Ministry of Finance proposes credit policy to support STEM students

STEM students can borrow up to 5 million VND/month

Accordingly, the credit policy for students, trainees, and biological researchers in STEM fields implemented through the Social Policy Bank is researched and developed with the aim of regulating preferential and outstanding credit mechanisms to support students, trainees, and biological researchers in STEM fields to study and contribute with peace of mind, meeting the requirements for training high-quality human resources in STEM fields to contribute to the breakthrough goals of scientific and technological development, innovation, and national digital transformation, as well as the goals of rapid and sustainable economic development according to the policies of the Party and State in recent times.

Some contents of the draft Decision being sent for comments include:

The expanded loan subjects include all students, trainees, and postgraduates studying in life sciences, natural sciences, computers and information technology, financial technology, engineering technology, engineering, architecture and construction, production and processing, mathematics and statistics according tothe Education and Training List of the national education system issued by the Prime Minister and related guiding legal documents, at universities and vocational education institutions in the national education system established and operating in accordance with the provisions of Vietnamese law.

The maximum loan amount for 01 student includes: (i) Maximum living expenses of 5 million VND/month; and (ii) Total tuition fees payable by the student (regardless of public, private or international schools). Customers borrowing less than 500 million VND do not have to provide loan guarantees. Thus, for example, the tuition fee payable by a student is 50 million VND/year and the study period is 04 years, the total maximum loan amount is up to 440 million VND and does not have to provide loan guarantees.

The lending interest rate is equal to the lending interest rate for poor households at the Social Policy Bank in each period according to the provisions of law.

The loan term includes the loan disbursement period and the repayment period, in which: (i) The loan disbursement period is from the date the borrower receives the first loan until the date the student finishes the course; (ii) The maximum repayment period is equal to the loan disbursement period; and (iii) The borrower must begin the repayment period no later than 12 months from the date the student finishes the course. Thus, a STEM student borrowing money to study a 5-year course can have a loan term of up to 11 years.

In addition, the policy also specifically stipulates the debt repayment restructuring mechanism, which allows the Bank for Social Policies to consider and decide to adjust the debt repayment period and extend the debt in cases where the borrower encounters objective difficulties, creating conditions for learners to feel secure during their studies and start-ups.

According to the Ministry of Finance , the credit policy for students, trainees, and researchers in STEM fields is a breakthrough, comprehensive, and humane policy of the Party and State. When issued and effectively implemented, this policy will not only contribute to improving the quality of human resources but also help realize the aspiration of developing a strong and prosperous country in the 4.0 era.

This is not only a financial policy, but also a strong commitment of the Party and State to accompany the young generation - those who will lead Vietnam to a digital, innovative and creative future.

Source: https://thoibaonganhang.vn/bo-tai-chinh-de-xuat-chinh-sach-tin-dung-ho-tro-hoc-vien-nganh-stem-163303.html