Ministry of Education, Ministry of Finance, People’s Bank of China, China Banking Regulatory Commission
Four departments issued opinions on improving national student loan policies
w88 casino NewsA few days ago, the Ministry of Education, the Ministry of Finance, the People's Bank of China, and the China Banking Regulatory Commission jointly issued the "Several Opinions on Improving the National Student Loan Policy" (referred to as the "Opinions"), providing guidance on improving the national student loan policy.
The "Opinions" pointed out that the policy system for financial aid for students from financially disadvantaged families in ordinary colleges and universities in my country has been basically established. As an important part of the student financial aid system of colleges and universities, after years of exploration and improvement, national student loans have gradually formed a development model that is in line with China's national conditions and the characteristics of colleges and universities. It has achieved remarkable results and played an important role in ensuring that students from financially disadvantaged families in colleges and universities can successfully complete their studies.
First, improve the loan policy and effectively reduce the financial burden of borrowing students
All interest while students are studying is subsidized by the finance. The national student loan interest rate follows the benchmark interest rate of the same grade announced by the People's Bank of China at the same time and will not rise. The loan interest for students who borrow the money while they are studying is fully subsidized by the finance department. After graduation, students who have borrowed money and continue to study for a degree during the repayment period can apply for continued interest discounts. They should promptly provide a written certificate to the handling institution (the university that organizes the national student loan at the campus or the county-level education department that organizes the credit student loan at the student's place of origin, hereinafter referred to as the handling institution). After review by the handling institution, it will be reported to the handling bank for confirmation. The loan interest incurred during the period of continuing to study for the degree will continue to be fully discounted by the original interest subsidy financial department. If a borrowed student suspends his studies due to illness or other reasons while in w88 casino, he should provide a written certificate to the handling institution, which will submit an application to the handling bank. The interest on the loan during the suspension period will be fully subsidized by the finance department.
The maximum loan period is from14Extended to20Year. The period of the national student loan at the original campus is the academic year plus6Years, no longer than10Year, the credit student loan period in the student’s place of origin is the academic year plus10year, maximum not exceeding14, now unified adjustment to academic system plus13Years, no longer than20Year. When students who borrow the money graduate or terminate their studies, they should confirm the repayment plan with the handling bank and handling institution. The repayment period shall be in accordance with the contract signed by both parties.
The grace period for principal repayment starts from2Extended to3The whole year. If a borrowed student no longer continues to study for a degree in the year of graduation, he or she may choose to use the principal repayment grace period when confirming the repayment plan with the handling institution and handling bank. During the principal repayment grace period, students who borrow money only need to repay the interest and do not need to repay the loan principal. The principal repayment grace period is changed from the original2Extended to3The whole year. The principal repayment grace period starts from the confirmation of the repayment plan and is calculated until the student’s graduation date36End of the month. Borrowed students who continue to study for a degree during the repayment period can still enjoy the benefits after graduation36Months of grace period for principal repayment.
Establish a national student loan repayment assistance mechanism. Provincial student financial aid management departments and universities should rationally use the national student loan risk compensation balance reward funds, social donation scholarship funds or student scholarship funds to establish a national student loan repayment assistance mechanism to assist graduating students with particularly difficult loans. For graduate loan students who have lost the ability to work due to illness, whose families have suffered major natural disasters, whose family members have suffered from serious diseases, and whose economic income is particularly low, if they are indeed unable to repay the loan on time, they can apply for assistance and provide relevant written certificates to the handling agency. After verification, the handling agency can activate the relief mechanism to repay the principal and interest.
Simplify the student loan process. All agencies and banks must simplify loan procedures and must not require students to provide materials unrelated to loan applications. Students are strictly prohibited from charging any fees when issuing a certificate of identification of students from families with financial difficulties. All handling institutions and handling banks should improve their services and simplify the process. Students who borrow money to continue studying for a degree only need to complete the relevant procedures for applying for continued interest discounts and no longer need to sign a loan extension agreement. If a borrowed student repays the loan in advance according to the loan contract, the handling bank will calculate the interest based on the actual term of the loan and shall not charge any additional fees.
