The UK government has decided to overhaul the student loan online accounts in 2020. According to the Department of Education, the decision to launch a new online repayment service has been taken in order to offer graduates with updated information about their account balance. The sole motive of this step is to make it easier for students to manage their loans and understand their balance well.
In addition to this, the government has urged students to go for direct debit instead of going for salary deductions. As the number of students enrolling for university education has been rising, it has become important for the administration to provide students with easy access to information about repaying their education loan after completing their education.
After the implementation of the new policy, it will become possible for students to know about the cost of their university education and the contribution they need to make. This will not only reduce the overpayments of a loan but also provide weekly updates related to government tax records to students. Currently, a lot of people have been completing their university education after taking a loan from any online lending program.
In the UK, My Quick Loan has been into the news for making available instant loans to students at a reasonable interest rate. With its large network of lenders, My Quick Loan has become an alternative to QuickQuid as the latter platform has gone into administration. A lot of students are getting successful in arranging funds through such platforms for paying a hefty sum of money for their university education.