Statistics show that the average debt is increasing at alarming rates all over the world.
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 participated 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.
STUDENT DEBT REDUCTION CARD - (SDRC)
Each Student of further and higher education will hold a international Student Debt Reduction Solution loyalty card (SDRC), more importantly so will members of their family and any friends that wish to help support the student, therefore increasing the opportunity to reduce the student debt.
The student - will receive an instant cash discount by using their card when making purchases at related businesses. No personal student data will be released.
The family & friends - will have the buying power and the SDRC will be either a swipe or reward card which will be linked to the Students SDRS Account and on a monthly basis the points will be converted into money and transferred from the 3rd party involved to the student Account.
The card will act the complete opposite to a debit card. Instead of money coming out of an account, money will be added. When a student signs up for the card, they must open a SDRS bank account.
SECURITY
One thing that makes this card different from any other card is the fact that it cannot be abused!
No matter who uses it, the money will always go into the student's account or be paid off the student loan. In fact, the more people who use the card, the better off the student will be.
The card will also be used as a membership card, allowing holders of the card to gain entry at a reduced price to a number of major clubs or Venues within the UK who are associated with the student zone.
THE PILOT SOLUTION
Our pilot solution was completed in 2003, It ran for 3 months with help from students at Universities and colleges across the UK including:
Westminster, Southampton, Plymouth, South Kent, SCAT, Wirral, Coventry, North Devon and Basingstoke.
This was a statistical exercise that lallowed us to collate information on the students and their families', spending trends.
We monitored volunteer students from involved colleges and Uni’s and their spending at selected companies by collation of receipts. This was throughout a 3 month period from 1st November 2002 – 31st January 03 inclusive. Busineess involvement came from;
Argos, Iceland, The Body Shop, Snow & Rock, Littlewoods, Allders, BHS, Kangaroo Poo, National Express,
Early Learning Centre, Dollond & Aitchison, Student Desktops, Lets Go Travel & Student Travel Association (STA).
The Government also showed a continued interest due to the political issues of Student Debt. We are currently lobbying for a collective match/capped funding within the Universities and Colleges, who would have the overall control and the accumulation be distributed amongst the students from less affluent backgrounds. This will in turn re distribute the wealth fairly amongst the students.
Because it is, perhaps more importantly the spending power of the parents and family members that gains the student savings in their SDRS accounts, the full SDRS is open to all business sectors on both a local and a national scale.
The results form the pilot proved firstly the communities enthusiasm in the scheme and secondly that the buying power offered by the friends and family was more than adequate to make the SDRS a success in reducing the level of debt.
We will also be meeting with other businesses that the
students and their families have said they would like to see offering the
SDRS discount.
Comments about the SDRS can be made
here.
Feel free to
contact us if you would like more information about the solution.
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