Westpac Loan Scheme - Much Ado about Nothing
Westpac Student Loan Scheme - Much Ado about Nothing
“A large number of students have complained nationwide about poor service when enquiring about the Westpac Trust low interest rate offer to graduates,” stated Aotearoa Tertiary Student Association President Keith Clark. This statement follows the Westpac Trust announcement of low interest loans for graduates to cover outstanding student debts.
“Students are finding it difficult to find out accurate information from Westpac. ATSA itself has had difficulty in trying to access information.
Westpac phone operators are unable to provide more than cue card style responses for students as they enquire about the loans true cost,” advised Keith Clark.
“Studies show that once tertiary study is completed 90% of students stay with their banker for life. Westpac have reinforced this by subjecting students to a commercially sensitive credit application process” stated Keith Clark. “ATSA urges all students to seek independent financial advice or at least carefully examine what is being offered before signing with Westpac Trust”.
ATSA believes Government must take responsibility for ensuring the loan system is fair. Government should not be leaving this problem for the private sector to try and sort out piecemeal. It should be remembered that the banks refused to get involved when the loans scheme was first mooted.