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Lloyds TSB offer students overdraft extension

Lloyds TSB has offered students affected by the delays in the loans system the chance to extend their overdraft.

The Student Loans Company (SLC) has struggled to cope with the number of applications, meaning thousands of students face starting university without full funding.

But Lloyds said first-year students who already have an account open, can extend their interest free overdraft to £1,000.

Normally, students are allowed a £500 overdraft for the first six months, but can extend it to £1,000 after seven months and to £1,500 by the end of the year.

Lloyds TSB director of current accounts, Catherine McGrath, said: "We hope that by providing the opportunity to extend their overdraft, we will help to ease the worry of those who need funding the most."

Around 700,000 SLC payments are due to have been made, but the company admitted between 50,000 and 60,000 will not have their funding by the time term starts, with a further 50,000 still waiting to have their applications processed.

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