Students: Learning to be responsible borrowers
selling sessions for students on personal finance, he said.
WangWei, managing director of a high-tech industrial investment fund, said various on-campus lenders usually do not exchange information amongst themselves, so it is very easy for an individual to borrow from multiple lending platforms.
“Some cash-strapped lenders even employ students as their part-time on-campus agents as they are unable to afford full-time staff. Such agents only care about earning commissions, and do not pay much attention to prudential norms and risks. Some of them even collude with fellow students and accept false or forged documents attached to loan applications,” Wang said.
He further said each university should set up its own student finance center to oversee the whole process. Such a center should ensure students’ loan applications are evaluated by independent experts.