What if the student loan is not renewed?
There is no mandatory requirement for students to renew their loans, so it depends on their wishes. Students don't renew their loans, they don't issue loans that year, and they need to raise money to pay tuition and living expenses themselves. The rest won't have any effect.
If you don't plan to renew your loan, students don't have to submit an application for renewal in the student online system. Once the loan is not renewed beyond the time limit, this year's student loan will be automatically abandoned by default.
If you don't renew the loan, should you pay it back immediately?
If the student loan is not renewed, it will not be repaid immediately. The previous loan will be repaid after graduation. Because student loans have a five-year grace period for principal, that is, from the first year to the fifth year after graduation, as long as the loan interest is repaid, the interest and loan principal will be repaid from the sixth year.
The interest shall be calculated from September 1 of the year in which the student graduated, and the repayment date shall be February 20th of each year. If the student pays off the student's home loan on September 1 day, he only needs to repay the loan principal, and does not need to repay the interest. Normal repayment, if it is not paid off on the repayment date, will be regarded as overdue, which will not only generate overdue fees, but also affect personal credit.
The above is the relevant introduction of "What will happen if the student loan is not renewed". In short, students will not issue loans without renewing their loans, but they don't have to repay them immediately. After graduation, loan students can deposit money into the designated Alipay account.