SLC
The Student Loans Company — the government-owned company that administers student loans in the UK, including issuing funds to students, collecting repayments through payroll (via HMRC), and managing loan balances. Repayments collected through PAYE are remitted to HMRC and then passed to the SLC. The SLC also handles income-driven repayment plans and writes off balances when the repayment period ends.
Related Terms
Student Loan Plan 1
The earliest student loan repayment plan, applicable to UK students who took out their first loan before 1 September 2012.
Student Loan Plan 2
The repayment plan for students who started an undergraduate course in England or Wales from 1 September 2012 onwards.
Repayment Threshold
The level of annual income above which you must start making student loan repayments, which differs depending on your loan plan.
Postgraduate Loan
A student loan available to UK residents studying a postgraduate master's or doctoral course, repaid through payroll deductions at 6% of income above the postgraduate repayment threshold (£21,000 per year).
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