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A Government Agency that Assists With Student Loans

Oct 20, 2007
The Student Loan Company, administers government funded loans and many grants to students throughout the United Kingdom. The company, in partnership with Local Authorities in England and Wales, the Student Awards Agency for Scotland, the Education and Library bounds in Northern Ireland, the Higher Education Institutions and HM Revenue and Customs for students and for their support in the educational field in the UK. The scale of this business has grown so rapidly.

With the sheer size of the numbers involved are telling their very own tale of their great success. The Student Loan Company undertakes specific tasks for individual Devolved Administrations, such as payments of Education Maintenance Allowances, and especially administer on behalf of the private sector, one of the two student loan portfolios sold by the government. The Student Loan Company has several primary roles.

Payment is made to the higher education institutions public contribution towards tuition fees for England, Wales and Northern Ireland. They also deliver financial support to eligible students pursuing higher education. They are very helpful in managing the direct collection of repayments for loans granted under the former Mortgage Style Loan Scheme.

Also, they are helpful in supplying information needed by Hm Revenue and Customs to ensure repayments are collected on time from all those due to repay under the Income Contingent Repayment Loan Scheme. The Company also carries out the administration and payment of bursaries and scholarships to higher education institutions throughout the UK. The financial help a new student can obtain depends on where they live while they are studying, type of the course, and their individual circumstances.

The types of help a new full-time student can expect is maintenance loans to cover the cost of his or her living expenses. Also, scholarships from universities and colleges, tuition fee loans to cover the full cost of tuition fees, and grants to cover the costs of living expenses. Students can also get extra help if they have children or adult dependants, a disability or a specific learning difficulty.

The repayment of loans is repaid through the tax system, and begins after the student has left school. The repayment is tapered according to the gross income of the account holder. These loans accrue interest at the rate of inflation, which means the amount repaid has the same value as the amount borrowed.

For most students, a loan will comprise of the tuition fee loan, plus a maintenance loan, and will be paid directly at the start of each term. Everyone qualifies for 75% on an eligible course of the maximum loan, regardless of income.
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