As for managing student loans, why not use a bank?
Banks handle this kind of thing all the time. So make the student loan effectively like a bank account, with specific rates, if any. So as it gets paid off, the amount reduces etc. Notes are currently made by banks against a custmer account when a customer contacts them. So the model already exists in a working state....(I assume, I don't work for a bank so I have no idea how much gaffer tape is used).
It was originally set up like this because the loans were low interest and banks didn't want to take them on as there was no(t enough) profit. That's not the case now.
Payment is linked to NI contributions which is another reason, although now the interest rate problem is solved I'm sure banks would be happy to work something out considering that they'd have a captive for life. No leaving and think of all the cross selling possibilities.
Biting the hand that feeds IT
