The startling fact revealed by the Student Loan Company is quite disturbing. Almost 70% of European students who have taken loans form British banks while in the UK universities have not only failed to repay but are also absconding. Out of the 2240 students who should have started repayments, 1580 students are absconding. There are 46000 debtors who have taken a total amount and the Student Loans Company (SLC) is trying its level best to find those who are still missing without making their payments. (more…)

The National Union of Students has commented that graduates who have been to the university should pay extra tax in order to contribute towards the cost of higher education. Currently, when a student attends a university, Student Loans Company pays for all the fees and living costs which means university is largely free for most students. Loan repayments aren’t a hassle either as they are taken as a payroll deduction like income tax and national insurance. A graduate with minimum income pays little in terms of repayment and if anything is left after 25 years, it is forgiven. (more…)

UK’s best business leaders met over the weekend at Washington to discuss the present financial situation of the world. They laid a lot of importance on greater international control on the financial sector. In a survey by a reputed law firm, most of the 286 UK based members who took part in survey is in favour of rewriting Basel II agreement, which recommended global regulations for banks in 2004. The respondents also favored greater control of rating agencies, openness of financial sector and hedge funds. However, there has been some disagreement over restriction of bonuses banning on short selling. (more…)