Student Loans Company

The Student Loans Company (SLC) is a not for profit company in the United Kingdom that provides student loans. It is owned by the UK Government's Department for Education (85%), the Scottish Government (5%), the Welsh Government (5%) and the Northern Ireland Executive (5%). The SLC is funded entirely by the UK government and the devolved administrations. It is responsible for both providing loans to students, and collecting loan repayments alongside HM Revenue and Customs (HMRC). The SLC's head office is in Glasgow, with other offices in Darlington and Llandudno.

The (Non-executive) Chair of this institution, Christian Brodie (Mr), has been with the SLC since February 2014. Mick Laverty, an accountant who was previously "Chief Executive of Advantage West Midlands" (in charge at the Regional Development Agency for the West Midlands), is the SLC's Accounting Officer and Chief Executive, a position to which he was appointed in January 2013.

The SLC was established in 1989 to provide loans and grants to students studying in the UK. From 1990 to 1998 these were mortgage-style loans, which were aimed at helping students with the cost of living and repaid directly to the SLC. From 1998 with the introduction of tuition fees in the UK, the SLC instead began providing loans under an income-contingent repayment (ICR) scheme, to cover the cost of the fees as well as living costs. Repayments for these loans were collected by HMRC via the PAYE tax system. The ICR loan scheme was replaced with a new ICR scheme in 2012 to include a longer repayment period following an increase in tuition fees.

...
Wikipedia