Who are the student loan company and what do they do?

Student loans are one of the methods that the UK government uses for students to be able to pay their way through Higher Education. The principle is fairly simple: you are able to take out a loan at a low interest rate and you are expected to start making repayments on that loan when you start earning a reasonable income.

The first step in applying for a loan of this sort is to send an application to your Local Education Authority (LEA). If you contact your local LEA, then they will send you the necessary forms. Note: if you are from Scotland then you should apply to the Student Awards Agency; if you're in Northern Ireland then the application should be made to the Education and Library Board.

Your applicable awards authority will then carry out means testing. Once this process is complete, the Student Loan Company become responsible for administering your student loan.

The exact way on which you'll repay your loan will depend upon when you start (or started) in Higher Education. For full details of your repayment responsibilities, check out the SLC website - details are available online.