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How reliable is Student Loans Company?

I’m preparing for college now and looking for some good financial offers. Paying off student loans can be a hard deal especially when you are not getting some prestigious major as a lawyer or something like that. So, I’ve seen offers by Student Loans Company numerous times on the Internet. Though they may seem like a good choice, I’m slightly doubtful about its effectiveness. I’ve searched the student loan website and the offers are written well but not fully. Can anyone tell me any in-depth information about its services? Moreover, does anyone know whether its student loan consolidation calculator is trustworthy?  Thank you for your help.

Dana Keller

in Student Loans

1 answer

1 answer

Kevin Sutter on March 14, 2018

Student Loan Company is a non-profit governmental organization that works with students in the UK. The company mostly provides grants and loans. If you are looking for a grant, this is the best place to go to. Considering the governmental involvement, all grants are reliable and will surely make your student years easier.

If you think about taking a loan, this company is also a great choice. The interest rates here are usually lower than the rates of private lenders. This is probably the biggest organization of this kind. It’s been supporting higher education since 1989. The company works with England, Wales, Scotland, and Northern Ireland. So, no matter where you are from, you can apply for a loan or a grant here. According to SLC, it services around 1.8 million people per year meaning that people find it reliable and are eager to work with.

Paying off a student loan can be hard sometimes. We all go to universities hoping for a better future, but get adulthood filled with worrying about our debts. In addition, most students do not quite understand all conditions they are signing up to. The question of interest rates bothers all borrowers. That is why we often go to loan consolidation calculators to do the math ourselves. The results are not always accurate considering the number of numerous variables. It may be difficult to understand how the rates are set and how they are divided, especially when you have more than one loan or a grant coming into the picture. That is why multiple student loan calculators are the first thing people search. There are quite a lot of them on the web, and each one is unique and calculates based on various options.

Visiting the website of Student Loans Company, you can determine your plan and calculate interest rates you get. The service is easy to work with and will tell you a lot of information you’ll be interested in.

I can advise you to read this article as well:  It is the list of reliable student loan calculators that may help you determine the monthly payments accurately.

Debt repayment is a serious issue that has to be studied beforehand. You have to understand the responsibility behind this contract and the financial circumstances you’ll face on signing up the papers. Higher education is important but you have to be able to repay the loan without taking other credits and borrowing money.

Leigh Mann2 years ago

The only useful thing I can add about the Student Loans Company is that the fines can be a nuisance. Back in 2016, the changes in the system caused an uproar because many students faced a nightmare paying off additional money. It turned out that the company had the right to penalize for taking simple trips. Even if a student went on an educational trip for a few months, they probably returned home to be met with some extra interest rates.

The problem was worsened by the complaints that students were charged extra money for not responding their status when they all followed all necessary steps. Many students were unfairly funded and even more people refused the services afterward hearing about these issues.

So, you have to remember that you have to tell the SLC if you are going abroad for more than three months whether earning or not. Be careful with your debts and study all terms beforehand.

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