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Westpac Scheme: A Nightmare on Loan Street
Westpac Scheme: A Nightmare on Loan Street
“Students are angry that the Westpac Trust low interest rate offer to student graduates has a range of hidden costs” stated Aotearoa Tertiary Student Association President Keith Clark. His comments follow Westpac Trust’s announcement of allegedly low interest loans for graduates to cover outstanding student debts.
“The Westpac Trust offer has a number of hidden pitfalls for students believed to include an up front fee of $150 and an insurance payment in its first year of operation of up to $900. The combined effect of “the little things” effectively raises the overall costs to unacceptable levels” advised Keith Clark.
“Studies show that, once tertiary study has been completed, 90% of students stay with their banker for life. Westpac is aiming to cream off the very best of the credit risks from the government scheme and charging an insurance fee under the circumstances is indefensible” stated Keith Clark.
“ATSA advises all tertiary students to look very carefully at what is being offered before signing anything with Westpac Trust. For those students that have already signed with Westpac, ATSA strongly advises that you reconsider all the circumstances of the Westpac Trust loan”.
Other banks have interest free loans for graduates and ATSA urges students to look around at the student friendly packages that are available from elsewhere.
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