From 1998, with the introduction of tuition fees in the UK, the SLC instead began providing loans under an income-contingent repayment (ICR) scheme. Postgraduate and part-time students can now apply for 2020/21 student finance . Interest is charged from the day the Student Loans Company makes your first payment to you or your uni or college, until your loan is repaid in full or cancelled. We provide fi nancial support on behalf of the UK Government to students from England entering higher education in the UK. A free inside look at company reviews and salaries posted anonymously by employees. [8] (In June 2014, Wonga had been ordered to pay £2.6 million in compensation for sending customers letters from fictitious debt recovery firms.[9]). This section looks at Plan 2 income-based student loans, the first repayments for these loans have started to be collected from April 2016. If you’re self-employed, this will be repaid through your self-assessment tax return. The interest rate is based on the Retail Price Index or RPI, which measures changes to the cost of living in the UK. [4] The SLC's remaining mortgage-style loans, for which payments were mostly in arrears, were sold to a consortium, Erudio Student Loans, in 2013 for £160m. This information is for Plan 2 student loans. What is a maintenance loan? Student loans are split into two distinct parts: tuition fee loans and maintenance loans. From 1990 to 1998 these were mortgage-style loans, which were aimed at helping students with the cost of living and repaid directly to the SLC. Login to your student finance account service provided by Student Finance England . As was true in the previous debt sales, the same is true for this first ICR debt sale in that the new debt owner(s) are unable to change any aspect of the terms and conditions that applied when a borrower entered into their contract to receive (and repay) their student loans. Your rate will be calculated based on your graduate earning potential, not just your current financial situation. The Student Loans Company will advise HM Revenue & Customs (HMRC) when you are due to begin repayment. EVIDENCE. What to expect at each stage of your journey with Student Finance NI - from before you apply through to repaying your student finance. This Student Loans Company (SLC) page has details for the three companies now collecting the loans. We offer Tuition Fee Loans, Maintenance Grant, Special Support Grant, Childcare Grant and Disabled Students It is owned by the UK Government's Department for Education (85%), the Scottish Government (5%), the Welsh Government (5%) and the Northern Ireland Executive (5%). As a result, graduates who have actually finished paying off their loans may still have money unnecessarily deducted from their pay packets because the SLC doesn't know they've finished paying them off. Glasgow. UK Government - Student Loans Company. Prior to this, she was chief executive of the Charity Commission for England and Wales.[3]. Don’t worry we won’t send you spam or share your email address with anyone. In the late 1990s, the government sold two tranches of the mortgage-style loans to investors. Your employer's role. Christian Brodie has been the organisation's non-executive chair since February 2014. If you took out a student loan between 1990 and 1 September 1998, SLC can help you find the right organisation to contact. Paula Sussex became its chief executive and accounting officer in September 2018. If your income falls below the starting threshold within a certain pay period, there won’t be a repayment deduction made for that pay period. If you have not already registered with the service you can register as a childcare provider. Visit: Student Loans Company on GOV.UK. Search: Home; HEP Services. This information applies to Student Loans Company (SLC) loans. Last name. Joint SLC and HEP Service Agreement; Bursaries Administration Service; Courses Management Service; Student Information Service; Guidance. If you’re repaying your student loan, find … There are separate sections on our website for Plan 2 income-based loans, postgraduate loans and if you have both Plan 1 and Plan 2 loans.. Plan 1 Student loans . If you’re leaving the UK for more than three months you’ll need to complete an Overseas Income Assessment Form to so we can calculate if you need to repay. Read our policy on Social media use. We're always trying to improve our service – your feedback (opens in a new window or tab) helps us do this. The basics of a student loan: Your debt can include study fees and living expenses. The Partner Services team manages the relationships with stakeholder and partners in the higher and further education sector. Search: Home; News and events. Private student loans are those taken out with a lender or loan provider, and not offered through the government. SLC is an executive non-departmental public body, sponsored by the Department for