New regulations on student loans will come into force on May 12 Full time undergraduate and junior college students should not exceed 16000 yuan/person/year, and postgraduate students should not exceed 20000 yuan/person/year Xiamen Evening News (Reporter Wang Yanni) In order to improve the implementation mechanism of the national student loan and better help students with financial difficulties to successfully complete their college studies, four departments including Xiamen Municipal Education Bureau recently issued a notice on further improving the work of the national student loan. The notice shall come into force on May 12 and be valid until May 12, 2029.
The national student loan includes the credit student loan of the student's origin and the national student loan of the campus. You can only apply for one of them in the same academic year. When applying for the credit student loan from Xiamen, the student and his/her parents (or other legal guardians) must be registered in Xiamen before entering the school. Full time ordinary undergraduate and junior college students (including second bachelor's degree, higher vocational students and preparatory students) each apply for a loan of no more than 16000 yuan per year; Each full-time graduate student shall apply for a loan of no more than 20000 yuan per year. The interest rate shall be based on the loan market quotation rate (LPR) of the same level in the same period announced by the People's Bank of China minus 60 basis points. For the floating rate national student loan contract with reference to LPR that has been signed before, the undertaking bank can negotiate with the borrowing students to adjust the original contract interest rate to LPR of the same level in the same period minus 60 basis points. If the national policy is adjusted, the latest regulations shall apply. In principle, the term of the national student loan is determined by the length of schooling plus 15 years, and the maximum length is 22 years. The loan interest of students in school is all subsidized by the government, and the interest after graduation is shared by students and their parents (or other legal guardians). The grace period for repayment of principal is 5 years, calculated from the confirmation of repayment plan. During the grace period for repayment of principal, students only need to repay the interest, not the loan principal. Borrowed students who continue to study for a degree during the repayment period will enjoy a grace period for repayment of principal after graduation. Students can choose to repay the principal and interest, allowing them to repay the loan in advance in one time or in several times. If the loan is repaid in advance, the undertaking bank shall calculate the interest according to the actual term of the loan, and shall not charge any fees other than the interest payable. | 
