SLC plays a critical role in supporting the education sector by making timely and accurate payments to learners and educations providers. We have seen significant growth in our products and services, with these doubling over the last decade.
In 2020, despite the exceptional challenges of the Covid-19 pandemic, SLC financed a record number of new and returning students in England and Wales, having successfully paid over £7bn in maintenance loans and tuition fee loans (on behalf of students) to universities and colleges.
Looking ahead, we remain alert to changes in the political, social and economic landscape that will inevitably impact on our business. We anticipate that significant demand from our shareholders is likely to resume post-Brexit and post-Covid. This will be driven by proposals in the recent Skills for Jobs White Paper, consultation on post-qualification admissions and from consideration of the recommendations from the Philip Augar led Post-18 Review of Higher Education.
Continuing to deliver our Evolve transformation programme will ensure we are well placed to meet the growing needs of our shareholders and customers. It reflects SLC’s ambition to deliver an enterprise-wide transformation that will improve the customer experience through digital technologies, data transformation, reforming policy commissioning, simplifying products and the creation of a better people proposition. Our strategy seeks to fundamentally change how we operate, such that most of our customers can self-serve, which in turn frees up more time for our colleagues to support customers with more complex needs and circumstances. At the heart of this is the imperative to ensure SLC is a sustainable business in the future.