April 25, 2024

The maximum duration of national student loans is extended to 20 years

Abstract According to news BEIJING, Premier Li Keqiang chaired a July 8 State Council executive meeting, decided to increase the national student loan efforts to create a fair environment for the growth of poverty students. The meeting requested that, in accordance with the State Council’s deployment, the national student loan policy should be improved, and the home will be more powerful...
According to the news of Chinanews.com, Premier Li Keqiang chaired the State Council executive meeting on July 8 and decided to increase the national student loan to create a fair growth environment for the poor students.

The meeting requested that, in accordance with the State Council's deployment, the national student loan policy should be improved, and college students who are more able to help families with financial difficulties can complete their studies, promote education equity, provide more development opportunities for poor students, and cultivate more talents for the country.

The meeting decided:
First, college students' interest on student loans during the period of study is subsidized by the government. If you continue to study for a degree during the repayment period or leave school due to illness during school, you can apply for interest subsidies.
Second, the maximum period of the loan will be extended from the original 10 years and 14 years to 20 years. The grace period will be extended from 2 years to 3 years. During the grace period, only interest is required and the principal is not required. At the same time, simplify the application process.
The third is to establish a repayment and rescue mechanism. Students who have lost their ability to work due to illness and have suffered major changes in their families may apply for repayment of principal and interest.

For the employment of grassroots units in hard and remote areas, the compensation funds shall be borne by the provincial finance in principle. The finance at all levels should arrange the national student loan interest subsidies and risk compensation funds in full in the annual budget to help the poor students solve their worries.

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