The Student Loans Company (SLC) is a UK organization established to provide financial services, in terms of loans and grants, to over one million students annually, in colleges and universities across the four education systems of England, Northern Ireland, Scotland and Wales.
What is the Student Loans Company?
The Student Loans Company administers loans which are funded by the government to students throughout the Unite Kingdom. The Student Loans Company are in a partnership with Local Authorities in England and Wales, in Scotland a partnership with the Student Awards Agency and in Ireland the Education and Library boards thus giving them a responsible look.
The primary role of Student Loans Company is to deliver support financial, to eligible students who are in the pursuit of a higher education.
To pay various institutions of higher education the public contribution towards tuition fees around England, Wales and Northern Ireland.
To supply the information which may be needed in order to ensure that loans gets repaid in time and collected at their full amounts.
And finally, to manage the direct collection of repayments for loans granted under the former Mortgage Style Loan Scheme
How can the Student Loans Company help me?
The financial help a new full-time student can get depends on the course, where they live while they are studying, and their individual circumstances.
Customers can find details on how to apply for financial support, maintain their account and repay any loan(s), by accessing their appropriate domicile website.
For the majority of students, a loan will comprise of the tuition fee loan plus a maintenance loan, and this will be paid directly at the start of each academic term. Everyone on an eligible course qualifies for 75% of the maximum loan, regardless of income, and the rest is income-assessed. These loans accrue interest at the rate of inflation, which means that the amount repaid has the same value as the amount borrowed.
The repayment of loans is repaid through the tax system, and only begins after the student has left higher education and is earning over £15,000. This system of collection is known as Income-Contingent Repayment (ICR), because it tapers the repayment obligation according to the gross income of the account holder.
marts 17th, 2010 at 10:23 am
I know I need a much more to learn and it will take many years to work, but the answers are something I can build on.