The student loans scheme was introduced by the Education (Student Loans) Act 1990 and the Education (Student Loans) (Northern Ireland) Order 1990. The Student Loans Company was established to administer this scheme within the policy context and legislative framework laid down by the government. It was incorporated as a private limited company in 1989 and started trading in 1990.
The Student Loans Company is subject to the provisions of The Companies Act 1985 and The Companies Act 2006, and in addition is required to operate within the limits of a Framework Document (PDF, 14.7 kb) between the Company and the Government. (please note that the Annexes to the Framework Document are currently under review).
Our purpose and priorities, what we will deliver and how we will do it, are set out in our three-year Delivery Strategy (66.7kb) which was created in response to the Strategic Commission (48kb) issued by DIUS.
The Company’s objectives and performance targets, and the resources it will be provided with to deliver these, are outlined in the Annual Performance and Resources Agreement (4242kb) for 2008-09.
The Student Loans Company, which is wholly owned by the Secretary of State for Innovation, Universities and Skills and Scottish Ministers, is entirely government funded and is non-profit making. It was designated a Non-Departmental Public Body (NDPB) on 1 April 1996.