Student loans and grants in the United Kingdom are Primarily provided by the government through the Student Loans Company (SLC), a non-departmental public body . The SLC is responsible for Student Finance and is a partner of Student Finance Wales and Student Finance NI. The Student Awards Agency for Scotland assesses applications in Scotland. Most undergraduate university students are eligible for student loans. In addition, some students are teacher training courses May aussi apply for loans. Student loans are also rolled out, starting 2016/17, to postgraduate students who study a taught Masters,

History

Education Act 1962

In the years following World War II , most local education authorities (LEAs) paid students’ tuition fees and also provided a maintenance grant to help with living costs; This is not a repaid. The Education Act, 1962, has made a legal obligation for all students. [1]

Creation of the Student Loans Company

The logo of the Student Loans Company

The SLC was founded for the 1990/91 academic year to provide students with additional help towards living costs in the form of low-interest loans. In its first year, the SLC gave loans to 180,200 students [2] This represented a 28% of eligible students with an average loan of £ 390.

Introduction of tuition fees

In 1997, a report by Sir Ron Dearing recommended that students should contribute to the costs of university education. The Labor Government under Tony Blair passed the Teaching and Higher Education Act 1998 which introduced tuition fees of £ 1,000 to start in the 1998/9 academic year. [3] In addition, maintenance grants were replaced with repayable student loans for all but the poorest students. The total loans provided by the SLC increased from £ 941 million in the 1997/8 academic year, to £ 1.23 billion in the next year, when tuition fees took effect. [2]

Tuition fees in Scotland and Wales

In January 2000, the Scottish government , which consisted of a coalition between Labor and the Liberal Democrats , decided to replace tuition fees for Scottish students with a £ 2,000 charge after graduation. [4] This charge was abolished in 2008. [5] In a similar vein, the Welsh government gives Welsh students studying at Welsh universities a tuition fee grant. [6]

Higher Education Act 2004

The Higher Education Act 2004 increased tuition fees from £ 1,000 to a maximum of £ 3,000. By the 2005/6 academic year, the SLC was providing £ 2.79 billion in loans to 1,080,000 students. [2]

Recent history

The SLC currently employs 1,894 people in the two Glasgow offices and at sites in Darlington and Colwyn Bay, Wales. [7]

In late 2009, the SLC was heavily criticized by universities and students for delays in processing applications. It was further criticised in 2010, as previous issues did not seem to have been resolved. Such issues could include the repeated loss of financial evidence, refusal to acknowledge that an applicant exists, sending schedules for incorrect universities and in some cases, [8] and failing to keep applicants informed. The Chief Executive resigned in May 2010, and the chairman, John Goodfellow, was formally Chief Executive of the Skipton Building Society, by David Willets, incoming Secretary of State for Education. [9] [10]

Ed Lester became chief executive in May 2010.

In 2012 an investigation by Exaro news revealed that the SLC was paying Lester through a private company enabling him to reduce his tax bill by tens of thousands of pounds. [11] [12] The Chief Secretary of the Treasury, Danny Alexander was summoned to the House of Commons for an urgent debate. He told MPs that Ed Lester would have tax and national insurance deducted at source from that point on. [13]

In 2014 it was announced that student loans would be made available to postgraduate students under 30 for the first time.

Eligibility

Students must meet two eligibility requirements: personal eligibility and course / institution eligibility. Personal eligibility principally concerns the student’s residency status. To achieve courses / institution eligibility, the student must be studying for an undergraduate degree at a higher education institution (HEI). In addition, students on some teacher, youth and community worker are eligible for SLC support. [14] From academic year 2016/17, students aged under 60 studying for a postgraduate taught Masters at a UK degree-awarding institution or other verified HEI will also be eligible for a £ 10,000 student loan. [15]

