SLC is a non-profit organization that is owned and operated by the government. It was set up in 1989 with an aim of helping students by providing them with loans and grants so that they pursue college and university education. It is based in the UK, and it helps the students from UK and EU who want to pursue higher education but they are unable to pay due to different circumstances. The mission of this organization is to enable the customers, to invest their future by delivering accurate, secure and efficient assessment, payment and repayment services.
This company provides loans that will help the student to cover their cost of living as well and pay for tuition. For maintenance loans, students receive this money directly, as it is deposited into their personal bank accounts. However, the tuition fee deposited in the banks accounts of the colleges or universities. Students are not supposed to pay for tuition fee upfront if it is their first degree, as they can get tuition fee that will cover the full course. Students are likely to be eligible for maintenance loan as well as extra support but this will depend on their circumstances. These loans are refundable at the end of study. Additionally, students are allowed to start paying their loan when they start to earn more than 21,000 euros per year.
Funding your study.
The structure and strategy for applying this loan will depend on student’s area of residence when they first apply.
England or an EU country – Student Finance England
Scotland – Student Awards Agency for Scotland
Wales – Student Finance Wales
This loan is for student’s tuition fee, and it is paid directly to colleges and universities. Students cannot, as it paid directly to the colleges on their behalf.
Maintenance loans- fulltime students.
This loan will help the students to overcome their daily cost while conducting their studies, and it deposited to their personal banks accounts. The loan limit will depend on the student’s circumstances.
Dependants’ grants for fulltime students.
Special allowances and grants maybe available students who study fulltime and they have dependants, thus needing extra help for taking care of these extra costs. These are the Parents' Learning Allowance Adult Dependants' Grant and the Childcare Grant.
The purpose of this loan is to cover the travelling costs for students studying abroad or for people trainings such as medical, clinical or dentistry.
Disabled students’ allowances.
The purpose of this loan is to cover all costs for students with disability without considering whether they are fulltime or part-time students.
Support for part-time students.
The aim of this fee is to help the part-time students with money to cover their tuition fee and course. The amount granted will depend on their household income.’
Support for post graduate students.
This type of loan aims to support any individual who wants to pursue post graduate education whether fulltime, part-time and flexible. It includes course and personal cost fee. Doctorates and PhD loans are now available.
The loan grant will depend on personal eligibility, course and the university or college.
1 personal eligibility.
Applicants should be 18 years old of over. Even though there is no upper age limit for, applicants should not exceed 60 years in their course’s first academic year.
Area of residence
Applicant must be UK citizens or must have settled status.
Must be living in England.
Applicants should make sure that have been in UK/EU for at least three years before they apply.
Applicants can also apply if they are:
Under humanitarian protection or a relative of one.
More than 18 years, having been in England for the last 20 years.
Swiss migrant worker.
Son/daughter of a Swiss national.
Son/daughter of a Turkish national.
Applicants who live in the Channel Island of the Isle of Man cannot apply to Student Finance England, and this means that they should contact education authority on their islands so that they can apply for student finance.
This loans is for the applicants who are applying for the first time or rather the students who are pursuing the course for the first time. They will get tuition fee for the whole course and additional one year but this is if they wish. This extra year bonus is used if the students change the course or if they decide to start the course again after leaving it.
Length eligibility for funding is calculated as;
The course the students plan to purse must be in UK, and they must be one of the following:
Higher education certificate.
Higher national certificate. (HNC)
Higher national diploma.
Higher education diploma.
Post graduate certificate in education.
Initial teacher training.
Individual who would like to apply but they are not sure about their course are advised to check with their university or college.
3 university or college.
The college or university of study should be in UK. Additionally, it should be publicly funded or privately funded but some of the courses being studied there are receiving public funding.
What does Student Loans Company do?
Government funded loans are administered by this company, and sometimes, it grants to HE and FE leaners on England, wales, Scotland and Northern Ireland’s behalf.
The primary role of this company.
The first one is to ensure that it has delivered the appropriate information to all customer groups, and it has done it on the right time.
The second one is to ensure that it has delivered financial support to eligible students pursuing higher education, and by what is expected by student support regulations, and in Scotland, this is conducted in partnership with the SAAS.
The other one is to ensure it has contribute toward tuition fees for wales, England and Northern Ireland.
To pay and scholarships bursaries on higher education providers’ behalf.
To work together with HMRC as a way of making sure that repayments are done on time.
Management of the direct collection of additional payments that are voluntary, repayments for individuals living in other countries and recovery of loans that have been overpaid.
Provision of advice that is needed to support policy making by administration.
Undertaking of specific tasks for individual administrations such as paying the education maintenance allowances on behalf of private sector.
We have shared the UK ‘s requirement;
By making sure that payments have been done on right amount, right time and at the right people.
By ensuring our customers are satisfied at all stages.
By making sure that the loans are repaid at the right time, thus minimizing the taxpayer’s cost.
By providing a service that is designed to al; customers’ needs.
Streaming the students’ finance system by use of latest technology, thus improving customer service.
By making sure that there is no frauds activities taking place within this sector.
Ensuring that students’ support is at its best.
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