Education. SLC issues guidance for repayment customers and answers common questions related to the COVID-19 outbreak. More... - Customer / Recoveries Advisor. The Student Loans Company (SLC) only receives an update on how much you've paid towards your student loan from HM Revenue & Customs once a year. The SLC is funded entirely by the UK government and the devolved administrations. Evidence. The Student Loans Company uses your National Insurance number to keep track of your income. News and bulletins; Seminars; Advisory Group; ALL Learning Provider Events 2019; ALL Service Review Forums 2020; Contact Information. Learn more in our full guide to repaying your student loan. SLC is urging customers to switch to Direct Debit in the final months of paying their student loan, A blog from Derek Ross Executive Director, Operations as the Student Loans Company makes the first tuition fee payment of the academic year. The Student Loans Company (SLC) is a non-departmental public body company in the United Kingdom that provides student loans. Student loans and grants for Higher Education students who live in England. Tel: 0141 306 2000. The ICR loan scheme was replaced with a new ICR scheme in 2012 to include a longer repayment period following an increase in tuition fees. Student Loans Company Limited ("Student Loans Company" and/or "SLC") The Memphis Building Lingfield Point McMullen Road Darlington Co Durham DL1 1RW United Kingdom. You should contact the Student Loans Company (SLC) if you are unsure which type of loan you have. Plan 1 (if the loan was taken out prior to 1st September 2012) – when an individual’s gross personal income exceeds £17,335 per year. Make a new request by contacting us using the details below. Previous Page. [10], "Company to profit from chasing student debts", "Ageing student loans sold to debt firms", "Government to sell £12bn of student loans to cut deficit", https://www.theguardian.com/money/2014/jul/03/student-loans-company-debt-collection-letters-compensation-wonga, "Wonga chased debt using fake law firms, says FCA", https://en.wikipedia.org/w/index.php?title=Student_Loans_Company&oldid=984448775, Government-owned companies of the United Kingdom, Official website different in Wikidata and Wikipedia, Creative Commons Attribution-ShareAlike License, This page was last edited on 20 October 2020, at 04:18. You can change your cookie settings at any time. HMRC will then send these details on to the Student Loans Company. The SLC announced it was suspending the use of the letters, which it said had used the "secondary brand" (which small print at the bottom of the letters indicated was a trading name of the Student Loans Company) to avoid paying fees to a conventional debt collection agency. To help us improve GOV.UK, we’d like to know more about your visit today. The interest rate is updated once a year in September, using the RPI from March of that year. Fax: 0141 … You will repay your postgraduate loan alongside any undergraduate loan you have, in the same way. Repayments for these loans are collected by HMRC via the PAYE tax system. A guide to repaying your Plan 2 student loan. A maintenance loan … Private Student Loans. You should contact the Student Loans Company (SLC) if you are unsure which type of loan you have.. Student Loans Company. Read about the types of information we routinely publish in our Publication scheme. If a student has requested to pay for your childcare using a Childcare Grant you need to register with us to receive payments. Date of birth. Independent student status. Go to the student sign in. You don't receive this money – it's paid directly to the university running your course. See when the loan is paid or written off based on current salary and future salary projections. Current and prospective students can keep up to date with information about how the COVID-19 outbreak is affecting student finance by visiting our dedicated COVID-19 page. At the end of each financial year, your employer will tell HMRC how much you have repaid by advising them of your deductions. Student Finance England is a service provided by the Student Loans Company. Our latest blog from CEO, Paula Sussex, on how SLC has served customers this year and our commitment to deliver an outstanding customer experience. The Student Loans Company (SLC) is a non-profit making government-owned organisation that administers loans and grants to students in universities and colleges in the UK. COVID-19: latest information on student finance. Guidance on how to make student loan repayments if you travel or move abroad. The Student Loans Company (SLC) is a non-departmental public body company in the United Kingdom that provides student loans. SLC is an executive non-departmental public body, sponsored by the Department for Business, Innovation & Skills. Join the 226 people who’ve already reviewed Student Loans Company. Firstly in 1998 to Greenwich NatWest