THE EDITOR, Sir:
I AM extremely concerned about how the Students Loan Bureau conducts business. There is not enough transparency in loan contracts. Students are required to sign contractual agreements before acquiring loans and often times they do so without realising what they are signing to. The customer service representatives do not explain fully the terms of these contracts. This is either because they are incompetent or they have little regard for the many applicants to the bureau.
Most students only realise the mess they are in when they start making payments on their loan. That's the time they become cognisant of its high interest rate. In its attempt to make a profit, the Student Loan Bureau has become merciless. There is always some new policy that requires one to pay more. It seems the Students Loan Bureau is another means of exploiting poor people. There is this guise that it is there to help you with financial difficulties but at the end of the day it is trying to make an enormous profit like any other organisation.
I agree with Kemmehi Lozer who wrote on July 28th that "with its existing loan repayment terms, the SLB is a gun to the head...". Dealing with the bureau is a nightmarish experience. It helps one to cover educational expenses but the repayment policies make it almost impossible to save anything when one begins working.
The Students Loan Bureau needs to demonstrate to the public that it is actually working in the interest of the less fortunate who are fighting desperately to get a good education.
I am, etc.,
M.G. WILLIAMS
ShellWill@hotmail.com
