Standard Bank
Prime plus 6 for a student loan for master student

I've had a student loan with standard bank since 2008 where our agreement was that I will start of at an interest rate of prime and it will decrease by 1 for every year that I study.

Recently I started doing my masters and have applied to increase my student loan. I receive the contract and realises that it said that my interest rate is prime plus six all of a sudden. I told the consultant that this was inaccurate. At first she told me that some legislation change or that it might have something to do with the increased loan amount. I told her if that is the case im going to another bank. She then only decided to inquire about the high interest rate. She said that she would let me know when I can come and sign the new new agreement. The problem was that I needed to pay 50% of my student fees within that week. A week later I decided to go back to the bank to ask way a simple change is taking so long. She told me that they where still working on it (bear in mind that I work part time and am doing my masters fulltime). After hearing nothing for another week I decided to go to he bank again. This time a different consultant told me that she was unauthorised to make the change so asked

Company: Standard Bank
Country: South Africa
City: Brooklyn

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