The Student Loans Company ( SLC ) is not for non-profit corporations in the UK that provide student loans. It is owned by UK Government Education Department (85%), Scottish Government (5%), Welsh Government (5%) and Northern Ireland Executive (5%). SLC is funded entirely by the British government and devolved government. Responsible for lending to students, and collecting loan payments with HM Revenue and Customs (HMRC). The SLC headquarters are in Glasgow, with other offices in Darlington and Llandudno.
(Non-executive) The chairman of this institute, Christian Brodie (Mr), has been with SLC since February 2014. Mick Laverty, an accountant previously "Chief Executive Advantage of West Midlands" (in charge of the Regional Development Agency for West Midlands) SLC Accounting Representative and Chief Executive, his designated position in January 2013.
Video Student Loans Company
Histori
SLC was founded in 1989 to provide loans and grants to students studying in the UK. From 1990 to 1998 this was a mortgage-style loan, aimed at helping students with living expenses and being paid directly to SLC. From 1998, with the introduction of tuition fees in the UK, SLC even began lending under a contingency repayment scheme (ICR). From 2006, the loans covered the cost of tuition in addition to the cost of living. Refunds for these loans are collected by HMRC through the PAYE tax system. The ICR loan scheme is replaced by a new ICR scheme in 2012 to include a longer repayment period after the tuition increase.
Student loan book sales
In the late 1990s, the government sold two parts of the mortgage-style loan to investors. First in 1998 to Greenwich NatWest raised Ã,  £ 1 billion, and second in 1999 to Deutsche Bank and the Nationwide Building Society, also raised Ã,  £ 1 billion. The remaining SLC mortgage loans, whose payments are largely overdue, are sold to the consortium, Erika Student Loans, in 2013 for £ 160 million. In 2014, the government indicates it will start selling SLC books worth  £ 12 billion in 1998 - 2012 to boost UK public finances.
Maps Student Loans Company
Controversy
In June 2012, whistleblower Eileen Daly confirmed the changes were made internally to ensure that problems reported through the correct channels would not happen again. The National Audit Commission is also upheld against the BIS department.
In July 2014, SLC was accused of using controversial tactics similar to those of Wonga's payday loan company after it was found that it had sent a letter from what appeared to be an independent debt collection agency called Smith Lawson & Company. (As of June 2014, Wonga has been ordered to pay Ã, Â £ 2.6 million in compensation for sending customer letters from fictitious debt recovery companies.). SLC announced that it suspended the use of letters, which he said had used "secondary brands" (small printed at the bottom of the letter indicated by the trade name of the Student Loan Company) to avoid paying the debt collection agency fees.
References
External links
- Student Loans The company's official website
- Contact Student Finance England - GOV.UK (SFE is part of SLC)
Source of the article : Wikipedia
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