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The Student Loans Company (SLC) is a non-departmental public physique firm within the United Kingdom that gives student loans. It is owned by the UK Government’s Department for Education (85%), the Scottish Government (5%), the Welsh Government (5%) and the Northern Ireland Executive (5%). The SLC is funded solely by the UK authorities and the devolved administrations. It is accountable for each offering loans to students, and gathering loan repayments alongside HM Revenue and Customs (HMRC). The SLC’s head workplace is in Glasgow, with different places of work in Darlington and Llandudno.
Christian Brodie has been the organisation’s non-executive chair since February 2014. Paula Sussex turned its chief govt and accounting officer in September 2018. Prior to this, she was chief govt of the Charity Commission for England and Wales.
The SLC was established in 1989 to supply loans and grants to students learning within the UK. From 1990 to 1998 these had been mortgage-style loans, which had been geared toward serving to students with the price of residing and repaid on to the SLC. From 1998, with the introduction of tuition charges within the UK, the SLC as an alternative started offering loans beneath an income-contingent reimbursement (ICR) scheme. From 2006, loans coated the price of tuition charges along with residing prices. Repayments for these loans are collected by HMRC through the PAYE tax system. The ICR loan scheme was changed with a brand new ICR scheme in 2012 to incorporate an extended reimbursement interval following a rise in tuition charges.
Student loan ebook gross sales
In the late Nineties, the federal government offered two tranches of the mortgage-style loans to buyers. Firstly in 1998 to Greenwich NatWest elevating £1bn, and secondly in 1999 to Deutsche Bank and the Nationwide Building Society, additionally elevating £1bn. The SLC’s remaining mortgage-style loans, for which funds had been principally in arrears, had been offered to a consortium, Erudio Student Loans, in 2013 for £160m.
In 2014, the federal government indicated that it might begin promoting the SLC’s £12bn ebook of 1998 – 2012 ICR loans to enhance the UK public funds.
The first ICR debt sale was accomplished in December 2017 with English loans which entered reimbursement between 2002 and 2006 (inclusive). The debt sale was accomplished with the loans being offered to Income Contingent Student Loans 1 (2002-2006) Plc; a gaggle of silent buyers.
The SLC will stay accountable for the day-to-day administration of all duties associated to the reimbursement of those loans, and repayments can be paid on to the Investors.
As was true within the earlier debt gross sales, the identical is true for this primary ICR debt sale in that the brand new debt proprietor(s) are unable to vary any facet of the phrases and situations that utilized when a borrower entered into their contract to obtain (and repay) their student loans.
In July 2014, the SLC was accused of utilizing controversial techniques akin to these of the payday loans firm Wonga after it was found that it had been sending out letters from what gave the impression to be an unbiased debt assortment company known as Smith Lawson & Company. (In June 2014, Wonga had been ordered to pay £2.6 million in compensation for sending clients letters from fictitious debt restoration companies.). The SLC introduced it was suspending the usage of the letters, which it stated had used the “secondary brand” (which small print on the backside of the letters indicated was a buying and selling identify of the Student Loans Company) to keep away from paying charges to a traditional debt assortment company.