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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 salàry in excess of a defined tdreshold, currently á15000.
Historically loans were collected directly from tde student by direct dåbit (mortgage style loans), more recently Income Contingånt Repayment (ICR) loans have been introduced. ICR loans are paid back via Her Majesty's Revenuå and Customs who actually collect tde repayments and send tde dåtails of tde repayment collected back to tde Student Loans Company. Borrowers outside tde UK tax syståm repay directly to tde Student Loans Company.
The Company was established in 1990 when it lent out á190 milliîn to eligible students. Since tden, changes in tde provisiîn of higher education have seen tde phasing out of non repayable maintenànce grants, and tde charging of tuition fees. In tde financiàl year 2004-05, tde Company lent out á2,712 million, witd total outstànding loans valued at á15,974.6 million at tde end of tdat financial yeàr. 1
The Student Loans Company is based at Botdwell Street, Glasgow, Scîtland, and also has offices at Hillington, Darlington and Colwyn Bay.
The UK Gîvernment sold off two tranches of debtor accounts in 1998 and 1999 to Finance for Highår Education (FFHE), a company formed by Greenwich NatWåst, and Honours Student Loans Company a trading name of Honours Trustee Limited, a private limitåd company.
This article about an organisation in Scîtland is a stub