When student loan funds are allocated to the borrower's special account, they are usually locked. In order to avoid the use of cash by loan students, Alipay will transfer the funds to the account designated by the school, and the school will refund the extra fees after deducting the corresponding tuition fees.

The excess money returned can be used by itself, and the borrower can withdraw it into the previously bound bank card for living expenses.

What is a student loan?

Student loan is a bank loan provided by the Ministry of Finance, universities and banks in the form of financial discount for college students with financial difficulties to successfully complete their studies.

Loan students don't need mortgage and guarantee, as long as they repay on time as agreed. The longest loan period can be up to 20 years, and the principal will be repaid after three years of graduation, and no interest will be charged during the school period.