Lloyds Lends Helping Hand To Students

Fri, 02 Oct 2009

Lloyds TSB has announced it will allow first-year student customers to increase their interest free overdrafts to a maximum of £1,000.

The bank said it made the move in order to help those who have been affected by the delay in the processing of student loan applications .

Earlier this month the Student Loans Company (SLC) revealed that higher than expected demand for student finance had created a backlog in their system.

As a result, thousands of UK students were told they would not receive their full loan entitlement in time for the start of the new academic year, leaving them without enough money to pay for essential university costs, such as rent, books and fees.

The SLC admitted that between 50,000 and 60,000 individuals would have to wait until later this month before receiving their full student loan .

The Lloyds TSB offer is only available to students who are existing customers with the bank, such as those who have student account with the lender .

Student account holders with Lloyds were previously only entitled to a maximum interest-free overdraft of £500.

Catherine McGrath, director of current accounts at Lloyds, commented: "We are very conscious that these delays are causing considerable concern to our affected student account holders and we are keen to be as flexible as possible to help freshers that could otherwise really struggle."
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