,000 (770,007* UCAS) return to complete their degrees, fear about receiving their SLC cheques is rising. 37% of loan applications are still awaiting approval.
Thompson adds: Students find it tough enough coping when they actually have their loans, let alone when theyre left without them. We will do everything we possibly can to help students and we urge Landlords to take pity and support student tenants by offering delayed payment on rents.
Thompson pledged: We are aiming to help over 100,000 students who would otherwise be left high and dry by the Student Loans Company.
In order to protect themselves financially, students can take positive steps now to prevent the worst:
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