The national student loan interest rate is:
Loans within six months (including six months): 4.35%
Loans from half a year to one year (including 1 year): 4.35%
Loans for one to five years (including five years): 4.75%
Loans for more than five years: 4.9%
The People's Bank of China authorized the National Interbank Funding Center to announce that the quoted interest rate (LPR) of the loan market on July 20, 2020 was: 1 year LPR of 3.85%, and LPR of more than five years was 4.65%. The above LPR is valid until the next LPR version.
I. Interest rate advantage
Student loan interest rate The benchmark interest rate of RMB loan announced by the People's Bank of China is the same when the loan is issued. Interest-free during school, interest-free for one-time repayment after graduation, and interest for installment repayment. The longest repayment period of student loans is longer than that of national student loans. To put it bluntly, the total principal and interest is greater than the student loan, and the repayment pressure is heavier than the national student loan.
Student-origin credit student loan refers to the student loan issued by China Development Bank to eligible college freshmen and students with financial difficulties, which is handled in the county (city, district) where the students are registered before entering school. The loan funds are mainly used for students to pay tuition and accommodation fees during their school days. Student-origin credit student loan is an important part of national student loan.
Second, the meaning of student loan interest rate
The interest rate policy of the national student loan and the student source credit student loan is: the benchmark interest rate of the same grade in the same period announced by the People's Bank of China will not rise. The interest of students during their school days is fully subsidized by the finance. The interest actually repaid by students after graduation shall be implemented according to the interest rate of the same period of the year.
In July 2020, the Ministry of Education, the Ministry of Finance, the People's Bank of China and the China Banking Regulatory Commission jointly issued the Notice on Adjusting and Perfecting the Relevant Policies of National Student Loans, which made it clear that from 2020 1, the interest rate of newly signed student loans would be lowered by 30 basis points according to the market quotation price (LPR) of loans of the same grade in the same period.
Although the national student loan is interest-free during school and does not need to repay the principal, it will begin to repay the principal and interest after graduation, so many students who intend to apply for the national student loan want to know whether the interest of the national student loan is high.