What is the average time taken by the Student Loan Company to process the applications it receives within the current financial year.

The Loans Company does not maintain statistics on the average time taken to deal with applications. However, Ministers set targets for the Company in relation to the time within which loans should be paid. These are measured by academic year.Statistics on the Company's performance for the first term of the 1999-2000 academic year are currently being collated and will be reported to Ministers after the end of the first term, once audited.Early indications suggest however that 99% of Loan applications under the mortgage-style scheme so far have been paid within the Company's 21 day target. Whilst it is too early to give an equivalent figure for the new Student Support Scheme, available figures indicate that well over 90% of correctly completed applications have been paid within the Company's 17 day target for that scheme.