Been waiting all summer for your student loan?
While we can’t change when term starts or make your summer job more bearable, we can help you get your hands on your student loan a day earlier than usual!
It’s a new feature called Get Paid Early, and it means you can you get your student loan paid into your Monzo account the day before it’s meant to arrive.
So whether you need to get stuff sorted before term starts or just want get your cash a day before your friends – read on to find out how it works.
To get your student loan a day early, get it paid into your Monzo account
To get your student loan a day early, you need to get it paid into your Monzo bank account.
You can do this by logging into your student finance account and updating your bank details. You can find your Monzo account number and sort code in the app!
If you already get your student loan paid into your Monzo account, you don't need to do anything. We'll just send you a notification the day before you’re due to get your loan (or on Friday if it’s meant to arrive on a Monday! A heads up: we can stop offering get paid early, or change this service, at any time.)
Sounds like sorcery. How does it work?
All Student Loan Company payments come into Monzo accounts through a system called Bacs (short for Bank Automated Clearing System). The Bacs system is a bit outdated, so from the day they send you the money, it usually takes three days to reach your account. We wanted to see if we could speed things up.
By 4pm on the day before your money’s due to arrive, we’re confident the money will get to your account (we can see it coming in the system).
All banks could technically advance you the money at this point (though most banks choose not to). But we wanted to give you the choice to get your student loan sooner.
Struggle to make your student loan last for the whole term? Read our guide to budgeting, saving and managing your money as a student! 🍜