Increase the national student loan quota, Ministry of Education and other four departments: Starting from the autumn semester of 2023

Release time:Apr 16, 2024 21:21 PM

In order to further improve the student aid policy system, better meet the needs of student loans, and reduce the economic burden on students, the Ministry of Education has issued a notice to adjust and improve the student aid loan policy:

Increase the amount of national student loans

Starting from the autumn semester of 2023, the annual loan application limit for each full-time undergraduate and junior college student will be increased from no more than 12000 yuan to no more than 16000 yuan; The annual loan application limit for each full-time graduate student has been increased from no more than 16000 yuan to no more than 20000 yuan. The national student loans applied by students are prioritized for paying tuition and accommodation expenses during their school years, and the excess is used to compensate for daily living expenses.

After the adjustment of the national student loan quota, the compensation for tuition fees for military service college students, the national student loan compensation and tuition fee reduction standards for tuition fees, as well as the compensation for grassroots employment tuition fees and the national student loan compensation standards for tuition fees, will be adjusted accordingly to a maximum of 16000 yuan per person per year for undergraduate and vocational students, and 20000 yuan per person per year for graduate students.

Adjusting the interest rate of national student loans

The national student loan interest rate has been adjusted from a 30 basis point decrease in the market quoted interest rate for loans of the same period and grade to a 60 basis point decrease in the LPR for loans of the same period and grade. Regarding the previously signed floating rate national student loan contract with reference to LPR, the handling bank may negotiate with the loan student to adjust the original contract interest rate to a 60 basis point reduction in LPR of the same period and grade.

Carry out commercial student loans for graduate students

In order to better meet the reasonable learning and living needs of graduate students during their school years, and effectively reduce the economic burden on graduate families, banking and financial institutions can issue commercial student loans to graduate students on campus. Encourage banking and financial institutions to develop and improve targeted graduate credit student loan products with convenient procedures and controllable risks, and provide certain discounts in terms of loan amount, interest rate, term, repayment method, etc.

The person in charge of the Finance Department of the Ministry of Education answered questions from reporters regarding the "Notice on Adjusting and Improving Policies related to Student Loans"

Recently, with the approval of the State Council, the Ministry of Education and four other departments issued a notice on adjusting and improving policies related to student loans. The person in charge of the Finance Department of the Ministry of Education answered questions from reporters regarding the Notice.

What is the background of the issuance of the Notice?

National student loans are an important measure to improve the financial support policy system for ordinary universities in China through fiscal and financial means. The beneficiaries are credit student loans provided to full-time undergraduate and graduate students from economically disadvantaged families, helping students solve their learning and living expenses during their school years. This policy has been continuously improving since its implementation in 1999. As of the end of 2022, a total of over 400 billion yuan in student loans have been issued nationwide, benefiting more than 20 million students, providing strong support for economically disadvantaged students to successfully complete their studies and promoting educational equity. But with the development of the economy and society, the cost of education such as tuition fees and basic living expenses has increased, and students and their families are facing increasing economic pressure and loan demand. It is necessary to further release the dividend of student loan policies, better meet student loan needs, reduce student repayment pressure, help students complete their studies, and better employment.

What are the main contents of the adjustment and improvement of the student loan policy this time?

Answer: It mainly involves three aspects: firstly, the maximum annual loan amount of national student loans will be increased by 4000 yuan per student, from no more than 12000 yuan for undergraduate and vocational students to no more than 16000 yuan, and from no more than 16000 yuan to no more than 20000 yuan for graduate students. At the same time, considering policy coordination, corresponding increases will be made in tuition compensation for military service college students, national student loan repayment and tuition fee reduction standards for tuition fees, as well as compensation for grassroots employment tuition fees and national student loan repayment standards for tuition fees. The second is to reduce the national student loan interest rate by 30 basis points, from the same period and same level loan market quoted interest rate by 30 basis points, to a reduction of 60 basis points. The third is to carry out commercial graduate student loans, effectively reduce the economic burden on graduate families, encourage banking and financial institutions to develop and improve graduate credit student loan products with convenient procedures and controllable risks, and provide certain preferential treatment in terms of loan amount, interest rate, term, repayment method, etc.

3. Universities across the country are currently starting classes one after another, and many students have already applied for national student loans. Can these students apply to increase the amount of student loans according to the new policy?

Answer: Students who have already applied for national student loans can also enjoy the new policy. Students who apply for loans after the introduction of new policies can directly apply for loans in accordance with the latest policies; For students who have already submitted loan applications or signed loan contracts in 2023 before the policy is introduced, they can apply to the national student loan handling bank to increase the loan amount within the new quota range according to their actual needs.

What are the main considerations for reducing the interest rate of national student loans? Can the existing national student loan contracts be executed at the new interest rate?

Answer: In order to reduce the economic burden on loan students, with the consent of the State Council, the interest on national student loans that should be repaid by loan students who graduated in 2022 and previous years in 2022 is exempted. For the principal of national student loans that these students should repay within 2022, they can apply for an extension of one year for repayment at their own discretion, and the extension of the loan does not involve penalty interest or compound interest. This policy was continued to be implemented in 2023. In order to further reduce the economic burden on students receiving loans, this notice specifies the further reduction of the national student loan interest rate.

The previously signed floating rate national student loan contract with reference to LPR can be executed according to the new interest rate, which will be negotiated between the handling bank and the loan student. The original contract interest rate can be adjusted to a 60 basis point reduction in LPR of the same period and grade.

What are the main considerations for conducting commercial student loans for graduate students? Can graduate commercial student loans enjoy interest subsidy and risk compensation policies?

Answer: Currently, the recipients of national student loans are students from economically disadvantaged families. The vast majority of graduate students have reached adulthood and can be supported to apply for commercial student loans and other means to solve their educational expenses, encouraging students to be independent and self reliant.

Graduate commercial student loans are commercial loans that do not enjoy national student loan interest subsidies and risk compensation policies. Encourage banking and financial institutions to develop and improve targeted graduate credit student loan products with convenient procedures and controllable risks, and provide certain discounts in terms of loan amount, interest rate, term, repayment method, etc.

6. How to ensure that the requirements of the Notice are implemented effectively?

Answer: To ensure the effective implementation of the new policy, we will work with the Ministry of Finance, the People's Bank of China, the State Administration of Financial Regulation and other departments to focus on three aspects of work: first, increase policy promotion efforts, and carry out comprehensive publicity to students through mainstream media, hotline calls, SMS and other channels to improve policy awareness. The second is to do a good job in handling student loans for the new semester, supervise the handling banks to handle student loans in accordance with the new policies or adjust the already processed student loans, so that loan students can enjoy the benefits of the new policies as soon as possible. The third is to provide business training to student aid staff from various regions and universities, interpret policy content in detail, clarify policy guidelines, and ensure that policy implementation is standardized and in place.

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