The so-called "LPR5Y minus 0.3%" is actually because the interest rate pricing benchmark of the stock student loan is changed to the LPR of the same grade in the same period released in June, 65438+ minus 30 basis points in February last year, and the loan term of the student loan is more than five years, and one basis point is equal to 0.0 1%, so the new interest rate for more than five years is LPR minus 0.3%.

However, the price quoted by LPR in February is 20 19, 1 year 15%, and 4.80% for more than 5 years. Therefore, after the conversion of the pricing benchmark, the new interest rate of the stock student loan with a loan term of more than five years has become 4.5%.

The original student loan contract was based on the benchmark interest rate of the central bank loan. As the benchmark interest rate of central bank loans, the annual interest rate of loans with a term of more than five years is 4.90%, it can be seen that after the conversion of the pricing benchmark, the interest rate will be lower, and the students will pay back later and less.

Moreover, we also need to note that in the conversion, you can choose to convert to a floating interest rate or a fixed interest rate. If the floating interest rate changes, the interest rate will be adjusted every repricing day; If the interest rate is fixed, it will remain unchanged until the contract expires.