According to the announcement of the Bank of China on the conversion of the pricing benchmark of stock-based national student loans:
Before July 3, 20201,China Bank issued and signed student loans without referring to the benchmark interest rate of loans, except for floating interest rate loans that were in the last repricing cycle.
From September 20, 2020 to February 20, 2020, independent conversion began. During this period, the interest rate pricing method agreed in the original contract can be converted into the latest loan market quotation (LPR) of the same grade released in February last year minus 30 basis points, and the downward point value can be fixed during the remaining period of the contract.
It can also be converted into a fixed interest rate, which is equal to the latest loan market quotation (LPR) of the same grade announced in February last year minus 30 basis points. The repricing period and repricing date shall be executed according to the original contract.
During the period from June 65438, 2020 to February 2, 2020/KLOC-0 to February 23, 2020, the stock of national student loans that have not been independently converted will be converted into the latest market quotation (LPR) of loans of the same grade released in February last year minus 30 basis points, and the downward adjustment point will be fixed during the remaining period of the contract. The repricing period and repricing date shall be executed according to the original contract.
If batch conversion is not accepted, the loan that has been converted into LPR pricing benchmark in batch can be changed to a fixed interest rate through mobile banking of Bank of China from February 24, 2020 to February 24, 2020, which is equal to the latest LPR of the same grade released in February last year minus 30 basis points.
Extended data:
The national student loan is an important measure taken by the CPC Central Committee and the State Council to improve the financial aid policy system of ordinary colleges and universities in China and increase the financial aid for poor students in ordinary colleges and universities under the conditions of socialist market economy.
The national student loan is a bank loan which is led by the government, subsidized by the finance, and compensated by the finance and universities at certain risks, and jointly operated by banks, education administrative departments and universities.
Borrowing students do not need to apply for loan guarantee or mortgage, but they need to promise to repay on time and bear relevant legal responsibilities. Borrowing students apply for loans from the bank through the school to make up for the lack of expenses during their school days and repay them in installments after graduation.
There are four main forms of loans: national student loans; Student-origin credit student loan; Colleges and universities use state financial funds to issue interest-free loans to students; General commercial student loans. Among them, the national student loan has the largest funding strength and scale, and is the main content of student loan.
Public full-time colleges and universities should actively implement the national student loan policy and cooperate with students from poor families in colleges and universities to handle national student loans. In addition, some private colleges and universities have launched national student loans, and students should pay attention to the relevant statements in the school enrollment brochure or admission notice.
Generally speaking, students from poor families need to apply for national student loans from local banks through their schools. In principle, students apply once during their school days, and the bank issues national student loans by stages.
Baidu encyclopedia-national student loan
Bank of China-Announcement on Changing the Pricing Benchmark of the Existing National Student Loan