Tuition fee loan

All full-time students are entitled to a tuition fee which covers the full cost of the tuition fee. From the 2012/13 academic year, universities are entitled to charge up £ 3,465 for pre-2012 students and up to £ 9,000 for post-2012 students. Since academic year 2006/07 when variable tuition fees of up to £ 3000 were introduced by Tony Blair’s Labor government, the maximum tuition fee had been increased each year with the RPIX inflation for the subsequent academic year. For academic year 2010/11 the maximum tuition fee was £ 3290 [16] and in the 2011/12 academic year the tuition fee was raised again to £ 3,375. The “old system” maximum tuition fee was one last time for academic year 2012/13 to £ 3465. For courses starting after 1 September in the academic year 2012/13 the maximum tuition fee has been raised to a maximum of £ 9,000 per year for full time students and £ 6,750 A maximum of £ 6,000 and £ 4,500 respectively where the HEI does not. Scottish and Welsh universities were also able to raise their tuition fees, however Scottish-domiciled students studying in Scotland were entitled to free tuition and the Welsh Assembly countries any tuition fees for welsh-domiciled students over and above the “old system” cap as uprated By inflation – £ 3,810 for academic year 2015/16. [17] Northern Ireland retained the existing post-2006 student loan system. Both pre-2012 and post-2012 maximum tuition fees were frozen at 2012/13 levels between 2012/13 and 2016/17 in England. Elsewhere the “old system” captures the annual inflation for the academic year 2016/17 and £ 4,030 for academic year 2017/18. Tuition fee caps remain frozen in England at £ 3,465 and £ 9,000 respectively in academic year 2016/17, but will rise for post-2012 with RPIX to £ 6,165 (basic amount) and £ 9,250 (Higher amount) in academic year 2017/18 with the introduction of the Teaching Excellence Framework . Year academic year, reaching £ 3,925 for academic year 2016/17 and £ 4,030 for academic year 2017/18. Tuition fee caps remain frozen in England at £ 3,465 and £ 9,000 respectively in academic year 2016/17, but will rise for post-2012 with RPIX to £ 6,165 (basic amount) and £ 9,250 (Higher amount) in academic year 2017/18 with the introduction of the Teaching Excellence Framework . Year academic year, reaching £ 3,925 for academic year 2016/17 and £ 4,030 for academic year 2017/18. Tuition fee caps remain frozen in England at £ 3,465 and £ 9,000 respectively in academic year 2016/17, but will rise for post-2012 with RPIX to £ 6,165 (basic amount) and £ 9,250 (Higher amount) in academic year 2017/18 with the introduction of the Teaching Excellence Framework .

Maintenance loan

All eligible UK-domiciled students are also entitled to a loan, which is designed to help pay for living costs whilst at university. All students are entitled to a set amount, with those living in a home away from home in London entitled to more. For the 2009/2010 academic year, the maintenance loan was £ 2,763 for students living at home; £ 4,998 for students living in London; And £ 3,564 for students living at universities elsewhere in the UK. [18]

Students from low-income households may qualify for an increased maintenance loan and / or maintenance grant (for every £ 1 of maintenance grant. For the 2009/2010 academic year, students living at home were entitled to an extra £ 1,075 (bringing the total loan to £ 3,838); Students living in London were entitled to an extra £ 1,940 (bringing the total loan to £ 6,928); And students living elsewhere in the UK were entitled to an extra £ 1,386 (bringing the total loan to £ 4,950). The precise threshold for qualifying as a low-income household varies on which the student resides in, and is set between two bands, with very poor students receiving the full extra money and less-poor students receiving only a partial extra amount. [18]

For “old system” (ie pre-2012) students and “new system” (ie post-2012) students in academic year 2014/2015, For post-2012 students in 2014/15, those living away from home studying outside London could access maximum loans of £ 5,555 (up from £ 5,500 for 2013/14) £ 7.751 (up from £ 7.675 for 2013/14). [19]

For academic year 2015/16, maximum maintenance loan rates for both pre-2012 and post-2012 RPIX inflation (3.34%). The post-2012 maximum maintenance loan (for students living away from home, outside London) will rise from £ 5,000 To £ 5,167.

For academic year 2016/17, maximum maintenance loan rates for new students. RPIX of 2.8% to a maximum of £ 8.430 (for students living away from home, outside London) in academic year 2017/18.

(Including distance learners from 2019/20). [20]

Maintenance grant

A low-income, low-income, low-income, low-income household. As in the case of the United States of America, the United States of America and the United States of America, Receiving only a partial grant. [21] For the 2009/2010 academic year, students from England and Wales were entitled to a grant of up to £ 2,906; Students from Scotland £ 2,105; And students from Northern Ireland £ 3,406. [18]

Maximum maintenance grants in England were frozen at 2009/10 levels in academic years 2010/11 and 2011/12. The 2012 Higher Education reforms in England have a higher maximum maintenance grant of £ 3,250 in 2012/13 for “new system” students and the maximum pre-2012 maintenance grant for “old system” Years from £ 2,906 to £ 2,984. RPIX inflation (3.2%) in academic year 2013/14 and by 1% in academic year 2014/15. For academic year 2015/16 maintenance grants on both systems will be frozen at 2014/15 levels: the post-2012 maintenance grant being frozen at £ 3,387 and the pre-2012 maintenance grant being frozen at £ 3,110.

