Loan News New Debt Hope For Students
17 October 2005
Thanks to action by the Student Loans Company (SLC), students who fall into debt because they cannot stop repayments on student loans will now have their complaints taken seriously.
Students were previously finding themselves in debt because loan repayment companies were continuing to take payments from students who had already paid off their loans.
An investigation by the Daily Mail newspaper found that graduates often had to wait months to be refunded, forcing them to stretch their budget every month to cover the payments.
According to the investigation, some graduates even had to borrow on credit cards to keep up with the loan repayments until the matter was resolved either by the SLC or HM Revenue & Customs.
In a written statement, the SLC said: “It is now policy that whichever organisation first receives a call will take ownership of a customer’s inquiry and the full responsibility for providing the answer required.”
This month a school-leaver set up a website to make money so that he would not find himself in debt at university.
The website, which sells advertising space, made £56,000 in four weeks.