JiscMail Logo
Email discussion lists for the UK Education and Research communities

Help for ADMIN-STUDENT Archives


ADMIN-STUDENT Archives

ADMIN-STUDENT Archives


Admin-Student@JISCMAIL.AC.UK


View:

Message:

[

First

|

Previous

|

Next

|

Last

]

By Topic:

[

First

|

Previous

|

Next

|

Last

]

By Author:

[

First

|

Previous

|

Next

|

Last

]

Font:

Proportional Font

LISTSERV Archives

LISTSERV Archives

ADMIN-STUDENT Home

ADMIN-STUDENT Home

ADMIN-STUDENT  2003

ADMIN-STUDENT 2003

Options

Subscribe or Unsubscribe

Subscribe or Unsubscribe

Log In

Log In

Get Password

Get Password

Subject:

Re: INTEREST ON LOANS

From:

"Rigney, Graham" <[log in to unmask]>

Reply-To:

Admin-student <[log in to unmask]>

Date:

Mon, 24 Nov 2003 08:22:40 -0000

Content-Type:

text/plain

Parts/Attachments:

Parts/Attachments

text/plain (168 lines)

Quite right too ! I thought that the original message was a little heavy
handed.

Graham

-----Original Message-----
From: Neil Harrison [mailto:[log in to unmask]]
Sent: 21 November 2003 17:25
To: [log in to unmask]
Subject: Re: INTEREST ON LOANS


Val

I don't know about colleagues at other institutions, but I
am more than slightly offended by this message.

My staff and I are more than well aware of the procedure by
which student loans operate.  Given the countless
complaints that we receive from students concerning the
advice and service given by SLC staff, I think that there
is more than a whiff of kettles and black pots here.

Quoting the standard SLC response to anecdotal stories from
students, unless you are able to provide details of who
these students spoke to and when, I regret that we will be
unable to take your comments on board.


Neil...


On Fri, 21 Nov 2003 17:16:24 +0000 Val Bryan
<[log in to unmask]> wrote:

> Dear Colleagues
>
> Following issue of Annual statements we have had feedback
> from various students claiming that HEI advisors have told
> them that student loans are "interest free".
>
> This is not the case although Student loans are not
> commercial loans interest is applied. The Government
> subsidises the actual cost of interest on the loans, so
> they do not attract the same rates  of interest charged
> if as that from a bank or building society. However, to
> make sure that all borrowers effectively pay back the same
> amount that they borrowed, the Government has to keep the
> value of what is owed in line with the  general rate of
> inflation. This is done by working out the rate of
> inflation each year as defined by the Retail Prices Index
> (RPI) and fixing  the interest charged to that rate. This
> means that however long it takes to repay  loan, in real
> terms no more will be paid back actually borrowed.
>
> Furthermore to protect the interests of borrowers, there is
> a limit to the rate of interest that can be charged. This
> will be equal to the bank base rate plus 1%. As the bank
> base rate moves up and down this could mean that, in
> certain circumstances, the rate of interest charged on
> student loans could change during the year. If, for
> example, the base rate plus 1% fell below the rate of
> interest being charged on student loans, the SLC
> would reduce the student loan rate to match it. Normally,
> however, the RPI is lower than the base rate plus 1%.
>
> From the moment a loan is paid and until paid off in full,
> interest will be charged on a daily basis. The interest
> will be 'compounded', that is, added to the total amount
> owed, every month.
>
> The RPI used is set annually before each new Academic Year
> and is based upon the percentage difference between the
> retail prices all items index published by the Office for
> National Statistics.
>
> That is why some documentation will not quote the actual
> specific rate applicable because at time of publishing this
> will not yet have been calculated. Websites and other
> documentation however  do actually explain how interest is
> set and calculated.
>
> Once the RPI has been set and agreed we do publish this
> information. For example it is currently on the 'latest
> news' section on the SLC website.
>
> Also on Saturday 9/8/03 SLC placed a Notice in the
> following Newspapers advising of the interest rate change
>
>
>  The Guardian
>
>  The London Times
>
>  The Independent
>
>  The Glasgow Herald
>
>  The Scotsman
>
> Sent on behalf
> Stephen Hainey MICM
> Student Support Liaison Manager
>
>
>
>
***************************************************************************
> The information in this e-mail is confidential and for use
> by the addressee(s) only. If you are not the intended
> recipient (or responsible for delivery of the message to
> the intended recipient) please notify us immediately on
> 0141 306 2050 and delete the message from your computer.
> You may not copy or forward it or use or disclose its
> contents to any other person. As Internet communications
> are capable of data corruption Student Loans Company
> Limited does not accept any  responsibility for changes
> made to this message after it was sent. For this reason it
> may be inappropriate to rely on advice or opinions
> contained in an e-mail without obtaining written
> confirmation of it. Neither Student Loans Company Limited
> or the sender accepts any liability or responsibility for
> viruses as it is your responsibility to scan attachments
> (if any). Opinions and views expressed in this e-mail are
> those of the sender and may not reflect the opinions and
> views of The Student Loans Company Limi! ted.
>
> This footnote also confirms that this email message has
> been swept for the presence of computer viruses.
>
> **************************************************************************
>
>
> This incoming email to UWE has been independently scanned
> for viruses and any virus detected has been removed using
> McAfee anti-virus software
>
>