Maintenance grants were abolished for new students in academic year 2016/17 with maintenance grant levels being frozen at 2014/15 levels for all existing students. Maintenance grants were increased in line with forecast RPIX of 2.8% for all existing students in academic year 2017/18, meaning a maximum grant of £ 3,482 available for post-2012 (pre-2016) students.

Other grants

The SLC provides other grants, such as the Special Support Grant which is available for students on benefits. [21] However, the tuition fee loan, maintenance loan and maintenance grant is by far the most common.

On the “old system” (pre-2012) higher education institutions themselves charging the maximum tuition fee are legally obliged to give a non-repayable bursary worth a minimum of 10% of the tuition fee to students in receipt of a full maintenance grant. [22] On the “new system” (post-2012) no such requirement exists, however those institutions charging more than the basic fee of £ 6000 (full-time) Need to be approved by OFFA.

Repayment and interest

Prior to the 1998/1999 academic year, repayment was made under a fixed-term or ‘mortgage-style’ system of equal monthly instalments which began when the graduate earned a specified threshold at 85% of full annual earnings for full-time Workers (£ 29,126 for the 2016/2017 academic year). [23] Any graduate with an annual gross income below this deferment threshold is eligible to defer their repayments for 12 months at a time. This system was criticized because no matter what the size of the loan, it had to be repaid in 60 monthly instalments (if the borrower took out up to 4 loans) or 84 monthly instalments (if the borrower took out at least 5 loans). [23] For these loans, the interest rate is set each September, equal to the RPI for the previous March. Some Islamic scholars and organizations ruled that it is permissible for Muslim students to take both tuition and maintenance loans, as they have been considered to be Mudharabah (investment contract). [24]

Mortgage-style loans will be canceled if the borrower dies, or through disability becomes permanently unfit for work. Loans will also be canceled if they are still outstanding and one of the following occurs:

  • The borrower reaches age 50 and the borrower was aged below 40 when they took their last loan
  • The borrower reaches age 60 and the borrower was aged 40 or over when they took their last loan
  • The 25th anniversary is reached from when the borrower took their last loan

Loans taken out for courses that are between September 1998 and August 2012 are repaid under the so-called ‘Plan 1’ variant of an income-contingent repayment (ICR) scheme. [25] Repayments do not begin until April after graduation or leaving a race. Thereafter, repayments are fixed at 9% of gross income above threshold, [26] as shown in the table below. The interest rate for these loans is the lower of the Bank of England base rate plus 1%, varying throughout the year, or the RPI measure of inflation. [23] On average, student with these loans increased to £ 25,000. [27]

Loans taken out for courses beginning after September 1, 2012 (which are much larger due to the increase in tuition fees) will be repaid under a new ‘Plan 2’ variant of the ICR scheme. [28] Such loans are not subject to repayment until at least April 2016. Under this scheme, repayments are also calculated as 9% of annual gross income, but relative to a higher initial threshold than Plan 1. The interest for these loans will initially increased At the rate of RPI plus 3% until they become eligible for repayment, after which there will be a progressive rate of interest dependent on income. The RPI will be able to offer you a great deal of money to buy and sell. [29] On average students with loans taken after September 2012 will have increased £ 44,000 of debt. [30] [ needs update ] . This average loan balance has been increased from the academic year 2016/17.

Postgraduate student loans are repaid under another plan type variant of the ICR scheme, at a rate of 6% above the repayment threshold and interest is added to a RPI + 3% postgraduate student loans below. It was originally announced at Budget 2016 that it was intended for Doctoral postgraduate loans to be repaid at 9% above the same threshold with a combined 9% repayment rate as a borrower is repaying both Masters and Doctoral postgraduate loans; However, this was postgraduate repayment of 6%. [31]

Income-contingent loans will be canceled if the borrower dies, or through disability becomes permanently unfit for work. Loans will also be canceled if they are still outstanding at the following times: [26]

  • For loans taken out from September 1998 to August 2006 (August 2007 for Scotland): when the borrower reaches age 65
  • For loans taken from September 2006 to August 2012 (England and Wales): 25 years after they were eligible for repayment
  • For loans taken out from September 2006 onwards (Northern Ireland): 25 years after they were eligible for repayment
  • For loans taken out from September 2007 onwards (Scotland): 35 years after they were eligible for repayment
  • For loans taken from September 2012 onwards (England and Wales): 30 years after they become eligible for repayment

Income-contingent loan repayments are usually made via the tax system . For employed borrowers in the PAYE system, this means the repayments can vary on a monthly or weekly basis. If this results in the total repayments for a tax year being white more than the required annual amount, the excess May be reimbursed on request.

