According to SLC, its core systems will be replaced by the firm alongside financial services provider Deloitte and software company Misys.
It also says HCL will lead the programme as prime systems integration partner with support from Deloitte as implementation partner and Misys providing its BankFusion core banking software.
The student loans provider says an investment is needed to support the construction of a new IT platform capable of sustaining all future business needs.
“This major investment forms part of a wider business transformation programme and is part of SLC’s long-term strategy to improve and simplify the student finance system, as well as expand our services in the future,” claimed Mick Laverty, CEO of the financial provider.
“It is a significant milestone towards achieving our vision of becoming a digital, customer-focused centre of excellence,” he added.
Last year, the loans company claims it served 1.34m customers and paid out £6bn in maintenance loans and grants and £4bn in tuition fees. Meanwhile, in partnership with HMRC, it collected £1.7bn in payments.
“This strategic initiative will enable SLC to become more customer-focused, ensuring it can deliver the very best service across multiple channels, endeavouring to address the government’s ‘Digital by Default’ agenda,” claimed Rahul Singh, financial services president at HCL.
Earlier this week, research was published suggesting that some organisations still have some catching up to do to meet the government’s digital policies.