Loan disbursement

Once your fees have been paid, is the remaining amount handed to you or do you need to have a bank account open? I was told it takes weeks to open an account.   

I was told it takes weeks to open an account.   

Who told you that?  It normally takes a few days max.

My school's registrar's office told me it takes weeks. But I'm glad to know it's not always true.

I went into Barclays and had the account number and sort code before I walked out. It took longer to get my card, etc., but I had what I needed to get a BACS transfer from the uni.

The way it usually works for me is that I get a call or email when my check arrives, I go to the finance office and sign for them, then take them to the cashier and endorse them. They get deposited into the university's dollar account, and then the exchanged money is transferred into my university account. The school takes 1/3 of the annual fees and transfers the balance to my Barclays account. If a check is sent from Sallie Mae on the 1st, the money is usually in my account around the 20th. (the big delays are the dollar account and then the fortnightly BACS run.)

I went into Barclays and had the account number and sort code before I walked out. It took longer to get my card, etc., but I had what I needed to get a BACS transfer from the uni.

The way it usually works for me is that I get a call or email when my check arrives, I go to the finance office and sign for them, then take them to the cashier and endorse them. They get deposited into the university's dollar account, and then the exchanged money is transferred into my university account. The school takes 1/3 of the annual fees and transfers the balance to my Barclays account. If a check is sent from Sallie Mae on the 1st, the money is usually in my account around the 20th. (the big delays are the dollar account and then the fortnightly BACS run.)

I won't have a permanent address by then. Is it alright to use the school's address?

I won't have a permanent address by then. Is it alright to use the school's address?

It might be easiest just to wait until you arrive in London to worry about this stuff - the university should give you all the information you need to open up a bank account in your orientation and there will probably be several students in the same boat as you anyway.

I'm assuming you will be finding somewhere to live fairly soon after you arrive, so why not just wait until then to sort it out? You probably won't be able to open an account until you have an address anyway - I'm pretty sure you won't be allowed to use the university address - and you should be able to open the bank account within a few minutes/hours of going into the bank and then you'll just have to wait a few days for your bank card(s) to arrive in the post.

The school should be able to help you out with anything you need, including helping you sort out payments/checks etc. - they will likely deal with international students like yourself on a daily basis, and will know how you go about setting all of these things up (that's what the international office is there for). You're not alone in sorting all of these things out - there are thousands of international students across the UK who will be dealing with exactly the same issues when they arrive in the UK in the next few weeks.

I received some information from my uni about this and apparently some of it was wrong, acc to this board. And it still didn't answer all of my questions.

I'd like to know as much as I can now so I don't have to run around in London (as opposed to going flat hunting) and compete with other students to get my questions answered at the registrar's (?) office.

I'll be staying in temporary housing (with a distant relative) until I secure my own.

I received some information from my uni about this and apparently some of it was wrong, acc to this board. And it still didn't answer all of my questions.

I'd like to know as much as I can now so I don't have to run around in London (as opposed to going flat hunting) and compete with other students to get my questions answered at the registrar's (?) office.

I'll be staying in temporary housing (with a distant relative) until I secure my own.

Fair enough . You may be okay to open an account using the temporary address you will be living at to start with - you'd probably have to check with the bank branch you want to open the account with to see if that's okay.

I'm not sure if they will do it at your university, but at both of the ones I attended in the UK as well as the one in the US, they had special talks, presentations and workshops for all of the international students about how to open bank accounts and get all the other things sorted (including helping you look for somewhere to live).

The international/study abroad office will likely be reserving an entire week of their lives in order to help you and the other new students arrive and settle in - they should be happy to answer any questions or concerns you have about finding accommodation and getting your money sorted out. There may even be volunteer students who will walk with you to a bank and help you open the account so you don't have figure it all out on your own (I was a volunteer my final year of university - we met the students in the airport, drove them back to the university, took them on campus and city tours, helped them find houses and flats etc.).

Of course, there's no harm in trying to get your questions answered before you arrive, but to be honest, there are some things that you may not know for sure until you get to London (like whether you can use your temporary address to open a bank account).