Knowledge expansion:
The national student loan is an important measure to improve the financial aid policy system of colleges and universities in China and increase the financial aid for students from poor families in colleges and universities. Borrowing students apply for loans from the bank through the school to make up for the lack of tuition, accommodation and living expenses during their studies at school, and repay them in installments after graduation.
1999 since the implementation of this measure, more than 400 billion yuan of student loans have been issued to help more than 20 million students from poor families.
In April 2023, the Ministry of Finance, the Ministry of Education, the People's Bank of China and China Banking and Insurance Regulatory Commission jointly issued a notice, requiring the national student loan to be interest-free and deferred in 2023.
For the national student loan principal that should be repaid by the loan students who graduated in 2023 or before, the repayment can be postponed 1 year upon the independent application of the loan students.
In principle, full-time undergraduate students should not exceed 1.2 million yuan per academic year, and full-time graduate students should not exceed 1.6 million yuan per academic year.
The student financial assistance department of the school is responsible for the qualification examination of the national student loan application submitted by the students and checking the authenticity and completeness of the materials submitted by the students; The bank is responsible for the final examination and approval of student loan applications.
The national student loan is in the form of one application, one credit and installment payment, that is, students can sign loan contracts with the bank for multiple academic years at one time, but the bank will issue them in different years. In a school year, the bank should provide a one-time loan for tuition and accommodation.
The national student loan interest rate is based on the benchmark interest rate of the same grade published by the People's Bank of China in the same period. The national student loan interest of the loan students during their study in school is all subsidized by the government, and the interest after graduation is paid in full by the loan students themselves.
The handling bank will record the breach of contract in the basic database of personal credit information of the People's Bank of China for all financial institutions in China to inquire according to law. Take restrictive measures against defaulting borrowers who maliciously default on loans and refuse to provide financial services such as housing loans and auto loans.