Student
Loans Company Company Information
About
The Student Loans Company Company
Student
Loans Company place a great emphasis on delivering high standards
of customer care whilst funding the UK's undergraduate students.
A unique loan-financing organisation, Student Loans Company has,
to date, issued loans to more than 3 million customers.
The
Operations Division administers the two existing student loan schemes
and, on behalf of both the Government and the private sector debt
owners, recovering all the loans issued under the 'mortgage style'
scheme phased out in 1998. This comprises of a Call Centre, Application
Forms Processing, Administration Support, Correspondence and Collections.
Last year, nearly 759,000 loan applications were processed as well
as 552,000 deferment applications and repayments totalling £357
million. Student Loans Company Operations Division also disburses
the Government's contribution to tuition fees to universities and
colleges and pays out Hardship Loans as well as some residual grants.
Student
Loans Company customers can always expect to be dealt with sensitively
by their friendly highly trained customer advisers
There
are seasonal peaks with the majority of loan applications being
handled over the summer months. The high volumes of data are quickly
and efficiently handled by Student Loans Company using the most
advanced digital processing equipment.
The
Operations Division works closely with the Higher Education Institutions
( HEIs ) in the UK. They are also responsible for the assessing
applicants for the original mortgage style loan scheme and under
the new Student Support arrangements and issue loan cheques to students
at the start of first term. HEIs supply Operations Division with
the details of all eligible undergraduate courses in the UK. These
are loaded on to the HEI Database, which is regularly updated and
distributed to all Local Education Authorities and other award bodies.
Initial
assessment of student eligibility for the new Student Support loan
is the responsibility of Local Education Authorities (England and
Wales) and the Student Awards Agency for Scotland and Education
Library Boards ( Northern Ireland ). They then inform Operations
Division of all the relevant applicant details. Once a loan has
been paid, the Operations Division keeps accounts and also organises
the collection of repayments.
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