The second is to improve the operating mechanism and promote the sustainable and healthy development of national student loans
First, interest discounts and risk compensation must be arranged in full and in a timely manner. Financial departments at all levels and universities must fully arrange the national student loan interest subsidies and risk compensation they should bear in their annual budgets. The provincial finance department is responsible for coordinating and collecting the interest subsidies and risk compensation funds that should be borne by all levels of finance in the province and local universities to ensure that the funds are received in full and on time
Second, we must improve the national student loan assessment system. When financial regulatory authorities at all levels supervise the national student loan business, they will comprehensively consider the mitigating effect of risk compensation and apply zero risk weight to the portion covered by risk compensation that meets relevant policy requirements, and apply zero risk weight to the portion not covered75%'s risk weight. When conducting internal supervision of the national student loan business, each financial institution should fully consider the national student loan business and risk characteristics while meeting regulatory requirements, and accurately measure capital and provision requirements. Each handling bank must maintain separate ledgers, separate subjects, and separate statistics and assessments for the national student loan business.
Third, we must actively carry out integrity education activities and credit reporting publicity. All colleges and universities should strengthen students' credit awareness and integrity concept education. Educational administrative departments at all levels should strengthen regular assessment and professional guidance of w88 casino integrity education work. All handling banks should strictly fulfill their information collection and reporting responsibilities in accordance with the "Credit Information Industry Management Regulations". The handling bank shall use the personal credit information of the borrowing student with the written authorization of the borrowing student without informing the borrowing student again; for students who fail to repay the loan as stipulated in the contract, the handling bank shall report the bad information of the borrowing student to the personal credit reporting system in accordance with the law.
The third is to strengthen organizational leadership and continuously improve the level of national student loan management
First, we must further implement tuition fees and loan reimbursement policies. According to the "Ministry of Finance and Ministry of Education's Notice on IssuingInterim Measures for Tuition Fees and National Student Loan Reimbursement for College Graduates>’s Notice》(Financial Education〔2009〕15) stipulates that provinces that have not yet introduced policies should introduce tuition and student loan reimbursement measures as soon as possible to encourage local college graduates to find employment in grassroots units in difficult and remote areas in their administrative regions. In principle, the compensation funds for local college graduates are borne by the provincial finance. The central finance will provide rewards and subsidies to the western provinces based on factors such as the financial status of the western provinces, the scale of tuition and national student loan reimbursement, and the implementation of the financial aid policy for students from poor families in colleges and universities.
Second, we must strengthen the construction of handling institutions and personnel. All county-level governments should establish specialized county-level student financial aid management centers as soon as possible and ensure normal operation, strengthen personnel team building and ensure wages, benefits, professional title evaluation and other benefits. Local education administrative departments at all levels should promote linkage mechanisms between handling agencies, establish cooperation platforms between funding centers, universities and financial institutions, realize information sharing, promote collaboration, and effectively strengthen loan management.
Third, we must increase the publicity of state funding policies. Local education administrative departments at all levels should comprehensively and completely introduce the funding policies for college students in the "General College Enrollment Major Catalog" to facilitate students to understand the national funding policies and choose schools and majors rationally. Ordinary high schools should vigorously carry out publicity work on college funding policies and introduce funding policies such as national student loans and scholarships to relieve students from financially disadvantaged families from worries. While giving full play to the role of traditional media, make full use of new media communication channels in the Internet era, innovate publicity methods, and enhance publicity effects. For difficult and remote mountainous areas and areas where students from rural families with financial difficulties are concentrated, the relevant regional education administrative departments should organize specialized personnel to go to the grassroots and rural families with financial difficulties to publicize funding policies.
The "Opinions" pointed out that the people's governments of provinces, autonomous regions, and municipalities directly under the Central Government can formulate specific implementation rules based on local actual conditions. The loan students referred to in this opinion refer to undergraduate students (including vocational students), graduate students, and second bachelor's degree students in full-time colleges and universities whose families have financial difficulties and have received national student loans.
