Student Loan Company under pressure
The government is today under significant pressure regarding the Student Loan Company with expectations that applications will number twice that of last year and the system will be unable to cope with his excessive demand. The government has already sent in PricewaterhouseCoopers to audit the company amid claims that the government was warned 12 months ago of the impending fiasco and has done very little about it to date.
Even the National Audit Office has become involved in the situation claiming there is no proof the company will be able to deal with the extra demand and highlighting last year's disastrous implementation of a centralised system which allowed applications to mount up, with only 46% processed by the start of term. This placed unnecessary pressure on many students and their families and compares unfavourably to the 63% processed rate from 2008.
At a time when education is becoming more and more vital in order for students to gain access to highly paid jobs and lucrative careers, it seems that the system put in place specifically to finance the education system is already creaking. While there are hopes that changes can be introduced to reduce the impact of delays this year it is more likely that we will see the real benefit of any changes at the end of the 2011 academic year.
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