About Student loans company
Student Loans Company: Providing Financial Assistance to Students in the UK
Student Loans Company (SLC) is a non-profit making government-owned organisation that administers loans and grants to students in colleges and universities in the UK. The company was established in 1989, with the aim of providing financial assistance to students who want to pursue higher education but cannot afford it. SLC is an executive non-departmental public body, sponsored by the Department for Education.
SLC offers a range of financial support services to students, including tuition fee loans, maintenance loans, and grants. The company's primary objective is to ensure that every student has access to affordable funding options so they can focus on their studies without worrying about finances.
Tuition Fee Loans
Tuition fee loans are available for all eligible undergraduate and postgraduate students studying at universities or colleges in England. These loans cover the full cost of tuition fees charged by institutions up to a maximum amount set by the government each year. Repayment of these loans starts once you have completed your course and are earning above a certain threshold.
Maintenance Loans
Maintenance loans are designed to help cover living costs while you study. These loans are available for eligible full-time undergraduate and postgraduate students studying at universities or colleges in England. The amount you can borrow depends on your household income, where you live while studying, and whether you're living away from home or not.
Grants
SLC also provides various grants such as Disabled Students' Allowances (DSA), Childcare Grant (CCG), Adult Dependants' Grant (ADG), Parents' Learning Allowance (PLA), etc., which help eligible students with additional costs associated with their studies.
Repayment Options
Repaying your student loan is based on how much you earn after graduation rather than how much you borrowed initially. You will only start repaying when your income exceeds £27,295 per annum before tax deductions if you started university after September 2012; otherwise it's £19,895 per annum before tax deductions if started university before September 2012). Repayments will be automatically deducted from your salary through PAYE system if employed or self-employed through HM Revenue & Customs if not employed.
Why Choose Student Loans Company?
There are several reasons why SLC stands out among other financial assistance providers:
1) Non-Profit Making Organisation: SLC operates as a non-profit making organisation which means that any surplus generated goes back into supporting future generations of learners rather than being distributed as profits among shareholders.
2) Government-Owned Organisation: As an executive non-departmental public body sponsored by the Department for Education , SLC operates under strict regulations set out by the government ensuring transparency & accountability.
3) Flexible Repayment Options: Unlike traditional bank loan repayments which require fixed monthly payments regardless of income level; repayment options offered by SLC depend solely on how much one earns after graduation.
4) Wide Range Of Support Services: In addition to tuition fee & maintenance loan support services; SLC also provides various grants such as Disabled Students' Allowances (DSA), Childcare Grant (CCG), Adult Dependants' Grant (ADG), Parents' Learning Allowance(PLA); helping eligible students with additional costs associated with their studies.
Conclusion:
In conclusion, Student Loans Company plays an essential role in providing financial assistance services that enable thousands of UK-based learners every year access higher education opportunities they would otherwise miss due lack funds . With flexible repayment options based solely on earnings levels after graduation coupled wide range support services including tuition fee & maintenance loan support services plus various grants such as Disabled Students’ Allowances(DSA); Childcare Grant(CCG); Adult Dependants’ Grant(ADG); Parents’ Learning Allowance(PLA); there’s no doubt why many people choose Student Loan Company over other lenders when seeking educational funding solutions .