Student loan company
Student Loans Company, also called as SLC in short, it a public sector organization in United Kingdom that has been established for providing loans, grants and other types of financial support to students studying in various schools and colleges under 4 education systems in Scotland, Wales, Northern Ireland and England. It is interesting to note here that Student Loans Company provides more financial aid to more than one million students per year. Apart from providing financial aid, other key function of this company is to administer the collection of repayments pertaining to more than 2 million students that are no longer studying in higher education courses.
Student Loans Company has offices at various places in United Kingdom so that it can easily be approached by needy students. Headquarters of company is located at 100 Bothwell StreetGlasgow G2 7JD. Contact number of this office is 0141 306 2000. Hillington office of company can be contacted at 11 Carnegie Road, Glasgow G52 4JT. Similarly, a person can also contact company at its Colwyn Bay Office that is located at Student Finance Wales, Princes Park, Princes Drive Colwyn Bay, LL29 8PL. Darlington office of company can be approached at DIUS Podium Building, Mowden Hall, Staindrop Road, Darlington DL3 9BG. Contact number of this office is 08456 077 577.
So far the amount provided to a new full timestudent under various types of financial aid is concerned, it depends upon the type of course in which student is studying, the place where he is living while studying and the individual financial circumstances of a student. It is advised that for getting complete information about the financial support available and about repayment of loan, a student should contact the domicile web site of the company. There are many types of financial help available for new full time students. First is the Tuition Fee Loans. These loans are provided so as to cover the full amount towards tuition fee. Maintenance Loan is next type of loan provided by Student Loans Company. Under this type of loan, a student is provided financial aid for covering the expenses related to cost of living. Apart from above, a student can also apply for the Grants for covering the expenses towards cost of living, if these are not fulfilled by way of maintenance loans. Other type of financial aid provided by the Student Loans Company is in the form of scholarships and Bursaries. These are provided by means of various colleges and universities located across the nation. In case, any student is having adult dependants or children, he can apply for extra help. Extra help is also provided to those students that have any type of disability or difficulty in specific learning.
As far as the maximum financial aid provided by the company is concerned, for majority of students, the maximum amount of loan comprises the tuition fee and maintenance loan. Loan amount is paid directly when each academic term starts.For any type of eligible course, a student can easily qualify for 75% of the maximum loan amount, irrespective of the income of student. Rest 25% of maximum loan amount is accessed by taking income of student into consideration.One aspect of loans provided by the Student Loans Company is that a student repays only that much amount that commensurate with the value of amount of loan taken. That is, all the loans provided by the company accrue interest at the inflation rate.
Thus, value of amount repaid by a student is equal to the value of amount taken by him as loan. Repayment of loans takes place by means of Tax system.Repayment of loan starts only when student has completed his higher education and has started earning more than 15000 pound sterling. This system of collecting repayment is called as ICR or Income Contingent Repayment. It is important to understand here that repayment collection of loans provided by Student Loans Company tapers the repayment obligation of a student as per the gross income. This method of repayment collection is quite different from previous method where fixed monthly repayments were there and all the account holders have to pay the whole amount above deferment threshold amount as installment. After the award authority has completed the task of eligibility and income assessment on the basis of application submitted by a student, administration of financial support is the responsibility of Student Loan Company.
National Statistics Products are published by the Student Loans Company as SFR or Statistical First Release. It is published on behalf of DIUS and devolved administration.This publication includes all the information about the Student Finance awards, student loan debt and the student loan repayment. Student finance award include interest rates attached with loan, amount of loan that can be obtained, grants that are awarded etc.
In the past few years, the scale of operation of Student Loans Company has increased considerably. Company also offers one of best working environment in the nation. While working with SLC, a person has satisfaction that he is working in a company that is dynamic and continuously growing. Various types of advantages are provided to people that work with company. Working environment of company also provides many types of opportunities for developing the skills. This is carried out by means of specific training and everyday work opportunities. Selection of benefits offered to people is one among best in the nation. All offices of Student Loan Company are located centrally and have pleasant surroundings.Various types of rewards available to the people working with SLC include generous annual leaves, company final salary pension scheme, flexi-time scheme, annual travel ticket loan free of interest, relaxed dress code, life insurance equal to the 4 times of basic salary, bonus that is related to performance, pay progression on the basis of performance, and legal and financial advice along with counseling.