Skip to main content

The Student Loan Company Scam

If you took out a loan for your undergraduate or postgraduate degree, you probably used the Student Loan Company (SLC). Around 1.2 million students used SLC to pay their tuition fees, and receive maintenance loans in 2020/2021, with millions more continuing to pay off their fees today. Unfortunately, this is fertile ground for phishers, who have started scamming students and ex-students alike.

The Student Loan Company, and how it could be a gold mine for scammers

The Student Loan Company is a not for profit, non-departmental public body, which provides low interest loans to students, which are then paid back through an income-contingent repayment scheme; you pay back your loan based on your earnings. However, with these loans being repaid automatically through an employer, and often across multiple decades, many students aren’t keeping a close eye on their payments. Predictably, phishers have seen this as an opportunity to scam people out of their hard earned cash.

The Student Loan Company Scam

The Student Loan Company Scam starts with an email from something called SLC Investigations, informing students that they will be receiving a call from Student Finance England or the Student Loan Company, and that this call will be from a private number. Following this email, the recipient is contacted by telephone and asked to update their payment information so that their next repayment can go through. Upon providing their bank details, money can then be taken from the victim’s bank account, and the details can be sold on the dark web. 

One of the reasons why this scam has proven so effective is the initial email from the scammers. By delaying asking for payment details right away, they are convincing the victim of their legitimacy. They are also preparing the victim to receive a call from an unknown number to provide their payment details; something which ordinarily, many people would object to.

How did they get this information?

It’s important to state that the scammers masquerading as the Student Loan Company aren’t only sending this scam out to students. If one of the websites that you have used has been hacked, your email address and telephone number could have been obtained by scammers. Remember, millions of people have student loans that they are paying back; by sending this email to lots of people at once, they are maximising their chances of a recipient responding. 

You can check whether your email address has been involved in a data breach using the website www.haveibeenpwned.com

Keep yourself safe from the Student Loan Company Scam

For student loan repayments, students should remember that these are either automatically taken and organised through their employer, or paid as part of their tax within their self-assessment.

The Student Loan Company has also stated that, ‘they will never proactively contact students to verify bank details ahead of a payment date’. As with all scam emails, ensure that you do not click any links in the body of the email, and if you are in any doubt of the legitimacy of an email, contact the sender directly using a contact number that you have found yourself, rather than using the phone number in the body of the email - because that could also be fake.


The Transcendit Way

Transcendit understand that when you choose to work with us, whether we're taking care of your IT, app or web development, you're trusting us with part of your business. So whether we're looking after your computers, phone systems or servers we always do things 'the Transcendit way'.

The whole of our team adhere to the same values, beliefs and policies - the principles that were written when Transcendit first formed in 2000. Whether you come to us for cloud services or recovery backup you can be confident that you'll always receive the same excellent service.

The Transcendit way outlines how we do business; following the same straightforward principles with every client and customer, regardless of how big or small they may be.

That means we get to know you and your business. We offer you a friendly, professional and efficient service, and we'll always be honest with you.
We understand that not everybody speaks fluent IT, so we try to explain things in a way that is simple and clear. We always spend as much time as is necessary explaining things to you.
If you need to talk to us about something, no matter how insignificant, we are only ever a phone call away – and we’re never too busy to make you a cup of tea and have a sit down with you in person.
We understand how frustrating it can be when things are late. When we schedule an appointment with you, we are there when you’re expecting us. If something prevents us from getting there, we always call you in advance to let you know.
Sometimes things can go wrong, but we never lie to you or try to cover something up. If things go askew we tell you what’s happened and how we plan to prevent it affecting your business.
We want you to continuously benefit from working with us. We regularly discuss your business and make suggestions for improving systems and processes wherever we can – but we never try to push you into a purchase.
When we quote a fixed price, that's always the amount we charge – you won’t find any nasty surprises on a bill from us. If you are paying by time and materials, we inform you if our approximations could change.
We understand the importance of privacy for your business and your customers. We respect the confidentiality of your data, and we will never pass on your information to third parties.
We appreciate it when you take the time to give us feedback. A system called CustomerSure records our client's responses, so you can trust that our reviews are from real people.
Find out what they're saying here.
We have been working with Transcendit since they started in business and they have never taken what they offer us for granted. Always first class professional service. Thanks to you all for the prompt attention and service. Bill Baty, Tech Set

Based on 11207 reviews our customers rate us 9.8/10. Reviews and ratings by Customersure. 17-January-2024

Transcendit are proud sponsors of CHUF, the Children's Heart Unit Fund.

Transcendit is a Living Wage employer
Transcendit is a Microsoft Gold certified partner
VMWARE partner
Vipre partner
IPCortex partner
WithSecure partner
DELL partner
Barracuda partner
Veeam partner
N-Able partner