HSBC: Banks must be responsible lenders to students

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HSBC: Banks must be responsible lenders to students

Banks have a responsibility to students to make sure they are not borrowing more than they can afford to repay, HSBC has claimed.

Borrowing options available to undergraduates while they are attending university include overdrafts and credit cards as well as the student loan.

However, James Thorpe, spokesperson for HSBC, said that banks have a responsibility to not lend more money than students "can actually cope with".

"We are only lending students affordable amounts or what we believe students will be able to afford once they have graduated," he claimed.

"We do monitor students who get into financial difficulty. There isn't really a difference between students and any other customer in that respect."

HSBC's comments come after figures released by the Student Loans Company revealed that £2,954.1 million was lent to higher education students during the 2006-07 financial year.

The balance of outstanding loans in the end of the year stood at £18,116.3 million.

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