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Scrap misleading student loan statements, says Russell Group

The Russell Group believes that the way students are kept updated about their student loan payments should be scrapped, as it is misleading and risks promoting poor financial decision making.

The group of research-intensive universities has partnered with financial advice website MoneySavingExpert.com (MSE) to call for the existing student loan statement to be “ripped up” and replaced with a redesigned format. The prime data on the current statement cover the size of the outstanding debt and the interest added.

The new version, which was first unveiled in February, has now been tested on 6,000 people.The aim is offer a more holistic understanding of likely repayment rates over the longer term.

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