How the fec....?
do you spend £50m on something like this and not deliver anything?
Surely the spec isn't that complex?
There are customers
They take out loans
They repay the loans in stages - you may want a direct debit facility
You need to keep track of changes of address etc
You need to be able to write off loans
You need to be able to produce reports and interrogate the system
There may be annual(?) peaks in usage.
May need to interface to some outside systems to check student status
Okay, a bit trivial, but that's surely the main points.
Whether you have 100K customers or 10million customers doesn't have a massive impact on the underlying requirements, rather on implementation and system capacity/resilience.
To be honest I would have thought that is a fairly standard finance company system spec - which wouldn't cost £50m to implement and has presumably been written 100 times already.
Could we please have some sackings.