Student loan company glasgow
Student Loan Company is headquartered at 100 Bothell StreetGlasgow. It is public limited company in United Kingdom that can be contacted at 0800 4050 10. It provides various types of loans to students in United Kingdom.These loans are designed so as to help students in meeting the costs towards equipment, books, living, accommodation, transport, child care, medical expenses, utilities, food etc. All the loans are required to be paid back at predetermined rate of interest. Since it is a public limited company, it is owned by the government, which also administers it. Different types of loans provided by the Student Loan Company are meant for the full time first degree course students that are studying at various universities and colleges located in United Kingdom. All mature students that are below the age of 50 years are eligible to apply for the loan. This age limit is 54 if any person wishes to work after he graduates. It is important to note here that overseas students i.e. students belonging to other countries, are not eligible to apply for the loan. Even if a person belongs to any country in European Union, he is not eligible to apply.
Interest rates attached with the loan provided by Student Loan Company are reviewed annually. These rates vary from one place to another and depend upon the place at which a student is studying. Loan is generally provided by the company in three installments. However, if a person wishes to get the loan in one installment, he can do that and in such cases, one installment is directly paid into the account of the person held with a bank or a building society. The reader should note that for majority of students, 75% of the maximum loan amount applicable is provided, as rest of 25% is dependent upon the income of the student or his parents. Let us try to understand the financial help provided by Student Loan Company by taking examples of maximum loans provided by Student Loan Company in the year 2001-02.Students living away from home in above period were entitled for the maximum 75% loan amount of 4700. If any student was studying in London, the above loan amount was 3815. If any student was living with his parents in London, the maximum amount was 3020. Amounts mentioned above are in pound sterling.
Repayment of the loans provided by Student Loan Company start after the completion of course and when the income of a person is more than 15000 pound sterling. One of key features of loans provided by company that make it one of most desirable is that interest rate applied is the same as is the inflation rate. If increase in the value of loan due to inflation is deducted from the total repayment amount, one would get the original loan amount.
Let us now discuss about the loan payment arrangements for the year 2007-08 at Student Loan Company at Glasgow.All the students that have applied for the loan and are eligible to get the student support by the company, would receive the first installment of loan by means of direct electronic transfer. This is done through BACS or Bankers Automated Clearing System. Thus, amount is credited directly into the bank or building society account of a person. This system, as applicable to 2007-08, was introduced successfully in the year 2002 at group of pilot universities and colleges. At present, it is widely available and accepted at all the institutions located in United Kingdom. Above step was taken by the government as a part of modernizing the student support in UK.
When any student is enrolled at any University located in United Kingdom, information about a student starting a particular course is provided to the Student Loan Company. If student has applied for the support and found eligible, first installment of the support is credited directly into the account of student. This is done within 3 working days generally, after the information is received by the company. In no case, the payment can be made by Student Loan Company before the course commencing date of student. There are certain steps that have to be taken by the student for ensuring that loan installment reaches the bank account in right manner. First of all, he must have submitted the right details about account held at bank or at any building society.This can be done either by called at the helpline of the Student Loan Company at 0800 40 50 10 or by filling the account details form supplied by the company. The account should be in the name of student and should accept direct deposits. Second step that should be taken by a student for ensuring timely receiving of loan installment is to show the Payment Schedule Letter sent by the company to the university or college at the time of enrollment. If this letter is not presented at time of enrollment, payment may get delayed.If any student has completed all the loan documents and sent it to SLC and has not received the Payment Schedule Letter, he can easily call at the helpline number mentioned above. A copy of the letter would be issued to the student in no time.While calling at the helpline number of the company, a student should have the Student Support Number of ART id with him.
Sometimes, delay in payments made by the company occurs due to other reasons also. If any student has not received the payment in 10 working days after getting enrollment in college or University, but has received the payment schedule, he must contact the helpline of the Student Loan Company. It is advised here that after getting enrolled in the college or university, a student should not forget to take the Payment Schedule Letter back.