Property News · May 28, 2016

Student loans: the next big mis-selling scandal?


A change to loan conditions, made after it’s taken out? A mortgage company can’t legally do that to borrowers, but it seems the government canMany graduates have been shocked this week to see just how their debt is escalating, with interest charged at up to 3.9%. That’s more than the typical rate on a first-time buyer mortgage. Have they been mis-sold a dodgy loan?University of Nottingham graduate Simon Crowther’s post on Facebook went viral this week, after he revealed how much interest is being added to his debt. He’s part of the first wave of graduates to have left university after paying £9,000-a-year fees. His total debt, a year after leaving college, jumped to £41,976 by the end of March, with the interest racking up by as much as £180 a month. Crowther claims he was mis-sold the loan and “cheated by a government who encouraged many of us to undertake higher education, despite trebling the cost of attending university”. Continue reading…

Source : theguardian.com
Read more…Student loans: the next big mis-selling scandal?

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