Student Loans

STUDENT LOANS COMPANY

THE LATEST AND LARGEST PUBLIC BODY TO FIGHT FRAUD THROUGH CIFAS

The Student Loans Company (SLC) is the latest, and largest, public sector organisation to join CIFAS, the UK’s Fraud Prevention Service.

The SLC provides loans and grants to over one million students annually, in colleges and universities across the four education systems of England, Northern Ireland, Scotland and Wales. It is also responsible for repayments by 3 million former students. By joining CIFAS, the SLC will be able to screen out false identities and by searching the CIFAS National Fraud Database double-check whether an applicant has committed fraud in the past.

In addition, where SLC’s own fraud prevention professionals have identified a fraudulent application, they will be able to record that case on the National Fraud Database, helping over 250 Member organisations to prevent any further fraud committed by the same individual. During the past five years, CIFAS Member organisations have prevented over £4.1 billion of attempted fraud by sharing information in this way.

The SLC’s membership of CIFAS follows the Legal Services Commission and Financial Services Authority both of which have joined CIFAS since 2010.
SLC RESPONSE TO MEDIA STORIES ON STUDENT LOAN OVERPAYMENTS

There has been some media coverage over the last few days relating to students overpaying their loans.

We have been taking action to prevent this from happening. In 2009, we introduced a direct debit scheme which allowed eligible customers in the last two years of repayment to step out of the tax system and repay the remainder of their loan by Direct Debit.
Welcoming the SLC’s membership, CIFAS Chief Executive, Peter Hurst, said: “We look forward to working with the SLC which is the largest public sector provider of loans. There will be a strong deterrent effect as all our research suggests that fraudsters target both private and public sector organisations not participating in CIFAS far more than those who are Members.”

Heather Laing, Fraud Prevention and Detection Manager at the Student Loans Company, said: “As a government organisation, we have an obligation to ensure that student funds are paid to all eligible students. We have joined CIFAS to allow us to exchange fraudulent applicant data to help prevent fraud. Investing in fraud prevention activity offers the opportunity to protect student funds, without reducing services to genuine applicants”.
he Student Loans Company (SLC) has given 13 young apprentices the opportunity to step onto the career ladder by learning the ropes of customer service and administrative work at its offices at Lingfield Point, Darlington.

Alongside on the job training by the not-for-profit organisation, which provides loans and grants for students at university, the apprentices will also gain an NVQ Level 2 in business administration through Darlington College.

Skills Minister John Hayes said:

“I congratulate both the Student Loans Company and its new apprentices. Apprenticeships are at the heart of the Government’s plan to improve the nation’s skills and help young people get ahead. This year alone we’ve committed to funding more than 360,000 places – and with higher standards than ever before, every apprenticeship is an opportunity to build a successful career”.

Joanne Harrison, human resources manager for the Student Loans Company said: “Our organisation is very keen to help young people gain experience in a working environment whilst also studying for vital qualifications.

“Darlington is the first of our Student Loans Company sites to take on apprentices, in partnership with Darlington College, and we hope that following their success we will be able to roll out the scheme to our Glasgow office as well.

“There is a major drive to boost the number of apprentices nationwide at the moment and we are in an excellent position to help these young people get an understanding of the world of work.”

The Student Loans Company is looking to continue its work with Darlington College to take on a further intake of apprentices in the summer.

Kelly-Anne Quinn, 18, of Newton Aycliffe, said: “Being able to get practical experience in a real working environment, backed up with a recognised qualification, is a massive benefit and will enable me to offer so much more to a potential employer.

“We have really gelled well together as a group and with the other staff here at The Student Loans Company, and I’ve already picked up loads of useful skills that you just can’t learn in the classroom.”

Principal of Darlington College Tim Grant added: “There has never been a better time to start an apprenticeship.

“Our students get relevant industry standard work experience, at the same time as obtaining skills, knowledge and qualifications for the workplace.”

17 May 2011

STUDENT LOANS CONTACT CENTRE AWARDED ‘GLOBAL STANDARD’ ACCREDITATION

The Student Loans Company has been recognised for excellent call centre practice by leading industry experts.

The contact centre at the Company’s headquarters in Glasgow passed its British Standards Institute audit with flying colours and achieved a newly upgraded accreditation from the Contact Centre Association of ‘Global Standard’.

Types of Loans

There are three basic types of loans undergraduate students should know about: federal loans made by the government directly; federal loans made by banks or other lenders and guaranteed by the government; and private or alternative loans from banks or other private lenders that carry no government guarantee. (Sometimes a college itself may make loans, too, usually in partnership with a financial institution.)

Every student should first look to federal loans, either those made by the government, or a bank or other lender, because the interest on these loans is capped at a fixed rate set by Congress. Every financial aid administrator at every college in the country should tell students this. And students should be wary of any lender that tries to steer them away from federal student loans.

The most popular federal loan is the Stafford loan, available tostudents regardless of financial need, and either from a lender or from the government directly. Perkins loans are available to students who have the greatest financial need; priority is given to students receiving federal Pell grants, which are awarded to low-income students. Parents of students can also take out federal loans, known as Parental Loans for Undergraduate Students or “PLUS” loans.

The Student Loans Company employs over 200 call centre staff in Glasgow, who are on hand seven days a week to help students and graduates across the UK with questions about financial support and student loan repayment.

The Student Loans Company was assessed against eight key business principles of the CCA Global Standard including Customer Focus and Performance and Operational Effectiveness.

David Thomson, Head of Contact Services at the Student Loans Company, said:

”We are delighted to have been accredited at this high level for our contact centre operations.

“We continuously strive to improve our service for our student and graduate customers and are pleased that the hard work and dedication of our staff has been acknowledged.”

9 August 2011

STUDENT FINANCE APPLICATIONS ON TRACK FOR TERM START

Improvements to the student finance application process have meant even more students in England are due to receive their finance at the start of term, according to statistics published today (9 August 2011).

With more than a month to go until term starts, Student Loans Company statistics show that over 600,000 English students are ready to be paid once they have registered and attended university.

The Company is working hard to process all applications to ensure students get funding at the start of term, including the large numbers applying now and those expected next week after Clearing. The deadline dates for student finance applications were in May and June.

Ed Lester, Chief Executive of the Student Loans Company said:

“We are processing more applications than ever before and we’re also ahead of where we were last year, thanks to a great deal of hard work and the improvements we’ve put in place.

“We’ve made it much quicker and easier to apply as many students whose circumstances haven’t changed since last year had their application approved automatically and simply had to sign and return their declaration form to us. The majority of new student applications have also been processed without requiring financial evidence, which has also contributed to a much better service.

“This has clearly had a very positive impact as already over 600,000 English applicants are ready to be paid at the start of term, once they have registered and attended university.”

For another 26% (219,000 as at 31 July), the Student Loans Company has done all we can to get these applications prepared for payment and are either awaiting a signed declaration form or further evidence. We have been regularly prompting students and sponsors to send us these details.

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