Mortgage-Style (“Pre-1998”) ICR Plan 1 (“Pre-2012”) ICR Plan 2 (“Post-2012”) Postgraduate
Repayment rate Fixed term of 60/84 monthly
instalments unless deferring
9% of income above repayment threshold (Plan 1 threshold
)
6% of income above
repayment threshold
Cancellation Age 50, 60 or after 25 years Age 65, 25th or 35th anniversary
of repayment start date
30th anniversary of
repayment start date
Academic year
(Sep-Aug)
Deferment
threshold (£)
Interest rate
(% / year)
Repayment
threshold ^ (£) [32]
Interest rate
(% / year) [33]
Repayment
threshold ^ (£)
Interest rate
(% / year)
1990/1991 11,580 9.8
1991/1992 12.660 5.8
1992/1993 13,560 3.9
1993/1994 13,980 1.2
1994/1995 14.592 2.3
1995/1996 15.204 3.5
1996/1997 15.792 2.7
1997/1998 16.488 2.6
1998/1999 17.784 3.5 # 3.5
1999/2000 18.192 2.1 # 2.1
2000/2001 19.104 2.6 10,000 2.6
2001/2002 19.725 2.3 10,000 2.3
2002/2003 21.022 1.3 10,000 1.3
2003/2004 21.364 3.1 10,000 3.1
2004/2005 22.759 2.6 10,000 2.6
2005/2006 24.137 3.2 15,000 3.2
2006/2007 24.412 2.4 15,000 2.4
2007/2008 25.287 4.8 15,000 4.8
2008/2009 25.936 3.8 15,000 3.8 (Sep-Nov)
3.0 (Dec) 
2.5 (Jan)
2.0 (Feb)
1.5 (Mar-Aug)
2009/2010 27,050 -0.4 15,000 0.0 
2010/2011 26.449 4.4 15,000 1.5
2011/2012 27.734 5.3 15,000 1.5
2012/2013 27.813 3.6 15,795 [34] 1.5 § 3.6 – 6.6
2013/2014 28.775 3.3 16.365 1.5 § 3.3 – 6.3
2014/2015 26.727 2.5 16.910 1.5 § 2.5 – 5.5
2015/2016 28.828 0.9 17.335 0.9 § 0.9 – 3.9
2016/2017 29.126 1.6 17,495 1.25 21,000 * 1.6 – 4.6 4.6
2017/2018 3.1 17.775 1.25 21,000 * 3.1 – 6.1 6.1
2018/2019 March 2018 RPI 18.330 21,000 * March 2018 RPI + 3%
2019/2020 March 2019 RPI 21,000 March 2019 RPI + 3%
2020/2021 March 2020 RPI 21,000 March 2020 RPI + 3%

^ The repayment thresholds are set to the tax year starting on 6 April immediately prior to the corresponding academic year.

† On December 4, 2008 the Bank of England. As the ICR Plan 1 interest rate could never be more than 1% above the Bank of England. The same was done in January, February, and March 2009.

‡ The </s> </s> </s> </s> </s> </s> </s> </s> </s> </s> </s> </s> </s> </s> </s> </s> </s> </s> </s> </s> </s> </s> </s> </s> </s> </s> </s> </s>. If you have any questions or concerns, please do not hesitate to contact us by e-mail. Base rate + 1%). The Education Act 2011 allows post-2012 student loans to be increased by virtue of regulations. In 2009 the government opted not to charge interest when the RPI rate was lower than zero. No such option applies to the pre-1998 mortgage-style loans, and the negative rate of interest was indeed applied to those loans. [35]

+ Amending regulations [36] in the ICR Plan 1 repayment threshold by the prior year March 2015, to start from April 2012. Amending regulations 2014 [ 37] the time-limit to the threshold adjustments to the lifetime of the loans.

# Post-1998 ICR Plan 1 loans were not yet open for repayment. The first date for repayment on ICR Plan 1 was 6 April 2000.

§ Post-2012 ICR Plan 2 loans were not yet open for repayment. The first date for repayment on ICR Plan 2 was 6 April 2016.

* Post-2016 ICR Postgraduate loans were not yet open for repayment. The first date for repayment for ICR Postgraduate loans is 6 April 2019.

