We shouldn't be called the Student Loans Company, says Student Loans Company chair - MSE News

Former_MSE_Callum

The chair of the Student Loans Company has told MPs it'd be "more helpful" if the organisation was called something else - because it doesn't provide loans...

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'We shouldn't be called the Student Loans Company, says Student Loans Company chair'

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unforeseen

How about renaming it 'The company that manages student loans but doesn't have a clue what they are really doing'

badmemory

If they are not loans then why are the vultures these "not loans" are being sold to trying to get them put on peoples credit reports?

Ed-1

badmemory wrote: »

If they are not loans then why are the vultures these "not loans" are being sold to trying to get them put on peoples credit reports?

I think this demonstrates that the Student Loans Company originally provided loans (the original mortgage style loans), but since the move to income contingency, loans isn't really an appropriate name anymore.

badmemory

Not calling it a loan is just semantics. If you provide money to someone upon which you then charge more interest than many banks would charge (well more than they would charge their parents anyway, these are after all only 18 year olds. with no credit history so they should be grateful not to be charged 39.9%), then that is money lending, usury, a loan. Admittedly a loan with some unusual repayment terms but a loan none the less. When taking out a mortgage you have to declare this non-loan as a repayable debt. If it walks like a duck......


They are about to sell off the next lot of "finance". So what would be the point of selling of something that isn't a loan to a company of debt collectors? Or is that how the finance gets converted into a loan. What did they sell the last lot for? 11p in the pound. Sounds like a great idea - sell off the loans & then the bully boys can try to force people to pay back money they don't need to.



They now seem to be offering a discount to people to pay off a loan which they will never need to pay back anyway & people are considering paying just to get them off their backs. So the gov are selling to people who have the ethics of a .., well have none actually.

GothicStirling

Well, my sister and I have always called the The Stupid Loans Company.