The student loans company have created accessible education for the masses, or should I say the 40% or whatever Tony Blairs latest target for those going into higher education should be.
My background is I am the first in my family to go to university and come from a background where I ... Read review
Advantages: Available funds when you need them, very low rates of interest Disadvantages: the most appalling customer service ever, pay on demand mentality
The student loans company have created accessible education for the masses, or should I say the 40% or whatever Tony Blairs latest target for those going into higher education should be.
My background is I am the first in my family to go to university and come from a background where I wasnt brought up to belive university is everyones right, but something that should be worked hard to achieve.
Before I went to university ... ...experience of financial products, bar the humble current account.
Because I was studying in London I applied for and reciveved the top amount available each year which began at £3,000 and rose up to £4,000 by the time I graudated in 2001.
During the time I was recieveing the student loan I felt that the system worked fairly well. You recieve a lump sum at the beginning of each term, so 4 times a year in total. For me ... more
The student loans company have created accessible education for the masses, or should I say the 40% or whatever Tony Blairs latest target for those going into higher education should be.
My background is I am the first in my family to go to university and come from a background where I wasnt brought up to belive university is everyones right, but something that should be worked hard to achieve.
Before I went to university in September 1998 I was completely debt free and had no experience of financial products, bar the humble current account.
Because I was studying in London I applied for and reciveved the top amount available each year which began at £3,000 and rose up to £4,000 by the time I graudated in 2001.
During the time I was recieveing the student loan I felt that the system worked fairly well. You recieve a lump sum at the beginning of each term, so 4 times a year in total. For me I found this was just enough, on top of my part time job, to keep me going. I think its wise they dont dole out the whole amount in one go as for young people with no financial experience or knowledge of budgeting, many having come straight from their parents homes, the temptation to blow it all would be too hard to resist.
I think the way that the Student Loan company recover the amounts owed is fair. Its based on your income, so the more you earn the better for them, and you as you can pay it back quicker.
With an interest rate linked directly to inflation you are also secure in the knowledge that you will never end up paying back huge sums of interest as with a traditional commercial based loan.
I am now into my 3rd year of making repayments and have found the system easy to understand in terms of how I repay.
However for anyone who hasnt already got a loan some words of advice, or perhaps just warning.
In the time I have dealt with the SLC since the borrowing phase ended and the repayment phase begun I have had nothing but crossed wires, beauracracy and stress from dealing with this company. It took over a year to finally get a statement of what I owed. It wasnt up to date. When I complained I was met with stony 'it isnt our fault its the inland revenue sending us bad files' response. I could go on... Other things that I have found intensely annoying about the system is that, if you are fortunate enough to get bonuses in your job, they take what they want from that too. Personally I dont find this fair (when is life fair I hear you say!) if your mortgage company behaved in the same way you'd soon move your account wouldnt you? It makes the idea of getting a bonus somehow disappointing when you know that after the tax man, NI, pension (company one linked to income) and SLC have had a bite you are left with a much depleted sum. I digress.
I moved jobs in 2002 and found out this year that the inland revenue had no record of the first 6 months of repayments that I made that year prior to moving company. When I complained I was told this was being looked into. That was 5 months ago, and still no reason offerd as to why it happened, or anything firm from them to show they have now updated my records.
So moral of my story, review, advice
1) If you can afford to borrow this money and stick it into a high interest account do it, its the lowest interest rate there is going.
2) If you need it for funding living espenses while studying, do it, its the cheapest loan etc, etc
3) Whatever you do keep a very close eye on what you are repaying to this company. Keep every single payslip you have to prove what you pay, and keep your own spreadsheet too.
4) Dont expect anything like the normal relationship you expect with a bank/financial organsisation because you wont get it. This company behave like they are doing you a favour not running a business where they make money from you.
Hope this is helpful to anyone going to university this year. And good luck!
...in a long line of the governments major cock-ups. Im sure I don't need to go into detail about the huge amount of money they waste every year. Everyone has their own particular 'bugbear' and yet you think we'd all be able to agree that higher education is not only a valued but vital element of our society. When personal improvement comes at such a high price though, you have to wonder whether or not you'd be better simply not bothering.
Sadly a ... ...'silverspoonless beginings' I have found the Student Loans Company to be a bit of a mixed bag. Naturally it was never questioned that I should apply for the financial aid on offer and I sent off all my details way before my A level results came in. To cut a long story short I recieved the first installment of my student loan a full year after I applied for it, and a full year too late. The customer service I recieved during this time was very poor. ...
nightvixen30 24.06.2008 (25.06.2008)
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Ciao members have rated this review on average: very helpful Review of The Student Loans Company
Advantages: Cheep Loans available Disadvantages: Endless paperwork, unable to get through on the phone, EVER!
...tell you all about the Student Loans Company, I’ve had a rather unfortunate experience with them. And I thought I should warn students about this company as I know many will be applying in a month or so for loans of their own.
The whole process is a long complicated matter, starting when you first want to take a loan, the company requires you to fill in a very long tedious form which asks everything from how much you have in your bank to what ... ...before they foresee themselves needing the money.
I thought it was quite funny I was being sent letters asking me to repay my loan only a few months after I had received it and still had many months to go till I finished uni. I was required to fill in another set of questionnaires at this stage to prove I was still in education, bizarre. The fun starts though after you have graduated, as soon as you finish University you are sent multiple questionnaires ...
sheff22 28.05.2001
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Ciao members have rated this review on average: very helpful Review of The Student Loans Company
Advantages: Low interest repayments Disadvantages: Gets you into debt before you get a degree
...mature student and cringed at the forms, so i passed them for my spouse to sort. When we got the letter back we were told we would not be considered for a student loan or for fees to be paid as our income was more than satisfactory.
Now i have a occupational ill health retirement pension and this was causing the problem. My wife went to research the fact and found out that they could not include this in there incomes and expenditures. I had practically ... ...a letter of apology from the education department saying they had made a mistake and that we were entitled to the student loan and our fees been paid.
The first installment of the Student Loan came by cheque on registration and was ok but not very good if your relying on that to start you on your first day. my bank takes 5 days to clear... it costs me about £50 in petrol every week to get there. The next installment is in january and then april ...
studentpro 25.10.2003
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Ciao members have rated this review on average: very helpful Review of The Student Loans Company
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provide a letter from the University confirming my unconditional offer, my driving licence and a statement from Lloyds TSB from the last 6 months as proof of my details and identity. Strangely, they didn't want proof that I was working or proof of any previous studentloans or indeed my BA and the years I studied it. They just took my word for that, which was convenient for me as I didn't have any payslips or letters from the StudentLoansCompany but at the same time, I think it's a bit slack. I declined the offer of a credit card so this cut down the form filling even further.
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