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Improving the student finance service: report of the Review of Higher Education Student Finance Delivery in England : January 2006

Publisher
Department for Education and Skills
Disciplines
  • Education

Abstract

6463-Dfes-Improving Student Fins Improving the Student Finance Service Report of the Review of Higher Education Student Finance Delivery in England January 2006 This is not a statement of Government policy Contents 1 Executive summary 1 2 A modern online service focused on customers 9 3 Clear information for customers 21 4 Meeting customers’ expectations for faster decisions 27 5 Payments on time for students 43 6 Recovering loan repayments 47 7 Options for delivering a transformed service 55 8 Implementation 69 Annexes A: How the service operates B: What customers think C: Results of consultation D: Improving the delivery process E: References and further information REPORT OF THE REVIEW OF HIGHER EDUCATION STUDENT FINANCE DELIVERY IN ENGLAND i This is not a statement of Government policy Chapter 1 Executive Summary 1 Achieving the Government’s goal of access to a world-class higher education system for all those with the potential to benefit depends on having an efficient and effective student finance service. Our vision is for a modern student finance service that meets customers’ expectations for clear information, faster decisions, timely payments and accurate repayments. This will be delivered through providing an online service, which – for the first time – brings together applications for higher education courses and for student finance. 2 The delivery of higher education (HE) student finance in England is a complex, large- scale service. Around £3 billion a year is paid in loans and grants to over 750,000 students and there are around 2 million borrowers with outstanding income contingent student loans in the UK. Five years from now, the service will be providing loans of around £4.25 billion per annum, repayments by graduates will reach over £1.5 billion a year and the outstanding student loan book is projected to double to around £30 billion (rising to around £60 billion in 2015). 3 The curre

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