I believe this claim in their “A Guide Terms and Conditions” is misleading:
“however long it takes you to repay your loan you will pay no more, in real terms than, you actually borrowed”
This could only be a true if the amount owed was reduced when inflation was negative. I may be wrong but I do not believe that to be the case.
A student could in theory be paying back their student loan at age 64 having left university at 24 a lot can happen to the economy in 40 years, a lot has happened in the last two years!
The explanation of the terms and conditions should not give a one-sided view of what might happen to the economy when describing a financial product.
I know people can read the full terms and conditions but the guidance should be a fair summary.
I have complained to the ASA in case there is anything they can do to clear this up: http://www.asa.org.uk/asa/how_to_complain/