Started in 1999. China has had student loans since 1999, and the national student loan pilot program was officially launched in eight cities including Beijing, Shanghai, Tianjin, Chongqing, Wuhan, Shenyang, Xi'an, and Nanjing. The interest required to repay a four-year college loan of 24,000 yuan per year is approximately 3,065.76 yuan. National student loans are free of interest while students are in school, and only interest needs to be paid for two years after graduation.