As our regular readers will know, Cashzilla has the occasional rant about student finance, and the difficulties facing todays graduates. Today there is some good news however for those still in the higher education system, as the UK’s higher education minister has just announced new plans to help simplify the application process and the delivery method of student loans and grants.
The new measures will allow students to apply for their loans and grants online at the same time whilst they also complete their college applications. Prospective students will additionally provide information on the various forms of financial support that are available
across the majority of course ranges and online financial calculators.
The minister has also pledged to deliver faster loan and grant decisions as well as quicker payments, although you may be forgiven for viewing this last part with a touch of cynicism.
The existing Student Loans Company is due to be reformed in order to meet these new challenges and processing.
The minister stated, “As well as clearer information, faster decisions, timely payments and
accurate repayments, the transformed service intends to provide
taxpayers with better value for money by generating savings from
delivery processes to be spent on other priorities.”
Another change that has been proposed is the implementation of loan repayment collection directly through the tax
system, rather than through the existing channels.
Can anyone else foresee another benefits agency payment style disaster in the offing?
Just me being cynical again then.
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July 5, 2006
lifestyle