Gary Page Named New Chair of UK Student Loans Company
In a significant move for higher education finance in the UK, the Department for Education (DfE) has appointed Gary Page as the new Chair of the Student Loans Company (SLC). This announcement, made on 11 February 2026, marks a pivotal transition as the organization gears up for a major transformation. Page, a seasoned banking professional, will take over from Sir Peter Lauener on 1 April 2026, stepping into a role that oversees financial support for millions of students pursuing further and higher education.
Background on the Appointment
Gary Page has been a member of the SLC Board since October 2020 and has chaired the Remuneration Committee since December 2023. With over 20 years in banking, primarily at ABN AMRO in senior roles, Page has recently shifted focus to non-executive positions in public, private, and not-for-profit sectors. His commitment to social inclusion aligns perfectly with SLC's mission to make education accessible.
Currently, Page serves as a Non-Executive Director at the Scottish National Investment Bank, Chair of Triodos Bank UK Limited—a subsidiary known for ethical banking—and a Lay Member of the South East Employment Tribunal. This diverse experience positions him to lead SLC through its ambitious changes.
Sir Peter Lauener, who has chaired SLC since April 2020, is concluding his two-term limit. Under his leadership, the company has managed a portfolio of loans for 9.6 million customers, navigating challenges like the COVID-19 pandemic and rising tuition costs.
The Role of the Student Loans Company in UK Education
The SLC is a non-profit public corporation that administers student loans and grants on behalf of the UK government. Established in 1989, it handles everything from undergraduate tuition fee loans to postgraduate funding and maintenance support. In England, for instance, the current system allows students to borrow up to £9,250 per year for fees, with additional maintenance loans based on household income.
Repayments begin only when graduates earn above a threshold—£27,295 for Plan 5 loans starting from 2023— and are income-contingent, deducted at 9% of earnings over that amount. Interest rates, currently around 7.8% for new loans, have sparked debates on affordability, especially with inflation pressures.
In Scotland, Wales, and Northern Ireland, variations exist: Scotland offers free tuition for residents but charges fees for others, while Wales provides grants alongside loans. The SLC's reach extends across these regions, ensuring equitable access to higher education funding.
Challenges Facing Student Loans Today
Student debt in the UK has ballooned to over £200 billion, with the average graduate owing around £45,000. Critics argue the system burdens young people with lifelong repayments, exacerbating inequality. Recent policy shifts, like the Labour government's review of tuition fees, highlight ongoing tensions.
The SLC has faced scrutiny over administrative inefficiencies, long wait times for applications, and outdated digital systems. These issues have prompted calls for reform, making Page's appointment timely.
SLC's Transformation Programme: A Digital Future
Page assumes leadership during SLC's new transformation initiative, aimed at creating a 'simpler, more modern, digital organization.' This programme focuses on streamlining services, enhancing customer experience, and improving efficiency for its 9.6 million users.
Key goals include faster loan processing, user-friendly online portals, and better data integration with universities and employers. By modernizing IT infrastructure, SLC aims to reduce errors and support government objectives for accessible education.
Education Secretary Bridget Phillipson praised the appointment: “I would like to thank Sir Peter Lauener for his dedicated service over the past six years, and I am delighted to welcome Gary Page to this new role. Gary’s extensive leadership experience... will be invaluable.”
Gary Page echoed this enthusiasm: “I have enjoyed being a Board member of SLC over the last five years... The organisation is a vital source of financial support... and I look forward to contributing to its continued success.”
SLC CEO Chris Larmer added: “Gary’s long-standing contribution... means he brings extensive experience... I look forward to continuing our work together as we strengthen and modernise our organisation.”
Implications for Students and Graduates
For current and prospective students, these changes could mean easier access to funds and clearer repayment guidance. The digital overhaul might introduce AI-driven chat support or personalized dashboards, reducing the administrative burden.
Broader impacts include potential policy alignments with Labour's manifesto pledges, such as scrapping the two-year post-study work visa cap or reforming interest rates to ease debt burdens. As the UK grapples with skills shortages and economic recovery, robust student finance remains crucial.
Looking Ahead: Sustainability and Equity
Page's ethical banking background, particularly with Triodos, suggests a focus on sustainable finance. This could influence how SLC approaches loan forgiveness for disadvantaged groups or integrates green education funding.
Stakeholders, from universities to debt charities like StepChange, will watch closely. With youth unemployment at 14% and rising living costs, the SLC's evolution under Page could redefine access to opportunity.
In summary, Gary Page's appointment signals a fresh chapter for UK student loans. As SLC transforms, it promises a more efficient system that supports the next generation's ambitions without overwhelming debt. For the latest on student finance, stay tuned to Everythiiing.com.
