Performance against the Student Loans Company’s five Corporate Objectives are measured by Key Performance Indicators (KPIs).
Objective 1: Payments
To provide an accessible and effective system for handling applications for student support and processing payments, so that students get paid the correct amount at the start of term.
- Key Performance Indicator 1: Service Level Agreement Performance
Achieve target percentage of the essential elements of the Service Level Agreement (SLA) between the Student Loans Company and the Department for Innovation Universities and Skills
- Key Performance Indicator 2: Payments: Online take-up
Increase the percentage of online take-up of student finance applications
Objective 2: Collections
To maximise the collection rate of student loans and so minimise the cost to the taxpayer by: ensuring those who should pay do pay; minimising delays in repayment; and ensuring high quality and timely information on repayments is provided to the customer.
- Key Performance Indicator 3: Income Contingent Repayment:
Borrowers with no National Insurance Number (NINO)
- Key Performance Indicator 4: Income Contingent Repayment:
Reduce % of Borrowers with a NINO but citizen not found at HM Revenue & Customs (HMRC)
- Key Performance Indicator 5: Income Contingent Repayment:
Reduce % of borrowers not currently in any repayment channel
- Key Performance Indicator 6: Income Contingent Repayment:
Borrowers’ employment details obtained during matching process
- Key Performance Indicator 7: Mortgage Style Loans collection
Minimise % of loans that leave deferment and go into arrears
- Key Performance Indicator 8: Mortgage style arrears collection
Minimise % of loans that leave deferment and go into arrears
Objective 3: Customer Satisfaction
To provide a high quality service to customers, so that high levels of customer satisfaction, as benchmarked against comparator organisations, are achieved.
- Key Performance Indicator 9: Customer Satisfaction
Objective 4: Funding Authority Service
To provide comprehensive, timely and relevant data and information to the Department for Education and Skills and Devolved Administrations, so that student finance strategy and policy can be better developed, monitored and evaluated and future risks appropriately managed.
- Key Performance Indicator 10: Funding Authority Service
Objective 5: Effective and Efficient Use of Resources
Within a transparent and flexible budgeting framework, to deliver both Student Loans Company day-to-day business and projects to budget, time and agreed quality standards, and meet their performance targets, so that the Government meets its efficiency savings targets and secures the best use of funding provided to the Company.
- Key Performance Indicator 11: Flexible Resourcing Performance
Operating and Programme Budgets and Overall Financial Performance
- Key Performance Indicator 12: Effective Project Delivery
Programme level assessment of the acceptable delivery of programme to agreed standards as assessed by the funding authorities