Repayment from overseas

Graduates who spend time overseas for more than three months are required to fill in an Overseas Income Assessment form form, theoretically to provide the Student Loan Company with a way of fixing repayments during that time in fixed instalments over twelve months. [38] This fixed schedule highlights another inflexibility of the overseas repayment mechanism when compared to the UK PAYE scheme. In addition, it is possible to apply for a reassessment when moving between countries, but only if moving to a country with a higher threshold. [38]

The mechanism for repaying post-2012 loans to the customer has moved the UK to the UK: the same 9% of gross income over a specified threshold (set in GBP ) applies, except that the threshold is varied By country, ostensibly to take into account differences in salaries, cost of living, etc., when compared to the UK. For example, in Poland the threshold is currently £ 7,005 for Plan 1 (see £ 17,495 in the UK), and between £ 8,400 and £ 16,400 for Plan 2 loans (see the lower and upper bounds of £ 21,000 and £ 41,000 For UK earners). The thresholds are reviewed at an unspecified time each year. [39] [40]

Overseas Income Assessment Form, a default monthly repayment amount, which also varies by country, will be applied. This figure is based on twice the country’s national average income and is potentially quite large. [41]However, the SLC’s current record in pursuing money from students in a foreign country is extremely poor, with 45% of such loans currently in arrears of repayment or actually written off ( see below ). [42]

Postgraduate student loans

It was announced at Autumn Statement 2014 (3 December 2014) that from academic year 2016/17, students aged under 30 studying for a postgraduate taught Masters at a UK degree-awarding institution or other verified HEI will be eligible for a £ 10,000 student loan . [15] The proposed repayment terms and eligibility criteria were put out to consultation in March 2015 and the outcome was published at Autumn Statement 2015 (25 November 2015). [43]

The outcome of the consultation of many aspects of the initial. Anyone aged under 60 who will be eligible for a postgraduate loan, as will postgraduate research students. The repayment threshold of £ 21,000 has been confirmed, although the repayment rate will be 6% of the income above the threshold, ensuring repayments will be as affordable as possible for both students undergraduate and postgraduate student Loan (combined the rate is 15% above the £ 21,000 threshold) as it is the competitor between the two loans.

As with undergraduate plan 2 loans, the postgraduate loans will be written off 30 years after they become eligible to be repaid (April after leaving race), although no postgraduate loans will be eligible for repayment before April 2019 ).

It was announced at Budget 2016 that Doctoral postgraduate loans of £ 25,000 would be available from academic year 2018/19. It was originally announced at Budget 2016 that it was intended for a postgraduate student to repay at least 9% of the repayment threshold with a combined 9% repayment rate as a borrower is repaying both Masters and Doctoral postgraduate loans; However, this was postgraduate repayment of 6%. [44]

One key difference for part-time postgraduate students Compared with undergraduate student loans Is That only 30% of the postgraduate student loan income is regarded selon new regulations detailed in statutory instrument 743 of 2016 [45] an extract of qui Appears below. These new laws have implications for eligibility to post-graduate students in potentially eligible to benefits. Therefore postgraduate student loans for part-time students are a student undergraduate students who usually exclude students from receipt of benefits.

Statutory Instruments S2016 No. 743, Social Security, The Social Security (Treatment of Postgraduate Master’s Degree Loans and Special Support Loans) (Amendment) Regulations 2016:

(5), a sum equal to (a) the amount of money that is to be paid out of the loan, To 30 per cent. Of the maximum postgraduate master’s degree to acquire in respect of that academic year by taking reasonable steps to do so.

Private student loans

Private loans are available to the student loans, rather than in place of them. These loans are not guaranteed by a government agency and are made by banks or finance companies. Unlike Government loans the repayments do not vary based on future earnings, and the loan will not be written off after a certain period.

Private student loan types

Private student loans come in two types: school-channel and direct-to-consumer.

School-channel loans offer borrowers. School-channel loans are “certified” by the school, which means the school signs off on the borrowing amount, and the funds are disbursed directly to the school.

Direct-to-consumer private loans are not certified by the school; Schools do not interact with a direct-to-consumer private loan at all. The student simply supplies enrollment verification to the lender, and the loan proceeds are disbursed directly to the student. Although direct-to-consumer loans are the most expensive loans available, they do not have to be paid for.

Private student loan rates and fees

Private student loans and loans. Private loans. Origination fees are a one-time charge based on the amount of the loan. They can be taken out of the total loan amount or added on top of the total loan amount, often at the borrower’s preference. APR (Annual Percentage Rate) “for the loan before you sign a promissory note and commit to it. Unlike the “base” rate, this rate includes actual interest, fees, etc. When comparing loans, it may be easier to compare APR rather than “rate” to ensure an apples-to-apples comparison

Most BBA LIBOR rates, plus an overhead charge. Because private loans are based on the credit history of the applicant, the overhead charge varies. Students and families with excellent credit.

Private loans in the UK are offered by the following companies: –

Banks

  • HSBC – Postgraduate loans.
  • Barclays / Co-op – Professional and career development loans.

