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Student finances not affected by credit crunch

Published: Wednesday, 05 December 2007   Category: Government policies

Students' finances have not been affected by the credit crunch this year, according to the National Union of Students (NUS).

While the rest of society has been struggling with the credit crunch, the financial arrangements of the intake at universities this year has not been greatly affected according to the NUS.

A spokesperson for the NUS said: "I have not seen too much to suggest that banks are overly worried about students. The risk outlay on students is that much less than for giving out a mortgage and they also take the view that a graduate is likely to be a customer for the rest of their life and they are willing to take that risk."

The spokesperson added that, in the summer, HSBC had wanted to change accounts for people with graduate jobs to interest-charging overdrafts whereas before graduates had been given a year free of interest.

Figures published by the Office for National Statistics show that the maximum amount of money students received through the student support scheme was 76-85 per cent higher for this university year than in 1997-98.

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