Author: Staff

South African Student Loan Borrower Mistakenly Given $1 Million, Spends $60,000

Students hard at work at Walter Sisulu University in South Africa, where a recent financial error has people asking for answers.A college student loan borrower in South Africa accidently received a deposit of $1 million in her financial aid account and proceeded to spend over $60,000 of the funds, which she will very likely be held responsible for.The colossal error in financing took place at Walter Sisulu University (WSU) in the Eastern Cape province of South Africa. The student, who only was supposed to receive $100 for food and books, woke up to find $1 million loaded onto her...

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Online Lenders Banned from Offering Student Loans in China

Many Chinese students have fallen victim to fraudulent online lending operations. The Chinese government has enacted a ban on such companies.On Wednesday, the Ministry of Education (MOE) in China announced that all online lending platforms in the country have been banned from offering student loans to Chinese students, according to the Global Times.More traditional, commercial banks will still be able to provide educational loans to Chinese college students according to Zhao Jianjun, Vice Director of the Finance Department of the MOE.Internet lenders in China have created quite the social problem in the country. Over the last couple of years,...

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Student Loan Email Scam Targeting UK Students

College students in the UK should be aware of a student loan scam that targets student borrowers via email. According to Action Fraud, there is a new student loan email scam in the United Kingdom that is targeting first-year and returning higher education students in the country.The scam operation sends emails to student loan borrowers in which they claim to be the Student Loans Company, the UK Department of Education-owned student loan provider.In the email, the message states that the target victim’s account has been temporarily suspended because of incomplete information. The student debtor is then encouraged to click the...

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Student Loan Interest Rates in UK Soar to 6.1%

Students at the London School of Economics can now get used to 6.1 percent interest rates on student loans.Just as expected, student loan interest rates in the United Kingdom rose to 6.1 percent today, September 1st, 2017.A variety of factors led to the interest rate hike, but the main driving force was rising inflation in the UK. Student loan interest rates in the UK have been relatively low for some time, which is why this recent rise is hitting many students particularly hard. The Student Loan Report has covered the student loan debt crisis in the UK quite extensively. Most...

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U.S. Senator Bill Nelson Discusses Student Loan Debt at the University of Florida

Senator Bill Nelson (D-FL), seen here at the University of Florida, was back at the school to push for student loan reform. U.S. Senator Bill Nelson (D-FL) spent Tuesday, August 29th, speaking with students at the University of Florida about their student loan debt and his proposed legislation, according to The Gainesville Sun.Senator Nelson himself attended the University of Florida, but transferred after a time. Yesterday at one of UF’s education buildings, Nelson spoke to roughly a dozen students from UF and Santa Fe College about what they have had to deal with when it comes to student loans.He also...

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