Student Loan Trap & Poor Customer Service

I took out a Standard Bank student loan for the period 2***. Every single month while studying, I was required to pay a monthly interest charge on the amount I owed Standard Bank, often well over 2,000 Rands. Due to unforeseen circumstances, I had to change my surety in 2021, but I continued making monthly payments while still studying.

In 2023, I informed the bank that I had finished studying and wanted to start repaying the loan. The branch issued me a revised contract with monthly payments of around 4,457 Rands. I missed a few payments while searching for a job. A third-party debt collection agency contacted me and advised me to make payments. When I asked for a balance statement, I was shocked to see Standard Bank was still charging me over 2,000 Rands in interest monthly, at a rate of 11.75%, on top of the 4,457 Rands. I was unaware of this.

Customer service could not help and told me to go to a branch. The first branch visit was unhelpful, and they could not explain the interest charges. I called customer service again and filed a complaint about not receiving my contracts and the high interest rate. They told me to go back to a branch.

At another branch last weekend, the system only showed my 2022 contract, with an interest rate of 7.50%. It seems ******* for the bank to charge me 11.75% when the last contract shows 7.50%. It's concerning that they can't locate all my contracts and are overcharging me. No one has been able to assist me, despite numerous calls and branch visits. What about the 50,000+ Rands in interest I paid during my studies? They have no proof of those payments or any contracts before 2022, including the one I signed in 2023.

As a bank marketing student loans for the betterment of students, this feels like a rip-off. In this tough economy, how can a student starting their life afford over 6,000 Rands in payments? How can one afford basic necessities if the bank is exploiting students? It's disheartening to see a big bank profit from students just starting their first jobs. If this isn't resolved and I don't receive proper assistance, I will go to the Ombudsman.

Standard Bank has put a bitter taste in my mouth, I don't even want to bank with them in the future neither recommend any student to seek or take a student loan from them. I mean the only reason a student would take this loan is if they cannot afford in the first place but once you take it I personally feel its a financial trap ! STANDARD BANK, I hope an experience manager dealing with these matters can contact me and resolve this asap, contact me at 12: 30 tomorrow or any day.