raising £1bn, and secondly in 1999 to Deutsche Bank and the Nationwide Building Society, also raising £1bn. [1] The SLC is funded entirely by the UK government and the devolved administrations. Part time students may be able to get a tuition fee loan of up to £6,935. It is responsible for both providing loans to students, and collecting loan repayments alongside HM Revenue and Customs (HMRC). If you know someone who is claiming for student finance that they are not entitled to, or who are evading repayment of their student loan let us know by calling or completing our online Fraud Reporting form. It is responsible for both providing loans to students, and collecting loan repayments alongside HM Revenue and Customs(HMRC). Calculate your UK student loan repayments with this free student loan repayment calculator. It is owned by the UK Government's Department for Education (85%), the Scottish Government (5%), the Welsh Government (5%) and the Northern Ireland Executive (5%). It depends on what country you lived in when you applied for student funding. Do you need more time? Lanarkshire. They’ll instruct HM Revenue & Customs (HMRC) to notify your employer when you start working, and payments will be deducted from your taxable earnings. The Student Loans Company, which has recently moved its website from SLC.co.uk to the Gov.uk domain, now offers university leavers ‘quick repayment … And because we know money … This site is intended for those working in the education sector and provides guidance on the financial help available to students, based in England, who are considering entering further, undergraduate or postgraduate education. You’ve accepted all cookies. Give yourself the freedom to focus on your studies, not the bills, with our flexible private student loans. Tuition fee loans of up to £9,250 a year cover your course fees. Our Personal information charter explains how we treat your personal information. Visit: Student Loans Company on GOV.UK. For example, 27 3 2001 Day. Find out about our commitment to publishing in Welsh. In the subsequent pages, we cover: Registered in … The SLC's he… We are a non-profit making government-owned organisation that administers loans and grants to students in colleges and universities in the UK. Download Student Finance England application forms, such as PN1, PR1, PFF2, DSA1 and CCG1. There are separate sections on our website for Plan 1 income-based loans, postgraduate loans and if you have both Plan 1 and Plan 2 loans. Glasgow . From 2006, loans covered the cost of tuition fees in addition to living costs. The Student Loans Company is a non-profit making Government-owned organisation set up in 1989 to provide loans and grants to students in universities and colleges in the UK. Month. All content is available under the Open Government Licence v3.0, except where otherwise stated, Deputy Chief Executive and Chief Customer Officer, Chief Financial Officer / Executive Director, Finance, Commercial, Estates and Enterprise Risk & Compliance, Executive Director, Repayments and Customer Compliance, Company Secretary and Senior Information Risk Owner (SIRO), A blog on SLC's Corporate Plan by CEO, Paula Sussex, SLC urges customers to join Direct Debit scheme at the end of their student loan, £5 billion in student finance paid so far this term, Guidance for students from England, Wales and Northern Ireland, Guidance on contacting the Student Loans Company, Student Support for Higher Education in Wales 2020, Student Support for Higher Education in Northern Ireland 2020, SLC Annual Report and Accounts 2019 to 2020, Expenses incurred by SLC board members and senior executive team, See all transparency and freedom of information releases, Professor Andrew Wathey CBE FRHistS FRSA FSA, Coronavirus (COVID-19): guidance and support, Transparency and freedom of information releases, Read about the Freedom of Information (FOI) Act and. HEP News; Regional … The SLC will remain responsible for the day-to-day administration of all duties related to the repayment of these loans, and repayments will be paid on to the Investors. [7], In July 2014, the SLC was accused of using controversial tactics akin to those of the payday loans company Wonga after it was discovered that it had been sending out letters from what appeared to be an independent debt collection agency called Smith Lawson & Company. What you'll pay. This section looks at Plan 1 income-based student loans. 168 Student Loans Company reviews. SLC issues guidance for students from England, Wales and Northern Ireland and answers common questions related to the COVID-19 outbreak. It will take only 2 minutes to fill in. 2401034VAT registration number. Student Finance Explained. Student Information Service guidance documents; SFE and SFW Postgraduate Loans; SFNI Part-Time Tuition Fee Loan ; SFNI Postgraduate Tuition Fee Loan; Engagement. 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