How to calculate student loan interest?
The national student loan interest rate is calculated based on the benchmark loan interest rate announced by the People's Bank of China for the same period. This interest rate is not affected by local policies, that is, the interest rate will not rise. Interest starts accruing after the student graduates.
Graduates only need to repay interest for 111 days (September 1st - December 20th) in the first year of graduation.
The interest calculation formula is: interest = annual interest rate of total loan amount 111/360. The annual interest rate of student loans in 2018 is 4.9.
You need to repay one year’s interest in the second year of graduation (from December 21 of the year of graduation to December 20 of the second year of graduation). Interest = The annual interest rate of the total loan amount is 365/360. The annual interest rate of student loans in 2018 is 4.9.
The interest payable in the third year of graduation is exactly the same as that in the second year of graduation.
From the fourth year of graduation until the student loan is paid off: one year's interest on the loan balance should be paid each year.
Interest = annual interest rate of loan balance 365/360.
The state will bear the interest incurred during the period of study, and the interest will be borne by the loan students after graduation. For the same student loan, the annual interest rate may be different each year after the repayment begins, which is determined by national policies. Students with loans should pay attention to relevant announcements from the China Development Bank or the Student Financial Aid Management Center of the County Education Bureau.
Extended information
National student loan
1. Application conditions
Full-time undergraduate and junior college students in ordinary colleges and universities (including higher vocational colleges) Students), second bachelor's degree students and graduate students who meet the following conditions can apply for national student loans:
(1) Family financial difficulties;
(2) Have the People's Republic of China ** *He nationality, those over 16 years old must hold the People's Republic of China resident ID card;
(3) Have full capacity for civil conduct (minors applying for national student loans must be Written consent of his/her legal guardian);
(4) Be honest and trustworthy, abide by the law, and have no illegal conduct;
(5) Study hard and be able to complete his studies normally.
2. Application materials
Students must submit a loan application to the bank through the school after the start of the new school year. The following materials are required:
(1) National student loan application form;
(2) Copies of my student ID card and resident ID card (minors must provide a valid legal guardian’s ID card) Proof of identity and written consent to apply for a loan);
(3) My explanation of the family’s financial difficulties;
(4) The family’s financial difficulties issued by the relevant department where the student’s family is located prove.
3. Application amount
In principle, the maximum application amount per person per academic year for full-time undergraduate students should not exceed 8,000 yuan, and the maximum amount per person per academic year for full-time postgraduate students should not exceed 12,000 yuan.