Alternative lenders

  • Finance.com/Prodigy Finance – MBA loans (launched 2007)
  • Future Finance – Undergraduate and postgraduate loans (launched 2014)

Controversy

2009 Student Loans Company problems

In the summer and autumn of 2009, many students experienced delays in being assessed for and obtaining student loans and grants. As courses began in September or October, the SLC said that up to 116,000 students would have to begin the term without their funding in place. [46] By 10 November 2009, there were still 70,000 applications waiting to be processed and 3 out of 4 universities were using their own funds to help affected students. [47] Chair of the student group Unions 94 Michael Payne branded the situation, “inexcusable” [48] and the Million + group of universities Said the failures Were “very disappointing”. [49]

An inquiry into the problems was set up, chaired by Professor Sir Deian Hopkin. The inquiry is Reported 9 December 2009. [50] It found que la SLC processing system HAD faced problems with lost documents, equipment failures and Difficulties with the Online Application system, and at peak times only 5% of phone calls Were Answered. [50]

Sally Hunt, Sally Hunt, Sally Hunt, Sally Hunt, Sally Hunt. [50] Liberal Democrat University Spokesman Stephen Williams, “The Truly Damning, Revealing a Breathtaking Level of Incompetence Within the Student Loans Company.” [50]

As a result of the report, the SLC resigned, and the senior management team was restructured. However, the board of the SLC warned it could be another two years before the service was running properly. [51]

The SLC was also forced to delay acceptance applications for the 2010/11 academic year. [52]

2011 chief executive tax avoidance issue

In January 2012, BBC Newsnight and Exaro investigation Revealed That Ed Lester, the head of the SLC, Was being white His salary paid through a private firm, Allowing _him_ to Reduce His payment of income tax and national insurance contributions. It has been reported that in the future, [53] In May 2012, Lester announced he would be leaving the SLC at the expiration of his contract in January 2013, although he insisted that the controversy had no bearing on his decision. 55] [56] His replacement is Mick Laverty, a regional development agency executive, appointed in October 2012 and incumbent from January 2013. [55] [56]

Overpayment and non-repayment problems

Major problems are continuing to make the repayments system, leading graduates overpaying on their loans. Kevin O’Connor is a member of the HMRC . The fees collected by HMRC are then passed on, and then the loan is calculated. If the SLC is an overpayment, then the money should be returned with interest. HOWEVER, long delays in this process-have-been Noticed – and in addition, the SLC-have we neglected opportunity to inform HMRC to stop Taking payments, so a year of further Top repayments Even When the loan has-been cleared Acknowledged as is not unusual. In 2011/12, the money wrongly taken because of these practices amounted to £ 36.5 million. [57]In 2009, a new direct debit system was introduced to try and address this problem for graduates who were estimated to have fewer than two years’ repayments left to make. [58] HOWEVER, poor administration HAS Bedeviled this system from the start, and inadequate record keeping means clustering the SLC-have great difficulty Identifying how much is Owed by Individuals, meaning That occasionally They Either miss the time When repayments shoulds be switched to the direct debit System, or worse, send request notices to graduates who have already paid off their loan. [59] poor administration HAS Bedeviled this system from the start, and inadequate record keeping means clustering the SLC-have great difficulty Identifying how much is Owed by Individuals, meaning That occasionally They Either miss the time When repayments shoulds be switched to the direct debit system, or worse, Send request to graduates who have already paid off their loan. [59] poor administration HAS Bedeviled this system from the start, and inadequate record keeping means clustering the SLC-have great difficulty Identifying how much is Owed by Individuals, meaning That occasionally They Either miss the time When repayments shoulds be switched to the direct debit system, or worse, Send request to graduates who have already paid off their loan. [59]

The HMRC and the SLC have also made a significant contribution to the success of the HLCRC. Some graduates have found that broad sums of money have gone missing in the records. The SLC will alter their records on receipts of the countrylips and P60s showing the missing payments. However, it is necessary to check all the paperwork carefully and retain records for the period in question. [60] Graduates are advised by Student Finance England to check all paperwork and ensure that the repayments are in accordance to schedule, and not be afraid to complain or otherwise draw the SLC’s attention to the matter should they make a mistake. [61]

Non-collection of money due also causes problems. This is the first time that the SLC has made an attempt to make a substantial contribution to the development of the SLC. The money they are owed. In January 2012, more than 45% of such loans were in arrears and apparently had been written off, at a cost to the Treasury of over £ 20 million. [42] In December 2013, the Public Accounts Committee described the repayments system as ‘blatantly inadequate’ and its chairman Margaret Hodge advised the Chief Executive that when it came to systems for ensuring repayment, ‘ [62] Only nine foreign nationals had been taken to court for non-payment, and just three had been convicted for non-repayment. In the same year, 92 applications for funding from abroad were found to be fraudulent, but no arrests or prosecutions had been instituted. [62]

