Flawed Student Loans! |
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MartinW
Moderator in Command Joined: 31 Mar 2008 Location: United Kingdom Points: 26722 |
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Posted: 03 May 2008 at 3:56pm |
Ridiculous, the last thing students need.
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VulcanB2
Chief Pilot Joined: 02 Apr 2008 Points: 13365 |
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I find it just incredible how with all the technology available, they still find ways of screwing up !!
The system appears to be designed to be flawed. Not surprising. The part at the end about the automated payment system taking payments even after the loan has been re-paid in full should be outlawed immediately. There is no reason for payments to continue past that point. It's nothing short of fraud. Best regards, Vulcan. |
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Hot_Charlie
Chief Pilot Joined: 02 Apr 2008 Points: 1839 |
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Not to mention that interest is now charged at nearly 5%. It's almost cheaper to take out a shorter term bank loan to pay it off if you can afford it - 4 or 5 years at 7.x% will probably work out cheaper 7 or 8 years at 5%.
Having said that of course, student loans weren't introduced to make students lives easier and get even more people into further education (many of whom shouldn't really be there); rather to make a hefty profit on the interest for the Student Loan Company and the Royal Bank of Scotland. |
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