Firstly, their interest rate is shocking. For the amount of money I borrowed (£6k), I would have been better off getting a bank loan. It would have been paid off in half the time. As it is, I've spent the past 10 years paying this off and still ended up paying a £750 lump sum to clear it. Work that one out?!Now it turns out, they didn't send the 'stop note' to my employer for another 3-months, so I'm owed a refund for money I shouldn't have been paying.They've sent me two letters, which took a month to arrive, telling me to call a number to arrange the refund.So I called the number, and after 10mins of 'Press 1 for... 2 for...' that goes round in circles, I've now been on hold for just over an hour.If my previous experience of them is anything to go by, they'll have 1 person manning the refund line, who answers when they can be bothered. Pretty sure that if I chose the option for 'make a payment' someone would have answered straight away.The other the letter suggested was to ask for a refund on Facebook! Not professional in my opinion.If you were looking into getting a loan with a bank and you saw this type of behavior, you'd give them a wide berth.It's a shame students are steered towards this mickey-mouse outfit when they don't know any better.They're supposedly a 'not for profit' government body.Q: Why charge so much interest? It cant cost that much to pay that one bloke in the call center to put his feet up all day while the phone rings off the hook.
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Student Loans Company is a non-profit making, government-owned, organisation in the United Kingdom; providing loans and grants to students in further and higher education.