Financial Services > Student Loans > Advice > Getting money in

Getting more money in

The chances are that you have already exhausted any funds available from parents, so maybe now's the time to write a nice friendly letter to your grandparents, aunt and uncle, godparents, or any other member of your extended family. This is the easy option, at least in terms of effort, but is also the most unlikely to succeed.

Go back to the bank

Even if you are up to your interest free overdraft limit, some banks may be able to lend you further amounts at very attractive interest rates. You will find that a bank which is more aware of your personal circumstances, because you have been with them for a long time, or because they see regular payments coming in, is more likely to be favourable to you.


Should you open more than one student bank account?

Three accounts = 3 free overdrafts! However, banks will wish to see some level of income coming in. Paying your loan into one, your parental contribution into another, and part time income into a third may seem like a clever idea, but:

(a) This will be very difficult to manage, and will expose you to a high risk of unexpectedly going over your overdraft limit on one or more of your accounts. This will cost you more in the long run.

(b) When you are discussing your needs with your bank manager, he or she will be far less sympathetic if you are not paying all your money into one account. Your case to show your ability to repay any borrowing will be very much weakened if you are only able to demonstrate one or two income sources when you actually have three.

(c) Some student bank accounts may actually have specific terms and conditions stipulating that you may only have one student overdraft, and if they find out that you have an overdraft or other borrowings with another bank, they may ask you to repay your overdraft with them immediately. This can put you in very difficult situation.

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