Student Groans Company (Student Loans Co.)

Member Name: kathem

Product:	Student Loans Co.
Date:	04/07/02 (256 review reads)
Rating:

Advantages: Lots of money

Disadvantages: Lots of debt, Not the most helpful , Computers from a junkyard

The mere idea of loaning thousands of pounds to students and getting thousands more back in interest after they graduate is a rubbish idea. But that is the way it is. So here is a company, in all fairness, handing out thousands to people who have to get an education.

But in effect, this company is handling your money. So all I suggest is that you phone them about 40 to 50 times to check they have got your details correct. Yes, you did read that right. I don't know if they have bought the equivalent of Aldi Savers computers up at their Glasgow headquarters, or if they have just hired monkies to work on them, but whatever, somebody responsible should be looking after our money. After all, we are paying them for it.

Most student accounts in the typical banks, i.e, HSBC, Barclays etc state that students have to wait until their A-level results come through before being entitled to an account. Many students shop around to find the best account to suit them, as I did. I transferred my account from the Abbey National to the HSBC when I got my results, and having done so, I contacted the Student Loans Co. to confirm my new details. I was told that the details were going into their system and that I would get a confirmation letter in a few days.

I should have been told, "Ok, I'm just popping your details into the computer... There we go. In January, when your accommodation fees and tuition fees are due, we will put approximately £1500 of your money into somebody elses account, leaving you penniless and over your overdraft limit when your fees are due, ensuring that the HSBC will charge you for their convenience."

That's right. Not only had they put my money into the Abbey National, but they had even got my old account number wrong! If they had got my old account number right, the money would have been transferred back immediately. But somebody had 1 and a half grand sitting in their account for no reason! On top of t
hat, I spent a fortune on my mobile ringing them to complain. In the end, I had to do most of the enquiring myself - they told me to go to my local Abbey National and sort it out. The cheek! But on top of that, the privacy of enquiring into other accounts meant that the poor soul who had my money had to change his account number in the process.

And that was my first year with the Student Loans Co. I'll let you know how the next one goes.

Er, you decide! I've had my rant, but at the end of the day, supposedly this is just something us students have to put up with!

Summary: