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Explain The Back Ground Of The Student Loan Company

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 boards 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 Student Loan Company publishes National Statistics products as Statistical First Releases also known as SFRs, on behalf of the delegated administrations. The SFRs include information Student Finance awards (such as loan rates, loan take up, grants awarded, and so forth) and student loans debt and all repayment.

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.

What Is The Role Of The Student Loan Company?

The primary role of the Student Loan Company is several:

• Payment to the higher education institutions the public contribution towards
  tuition fees for England, Wales and Northern Ireland.
• To deliver financial support to eligible students pursuing higher education.
• To be helpful in managing the direct collection of repayments for loans granted
  under the former Mortgage Style Loan Scheme.
• Be helpful in supplying information needed by HM Revenue and Customs
  (HMRC) to ensure repayments are collected on time from all those due to
  repay under the Income Contingent Repayment Loan Scheme.

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.

Also, in addition, the Company carries out the administration and payment of bursaries
and scholarships to higher education institutions wherever they are throughout the UK.

Explain How The Student Loan Company Helps The Individual Student

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 applying for a higher education includes:

• Maintenance loans to cover the cost of your living expenses
• Bursaries and scholarships from universities and colleges
• Tuition fee loans to cover the full cost of tuition fees
• Grants for living costs to cover the cost of living expenses
• Students can also get extra help if they have children or even adult dependants,
• Or if they have a disability or a specific learning difficulty

For most of the 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.

These loans accrue interest at the rate of inflation, which means the amount repaid has the same value as the amount borrowed.

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.

The Student Loan Company becomes responsible for the administration of financial support after the award authority has completed the income assessment and eligibility of the application process.