Statistics
show that the average student in 2001 incurred an average debt of £5,900 and
this is estimated to almost double to £9,100 for the year 2002.
The SDRS (Student Debt Reduction Solution) has been designed to relieve the
pressure of debt within the student community throughout the UK. Our aim is to
reduce the average debt by up to 50% and would give the student a better start
in their working career.
Throughout our research we have gained considerable interest from both Local
and National businesses within various sectors: finance houses, high street
banks, the government, supermarkets, record stores, large high street retailers,
car manufacturers, airlines, tour operators, pubs & clubs, petrol companies,
and other related businesses, some of which are now participating within the
pilot solution.
All involved companies will offer a discount or points via the SDRS loyalty
solution. This will depend on the goods or services sold to holders of the SDRC
(Student Debt Reduction Card). The student card holders will receive an instant
cash discount however the family & friend cardholders will have the discount
calculated and it will be transferred to their student''s SDRS savings account.
On completion of the students'' education the amount held in the SDRS account
will then be used to pay off against the Student Loan, Bank or Parents.
We encourage both corporate businesses as well as smaller local businesses to
get involved with this solution. Each business will offer a discount to all
holders of the SDRC. The more businesses that participate with the SDRS will be
invaluable in reducing student debt for the future. This will also increase the
volume of students and their families using these businesses.
The student zone is currently talking to many of its customers about this
discount, with very favourable results and has agreed to work in conjunction
with any existing solution that they may already have in place.
The SDRS is designed to be a community project that will assist both the
students and their financiers, whether that is from a student loan or, as is
more usually the case, the parents who have to struggle to see their children
further their education. With this project in place we will also see an increase
in the number of students wishing to continue their studies but before were
unable, due to the worries of the financial strain on themselves and their
families.
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