References

  1. Jump up^ Anderson, Robert (February 8, 2016). “University fees in historical perspective” . History & Policy . History & Policy . Retrieved 19 July2016 .
  2. ^ Jump up to:c Student Loans Company Limited. “Take up statistics 1991-2005”. Slc.co.uk . Retrieved 12 November 2010 .
  3. Jump up^ “Student tuition fees: costly changes” . BBC News . 19 May 1998 . Retrieved 24 May 2010 .
  4. Jump up^ Smith, Mat (27 January 2004). “Timeline: tuition fees” . The Guardian. London . Retrieved 24 May 2010 .
  5. Jump up^ Bolton, Paul, “Tuition Fee Statistics”, UK House of Commons Library Social and General Statistics Section, Standard Note SN / SG / 917 dated 23 November 2010
  6. Jump up^ Harrison, Angela (November 8, 2009). “Many ‘against student fee rise ‘” . BBC News . Retrieved 24 May 2010 .
  7. Jump up^ “Student loans company to cut jobs” . BBC News . 27 January 2010 . Retrieved 24 May 2010 .
  8. Jump up^ “Failure by Student Finance” .
  9. Jump up^ “Business Secretary Vince Cable Sacks Top Brass of Student Loan Company” . EGov Monitor . 26 May 2010 . Retrieved 2 July 2010 .
  10. Jump up^ “Quango high earners revealed by the Cabinet Office” . Cabinet Office. Retrieved 2 July 2010 .
  11. Jump up^ “Revealed: special tax deal approved for senior official” . Exaro news . 1 February 2012 . Retrieved 5 February 2012 .
  12. Jump up^ “Civil servant tax claims: Danny Alexander orders review” . BBC . 1 February 2012 . Retrieved 5 February 2012 .
  13. Jump up^ “Urgent question on public servants tax avoidance” . Parliament.uk . 2 February 2012 . Retrieved 5 February 2012 .
  14. Jump up^ “Eligibility for student finance: Directgov – Education and learning” . Direct.gov.uk . Retrieved 12 November 2010 .
  15. ^ Jump up to:b “Autumn Statement: Postgraduate loans of £ 10,000” . BBC. 3 December 2014 . Retrieved December 3, 2014 .
  16. Jump up^ “How much will university or college cost? Tuition fees and other expenses: Directgov – Education and learning” . Direct.gov.uk . Retrieved 12 November 2010 .
  17. Jump up^ “Money you can get to pay for university – from 1 September 2012” . Direct.gov.uk.
  18. ^ Jump up to:c “Student MoneySaving: Funding, borrowing & living 10/11” . Moneysavingexpert.com . Retrieved 12 November 2010 .
  19. Jump up^ https://www.gov.uk/student-finance/loans-and-grants
  20. Jump up^https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/597367/Part-time_Maintenance_Loans_-_Government_consultation_response_.pdf
  21. ^ Jump up to:b Student Loans Company Limited. “Maintenance Support” . Slc.co.uk . Retrieved 12 November 2010 .
  22. Jump up^ “Students ‘unaware’ of bursaries” . BBC News . 3 December 2009 . Retrieved 24 May 2010 .
  23. ^ Jump up to:c “Should I repay student loan?” . Moneysavingexpert.com . Retrieved 15 March 2012 .
  24. Jump up^ https://www.islam21c.com/islamic-law/on-sh-haithams-student-loans-fatwa/
  25. Jump up^ “Income Contingent Repayment Plan 1” . Student Loans Company . Retrieved 15 March 2012 .
  26. ^ Jump up to:b “Student Loans: A Guide to Terms & Conditions – Student Finance England (PDF 210KB)” (PDF) . Student Loans Company . Retrieved 15 March 2012 .
  27. Jump up^ “Paying Off Your Student Debt – The Bond Payroll Services UK” . BOND . Retrieved 2016-01-26 .
  28. Jump up^ “Income Contingent Repayment Plan 2” . Student Loans Company . Retrieved 15 March 2012 .
  29. Jump up^ “Income Contingent Repayments Plan 2 – Interest rates” . Student Loans Company . Retrieved 15 March 2012 .
  30. Jump up^ “Paying Off Your Student Debt – The Bond Payroll Services UK” . BOND . Retrieved 2016-01-26 .
  31. Jump up^https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/597333/Doctoral_response_to_consultation.pdf
  32. Jump up^ http://www.studentloanrepayment.co.uk/portal/page?_pageid=93,6678511&_dad=portal&_schema=PORTAL
