The dividends of the national student loan policy are further released, and students who have already applied can also enjoy the new policy
CCTV News: In order to further improve the student aid policy system, better meet the needs of student loans, and reduce the economic burden of students, the Ministry of Education and four other departments recently issued a notice to increase the national student loan quota starting from the autumn semester of 2023. At the same time, adjust the interest rate of national student loans.
The national student loan is an important measure to improve the financial support policy system for ordinary universities in China through fiscal and financial means. It is a credit student loan provided to full-time undergraduate and graduate students from economically disadvantaged families to help them solve their learning and living expenses during their school years.
According to the latest notice issued by the Ministry of Education and other four departments, starting from the autumn semester of 2023, the annual loan application limit for each full-time undergraduate and vocational 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.
![The dividends of the national student loan policy are further released, and students who have already applied can also enjoy the new policy](https://a5qu.com/upload/images/a9d460428394336c3d96d5fbea84e1c0.jpg)
In addition, starting from the autumn semester of 2023, the national student loan interest rate will be reduced by 30 basis points from the market quoted interest rate for loans of the same period and grade, and adjusted to a 60 basis point reduction in 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.
It is reported that currently, the recipients of national student loans are students from economically disadvantaged families. The vast majority of graduate students are already adults. In order to better meet the reasonable learning and living needs of graduate students during their school years, effectively reduce the economic burden on graduate families, and encourage students to be independent and self reliant, the Notice specifies that 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.
Students who have applied for national student loans can also enjoy the new policy
The relevant person in charge of the Ministry of Education stated that students who have already applied for national student loans can also enjoy the new policy. They will work with the Ministry of Finance, the People's Bank of China, the State Administration of Financial Supervision and other departments to handle the new semester student loan application work, and urge the handling banks to handle student loans according to the new policy or adjust the already processed student loans, so that loan students can enjoy the dividends of the new policy as soon as possible.
![The dividends of the national student loan policy are further released, and students who have already applied can also enjoy the new policy](https://a5qu.com/upload/images/963b3ad69a2f6c63940a7f69730fa03d.jpg)
It is reported that students who apply for loans after the new policy is introduced can directly apply for loans according to the latest policy. 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.
In addition, to alleviate the economic burden on loan students, the national student loan interest that should be repaid by loan students graduating in 2022 and previous years in 2022 will be exempted. For these students, the principal of the national student aid loan that should be repaid within 2022 can be extended for one year upon their own application. The extended loan does not incur penalty interest or compound interest, and this policy will continue to be implemented in 2023.
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.
The relevant person in charge of the Ministry of Education introduced that the national student loan 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 over 20 million students.
![The dividends of the national student loan policy are further released, and students who have already applied can also enjoy the new policy](https://a5qu.com/upload/images/a4e0d55d1ab30c188f915bb949f10e96.jpg)
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, and help students complete their studies and find employment better.