Student Loans > Student loans, the SLC and how it effects you

What are student loans?
Student Loans are part of the Government's financial support package for students carrying out a course of Higher Education in the United Kingdom, and are available to help students meet their living costs. Interest is linked to the rate of inflation, so that in real terms the total amount borrowers repay is equivalent to the amount they have borrowed. The rate at which borrowers repay their loans depends on the level of their income.

What are the dates of the standard academic year?
The period of 12 months beginning 1st September, 1st January, 1st April, 1st July depending on when your course starts.

What academic year do I fall into if my course begins in August?
If your course begins in August and continues through the autumn, the academic year of the course is considered to begin in the autumn (i.e. the 12 months from 1st September) rather than the summer.

What is the interest rate?
The interest rate is linked to the rate of inflation. The interest rate from 1st September 2004 to 31st August 2005 will be 2.6% Interest accrues from the day you receive the first instalment of your loan.

Additional information
The Student Loans company (www.slc.co.uk)
DfEE leaflet for financial support (Tel: 0800 731 9133)