Some really stupid policies (Student Loans Co.)

Member Name: SimonJohnson

Product:	Student Loans Co.
Date:	03/07/00 (147 review reads)
Rating:

Advantages: They loan you money.

Disadvantages: 3 installments, less money in the final year, still not really enough money to live on.

Firstly, I'd like to say that I believe in a free education system. The government should pay to educate it's children, and make it easy for them to go as far as they can. Only then will we get the most out of our potential. Any extra money spent on a student will be more than recouped in taxes later on.

Unfortunately, since the increase in students thanks to mickey mouse degrees in "contextual studies" and "golf course management", the government has got rid of grants, and hence the SLC will be an integral part of all but the richest student's lives.

It's not their fault you need their help. They actually make it pretty easy to get your money. They pay it straight into your nominated account, after filling in a few simple forms and seeing their agent at your Uni. Repayment is taken care of via a Direct Debit agreement, and commences once you earn a certain amount. Interest on the loan is apparently at the rate of inflation, not too bad.

There are however a few bad bad things about the SLC. I think that the loans should be interest free, and probably increased by 50%, but this will never happen.
Also, there is a London weighting, what about other places with expensive accomodation such as Durham, Edinburgh etc.
More importantly, THEY GIVE YOU LESS IN THE FINAL YEAR! This is CRAZY! When is a student in most debt? In the final year. When is the worst time to be in financial crisis? In the final year. When is the one time you really haven't got time for any part-time work? In the final year. So, when do they reduce the size of the loan? In the final year!! When you consider that this is after all a loan, this seems insane. Their "logic" is that you can start earning in the summer after you graduate. But do they give you anything for the summer BEFORE you go to uni? No.
Secondly, they now only give money out in installments, which means that you are often waiting for payments with
desperation. Again, it's a loan, why not give us the choice of getting it all at once? You usually pay out a lot at the start of the year in insurance, deposits, books, rent etc etc, but they make you wait for the cash. Madness.

Anyway, the SLC actually do a decent job, I had to ring them up once and they were very helpful, but because of the ridiculous shortcomings mentioned I cannot fully endorse them.

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