Going to college in the UK has always been expensive, but this situation improved with the advent of the Student Loans Company. This organization provides eligible students with access to loans. The organization covers England, Scotland, Wales and Northern Ireland.
First of all, the term student loan should be clarified. In general, this type of loan is designed to help students cover their expenses during college. These include tuition fees, books, or any other kind of living expense. The exact coverage varies from country to country. In the United Kingdom, the Student Loans Company largely provides loans for tuition fees and maintenance, as well as maintenance grants.
In the case of tuition fees, the loan covers the full amount only in the case of full-time students. The maintenance loan is something every student is eligible for. Thanks to it, the living costs incurred while attending university are partially covered. The amount of money that can be granted varies depending on the student’s financial status. If the overall financial situation is a good one, the student will only obtain a partial loan. At the same time, households with low revenues are entitled to an increased amount of money. These types of student loans must be paid back.
The maintenance grant, however, does not have to be repaid. These grants can also be accessed through the Student Loans Company, but only by poor students. Students situated at the lower threshold will get full grant, and the amount diminishes as the financial status goes up.
Since its creation, the agency has provided loans for millions of students, making their lives a lot easier during the college years. Only in the company’s first year of existence around 180,000 students accessed a student loan, of 390 British pounds in average. That figure represented only 28 percent of the total eligible students, but it was a start nevertheless. Today, the amount of money being handed out as loans is well above 3 billion ponds. Any problems encountered along the way were resolved as quickly as possible, and the Student Loans Company is now the best helping hand a student may need, making university life as enjoyable as possible.
Taking a loan from the agency is a fairly simple process, especially now that the Internet has offered quick access to information worldwide. By making an account on their homepage, you obtain access to a huge amount of information regarding the offers on student loans and how can be are repaid.
The latter aspect is important, as before the 1998-1999 academic year, an instalment system was used. According to it, a loan would have 60 months, time during which instalments would be paid, regardless of the loan size. After that, since 1999 onwards, all loans work under an Income- Contingent Repayment system. The student repays the loan by having 9 percent of what he or she earns over 15,000 pounds (per year) directed to the institution’s account.
In the end, if you are planning on applying for a loan at the Student Loans Company, or anywhere else for that matter, you should be aware of phishing attacks. There have been a number of reported attempts of false emails asking for security information. Be sure to report such emails to the organization if received. This piece of advice is valid whenever you receive what seems to be a legit email, but asks for confidential data. To make sure they reduce the risk of phishing attempts to minimum, the organization representatives have released a phishing guide with very useful tips on how to protect your personal data.
To conclude with, the Student Loans Company is a secure and reliable provider of services that is able to lift the financial burden during college and does everything in its power to ensure the complete safety and satisfaction of its clients.