Student loans covered in new banking scheme

Student loans are just one topic that will be covered as part of a scheme being run by teenagers in the capital.

Youngsters across London are taking part in Global Enterprise Week by setting up their own bank at Walthamstow School for Girls and Forest Gate Community School, the Press Association reports.

They have been trained in monetary matters and will offer interest-free enterprise loans and saving accounts to their classmates, with the credit limited to a maximum of £40.

Named MyBnk, the initiative allows borrowers to apply to student loan managers for funding that comes interest-free.

Founder Lily Lapenna commented: “The sooner young people are familiar with banking, the better they can develop sound financial habits like saving and navigate the system.”

The present generation is likely to be required to make important financial decisions and it is hoped MyBnk will give them the knowledge to do so.

Youngsters also recently learned similar lessons by participating in Student Finance Day on November 14th, which was organised by the Independent Taskforce on Student Finance .

Money education body Credit Action sought to speak to over 1,000 would-be undergraduates to inform them about rising tuition fees .