student loan

The financial help a new full-time student can get depends on the course, where they live while they are studying, and their individual circumstances.



Customers can find details on how to apply for financial support, maintain their account and repay any loan(s), by accessing their appropriate domicile website.

Types of help for new full-time higher education students include:

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

For the majority of students, a loan will comprise of the tuition fee loan plus a maintenance loan, and this will be paid directly at the start of each academic term. Everyone on an eligible course qualifies for 75% of the maximum loan, regardless of income, and the rest is income-assessed. These loans accrue interest at the rate of inflation, which means that the amount repaid has the same value as the amount borrowed.

The repayment of loans is repaid through the tax system, and only begins after the student has left higher education and is earning over £15,000. This system of collection is known as Income-Contingent Repayment (ICR), because it tapers the repayment obligation according to the gross income of the account holder. It is distinct from the previous mortgage-style scheme in which the monthly repayments were fixed and account holders whose incomes exceeded the deferment threshold, were required to repay the entire instalment each month.

SLC becomes responsible for the administration of financial support after the award authority has completed the income assessment and eligibility elements of the application process.

Our Company provides a broad range of products & services to education funding in the UK.
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PRODUCT AND SERVICES
PRODUCT AND SERVICES
Government policy on student finance is set by the Department for Innovation Universities and Skills (for England) and the Education Departments of Scotland, Wales and Northern Ireland. It is the Student Loans Company’s role to undertake the administration and processing involved in the payment of loans and grants to students, and the payment of tuition fees to higher and further education institutions. In doing so, the Student Loans Company provides a broad range of products and services to education funding in the UK.

* Tuition Fee Support
* Maintenance Support
* Targeted Support

The Student Loans Company distributes the tuition fee payments to universities and colleges for all eligible students from England, Wales, Northern Ireland and the EU.

Repayment of student loans is a shared responsibility between SLC and Her Majesty’s Revenue & Customs (HMRC). We undertake account maintenance and communication with borrowers in repayment, and collection is undertaken by HMRC through the PAYE process. The system of collection is known as Income Contingent Repayment (ICR).

Repayments on loans issued before 1998 are not collected by HMRC; instead they are collected directly by SLC by direct debit and are known as fixed-term repayments.

Find out more on how student loans are repaid, write-off terms, loan cancellation and how the interest rate is applied to a loan.

The Student Loans Company administers a range of products encompassing the areas of tuition fee support, maintenance support, and targeted support, on behalf of the English, Northern Irish, Scottish and Welsh Parliaments and Devolved Administrations