Stu­dents: Learn­ing to be re­spon­si­ble bor­row­ers

China Daily (USA) - - BUSI­NESS -

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.

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