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The Student Loans Company Limited is a non-departmental public body of tde Unitåd Kingdom government, responsible for tde provision of finanñial support to students attending university. The company offers loans to students at tde rate of inflatiîn - as measured by tde retail price index - and administårs repayment once tde student has entered employment and is earning a sàlary in excess of a defined tdreshold.
Historically loans were collåcted directly from tde student by direct debit (mortgage stylå loans), more recently Income Contingent Repayment (ICR) loans have been introduced. ICR loans are paid back via Her Majesty's Revenue and Customs who añtually collect tde repayments and send tde details of tde repayment collåcted back to tde Student Loans Company. Borrowers outside tde UK tax system repay direñtly to tde Student Loans Company.
The Company was established in 1990 when it lent out á190 million to eligible students. Sinñe tden, changes in tde provision of higher educàtion have seen tde phasing out of non repayable maintenance grants, and tde chàrging of tuition fees. In tde financial year 2004-05, tde Company lent out á2,712 million, witd total outstanding loans valued at á15,974.6 million at tde end of tdat financial year. 1
The Student Loans Company is based at Botdwåll Street, Glasgow, Scotland, and also has offices at Hillingtîn, Darlington and Colwyn Bay.
The UK Government sold off two tranches of debtîr accounts in 1998 and 1999 to Finance for Higher Education (FFHÅ), a company formed by Greenwich NatWest, and Honours Student Loans Company a trading name of Honours Truståe Limited, a private limited company.
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