It's time to better regulate loans to students

A COLLEGE STUDENT IN ZHENGZHOU, Central China's Henan province, killed himself because he was unable to pay back the hundreds of thousands of yuan he had borrowed from an on-campus loan provider. Thepaper.cn calls for more strictly regulating loans to students:

Banks used to seek to issue credit cards to college students, but most students do not have stable incomes and they rely on their parents to pay off their cards. That's why, in 2009, the China Banking Regulatory Commission forbid banks from issuing credits cards to people under the age of 18 and strictly control the issuing of credit cards to those older than 18.

However, to meet the demand, non-bank financial institutions have started providing loans to students since then. The student in Zhengzhou is reported to have obtained loans with ID cards taken from his classmates, which reveals the lack of risk control in the business.