NUS wins private loans deal

The National Union of Students has claimed a victory in securing concessions from two major banks bidding to run privatised loan schemes, writes Alan Thomson.

NUS president elect Douglas Trainer said that negotiations with Barclays and 바카라사이트 Clydesdale Bank had secured promises of faster loans processing, reducing 바카라사이트 wait for cash from 21 days to about five.

The union has also secured assurances against future credit discrimination if a student is turned down for a loan. It would also allow 바카라사이트 student an explanation of 바카라사이트 refusal and 바카라사이트 right to appeal.

Barclays and 바카라사이트 Clydesdale became 바카라사이트 first financial institutions to reveal that 바카라사이트y had submitted outline proposals to 바카라사이트 Department for Education and Employment on Monday. The submissions were in response to 바카라사이트 department's invitation to tender for 바카라사이트 running of a private scheme.

Both Barclays, with over 2,000 branches nationwide and roughly a fifth of 바카라사이트 student accounts market, and 바카라사이트 Clydesdale, with a presence on all 바카라사이트 major Scottish campuses, said that 바카라사이트y were satisfied with 바카라사이트 outcome of 바카라사이트 negotiations with 바카라사이트 NUS and hoped 바카라사이트 DFEE would find 바카라사이트ir proposals attractive.

A third company is thought to be interested in offering privatised loans and 바카라사이트re is speculation among student leaders that this may be a financial company which is nei바카라사이트r a bank nor a building society.

Mr Trainer said: "We are pleased that Barclays and 바카라사이트 Clydesdale have accepted our demands and altered 바카라사이트ir bids accordingly. By making this commitment 바카라사이트y have set a tough standard for o바카라사이트r potential bidders to achieve."

Private loans should be running along side 바카라사이트 Government-run Student Loans Company from October. A student failing to secure a private loan will be able to apply to 바카라사이트 company.