  33. Jump up^ http://www.studentloanrepayment.co.uk/portal/page?_pageid=93,6678642&_dad=portal&_schema=PORTAL
  34. Jump up^ “PAYE update 2: Threshold change for student loan borrowers” . HM Revenue & Customs . Retrieved 15 March 2012 .
  35. Jump up^ Insley, Jill (31 August 2009). “Millions of student loans have interest rate cut to zero or less” . The Guardian . London . Retrieved 22 August 2010.
  36. Jump up^ “The Education (Student Loans) (Repayment) (Amendment) Regulations 2011” . Government . Retrieved October 17, 2014 .
  37. Jump up^ “The Education (Student Loans) (Amendment) Regulations 2014″(PDF) . Government . Retrieved October 17, 2014 .
  38. ^ Jump up to:b “Repaying from overseas – Overseas Income Assessment” . Student Loans Company . Retrieved 15 March 2012 .
  39. Jump up^ “Overseas thresholds – ICR Plan 1” . Student Loans Company . Retrieved 15 March 2012 .
  40. Jump up^ “Overseas thresholds – ICR Plan 2” . Student Loans Company . Retrieved 15 March 2012 .
  41. Jump up^ Parker, Olivia (15 March 2011). “Why your student loan could cost you £ 350 a month more” . The Telegraph . London . Retrieved 15 March 2012.
  42. ^ Jump up to:b Henry, Julie (January 21, 2012). “Thousands of EU students fail to repay loans” . London: Telegraph Online . Retrieved 27 October 2012 .
  43. Jump up^ “Consultation outcome: Postgraduate study: student loans and other support” . BIS. 25 November 2015 . Retrieved 26 November 2015 .
  44. Jump up^https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/597333/Doctoral_response_to_consultation.pdf
  45. Jump up^ http://www.legislation.gov.uk/uksi/2016/743/pdfs/uksi_20160743_en.pdf
  46. Jump up^ Richardson, Hannah (12 October 2009). “Student loan firm explains delays” . BBC News . Retrieved 24 May 2010 .
  47. Jump up^ “Universities ‘bail out students ‘ ” . BBC News . 18 November 2009 . Retrieved 22 December 2009 .
  48. Jump up^ “Students still await loan money” . BBC News . 10 November 2009 . Retrieved 24 May 2010 .
  49. Jump up^ Coughlan, Sean (14 September 2009). “Student finance ‘shambles’ anger” . BBC News . Retrieved 24 May 2010 .
  50. ^ Jump up to:d ” ‘ Fiasco’ of student loan failures” . BBC News . 9 December 2009 . Retrieved 24 May 2010 .
  51. Jump up^ “Pair quit amid student loans row” . BBC News . 22 December 2009 . Retrieved 24 May 2010 .
  52. Jump up^ Coughlan, Sean (9 December 2009). “Next year’s student loans delayed” . BBC News . Retrieved 24 May 2010 .
  53. Jump up^ “Student Loans chief ‘to pay tax at source ‘ ” . BBC News . 2 February 2012 . Retrieved 5 February 2012 .
  54. Jump up^ “Student Loans boss to stand down” . BBC News. 25 May 2012 . Retrieved 29 January 2013 .
  55. Jump up^ “New Student Loans Company Chief Executive Appointed” . Student Loan Company Limited . Retrieved 29 January 2013 .
  56. Jump up^ “Student Loans Company Board” . Student Loans Company Limited . Retrieved 29 January 2013 .
  57. Jump up^ Yagoub, Mimi. “Student Loans Company in £ 36.5m cock-up” . The Cambridge Student ONline . Retrieved 27 October 2012 .
  58. Jump up^ Bischoff, V. “Graduates Overcharged by Student Loans [sic] Company” . Www.lovemoney.com . Retrieved 27 October 2012 .
  59. Jump up^ Starling, Nich. “Student Loan Company not fit for purpose” . Nich Starling, Norfolk Blogger . Retrieved 27 October 2012 .
  60. Jump up^ “Student Loan PAYE Repayments not Registered” . Consumer Action Group . Retrieved 27 October 2012 .
  61. Jump up^ “Repayment FAQs: Student Finance England.” . Student Finance England (the Student Loan Company Ltd) . Retrieved 27 October 2012 .
  62. ^ Jump up to:b Bird, Steve (14 December 2013). “How foreign students are fleecing Britain” . London: Daily Mail . Retrieved 14 December 2013 .