UK universities complain the delay in thousands of student loans and grants approval resulting in raise up in the bill. Student Finance England has conveyed its apologies for the delay and said it was trying to give relief by making interim payments to people and clear the backlog of applicants subsequently.
A Students Loan Company stated that about 132,000 applicants failed to receive the first maintenance payment after they were approved for the loan by 25th October this year. This total includes 60,000 applications still being processed and also the students who did not qualify to take places.
Secretary of business Mr. Lord Mandelson commented on the situation and said that Loan Company had given the assurance that all the applications will be processed by end of October.
After much criticism from the Government, Universities and students, Loan Company has promises that all the loan applications filed before mid August with correct supporting documents will be processed as soon as possible.
On the other hand, figures show that 132,000 approved applicants have not received payments in their accounts, 24,000 applications are being processed and around 40,000 applicants have complained for lost documents and anomalies over information submitted.
Lord Mandelson, in the House of Lords was reported to raise voice over the concern saying "The Company’s service has fallen well short of the expectations of students and their families". He further added that more number of students have applied for the loans this time but that does not give an excuse to the company for the delay.
Statistics of the Company show that 723,000 students have been paid by October 25, whereas 705,000 students had received their first maintenance payment at the same time last year.
Recently the Westminster government has appointed two external experts (former London South Bank University vice-chancellor Sir Deian Hopkin and Bernadette Kenny of HM Revenue and Customs) to inquire into the circumstances under which the lapse occurred.
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