----------------------------------------
Neil Harrison
Head of Student Advice & Welfare Services
University of the West of England
Frenchay Campus, Coldharbour Lane
Bristol, BS16 1QY
E-mail: [log in to unmask]
Tel : (0117) 344 2822
Fax : (0117) 344 2895



*****  CONFIDENTIALITY & SECURITY DISCLAIMER  *****
Please note the contents of this e-mail do not necessarily represent the
policies or views of St Martins College. This e-mail message and any
attachments may contain confidential information and should only be accessed
by the intended recipient. If they have come to you in error please advise
the sender by replying to this email and copy your reply to
[log in to unmask] In this circumstance you must not disclose, copy,
distribute, use or rely on this email and you should permanently delete it.
Security Warning: Please note that this e-mail has been created in the
knowledge that Internet e-mail is not a 100% secure communications medium.
It is advised that you understand and observe this lack of security when
emailing us.
Viruses: Although we have taken steps to ensure that this email and
attachments are free from any virus, we cannot accept responsibility for
email once it has left us. You should ensure that you have a suitable anti
virus system in place and check the email upon receipt.

Top of Message | Previous Page | Permalink

JiscMail Tools


RSS Feeds and Sharing


Advanced Options


Archives

July 2019
June 2019
May 2019
April 2019
March 2019
February 2019
January 2019
December 2018
September 2018
August 2018
July 2018
June 2018
May 2018
April 2018
March 2018
February 2018
January 2018
November 2017
October 2017
September 2017
June 2017
April 2017
March 2017
November 2016
October 2016
September 2016
August 2016
July 2016
June 2016
April 2016
March 2016
February 2016
January 2016
December 2015
May 2015
April 2015
March 2015
February 2015
January 2015
December 2014
November 2014
October 2014
September 2014
August 2014
June 2014
May 2014
April 2014
March 2014
February 2014
January 2014
December 2013
November 2013
October 2013
September 2013
August 2013
July 2013
June 2013
May 2013
April 2013
March 2013
February 2013
January 2013
December 2012
November 2012
October 2012
September 2012
August 2012
June 2012
May 2012
April 2012
March 2012
February 2012
January 2012
December 2011
November 2011
October 2011
September 2011
August 2011
June 2011
May 2011
April 2011
March 2011
February 2011
January 2011
December 2010
November 2010
October 2010
September 2010
August 2010
July 2010
June 2010
May 2010
April 2010
March 2010
February 2010
January 2010
December 2009
November 2009
October 2009
September 2009
June 2009
May 2009
April 2009
March 2009
February 2009
January 2009
December 2008
November 2008
October 2008
September 2008
August 2008
July 2008
June 2008
May 2008
April 2008
March 2008
February 2008
January 2008
December 2007
November 2007
October 2007
September 2007
August 2007
July 2007
June 2007
May 2007
April 2007
March 2007
February 2007
January 2007
2006
2005
2004
2003
2002
2001
2000
1999
1998


JiscMail is a Jisc service.

View our service policies at https://www.jiscmail.ac.uk/policyandsecurity/ and Jisc's privacy policy at https://www.jisc.ac.uk/website/privacy-notice

Secured by F-Secure Anti-Virus CataList Email List Search Powered by the LISTSERV Email List Manager