Proposal for students studying mathematics, science, technology, and engineering to borrow up to 5 million VND/month

Students, trainees, and researchers in science, technology, engineering, and mathematics can borrow up to 5 million VND/month.

The Ministry of Finance said that the development of the Decision aims to prescribe preferential and superior credit policies for students, trainees, and researchers in science, technology, engineering, and mathematics (STEM) to support the full payment of tuition fees and major living expenses during their studies at universities and vocational training institutions in the national education system established and operating under the provisions of Vietnamese law; thereby supporting students, trainees, and researchers in STEM to study with peace of mind, contribute, and meet the requirements for training high-quality human resources in STEM fields to contribute to the breakthrough goals of developing science, technology, innovation, and national digital transformation, as well as the goals of rapid and sustainable economic development according to the policies of the Party and the State in recent times.

Borrower

According to the draft, the loan subjects include: 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 to the Prime Minister's regulations on promulgating the List of education and training of the national education system and related guiding legal documents, at universities and vocational education institutions in the national education system established and operating according to the provisions of Vietnamese law (collectively referred to as learners).

Loan conditions

Students must graduate from high school according to the provisions of law and meet the following conditions at the time the Social Policy Bank decides to lend capital according to the provisions of this Decision:

For first-year students: Have three years of high school with good academic performance or higher according to the provisions of law.

For students from the second year onwards: Have average academic results of all subjects at good or higher according to the provisions of law in the year preceding the year of applying for a loan at the Social Policy Bank.

Students and postgraduates must have graduated from university according to the provisions of law at the time the Social Policy Bank decides to provide loans according to the provisions of this Decision.

Maximum loan amount 5 million VND/month

The draft clearly states that the maximum loan amount for one student includes the entire tuition fee payable by the student (after deducting scholarships and other financial support from the school) as confirmed by the school and the maximum living expenses of 5 million VND/month.

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.

Overdue interest is calculated at 130% of the lending interest rate.

Loan term

Loan term is the period of time calculated including loan disbursement period and debt repayment period.

The loan disbursement period is the period from the date the borrower receives the first loan until the date the student finishes the course, including the time the student is allowed by the school to take a temporary leave of absence and reserve the study results (if any):

- Loan disbursement period is divided into loan disbursement periods as prescribed by the Social Policy Bank or agreed upon with the borrower;

- The Social Policy Bank does not disburse loans during the time when students are allowed by schools to take a temporary leave of absence and have their academic results preserved (if any);

- During the loan disbursement period, the borrower does not have to pay the principal and interest; the loan interest is calculated from the date the borrower receives the first loan to the date the principal is fully paid.

The draft clearly states that the debt repayment period is decided by the Social Policy Bank, at most equal to the loan disbursement period minus the time the student is allowed by the school to take a temporary leave of absence and reserve academic results (if any), including:

- Borrowers must begin the repayment period no later than 12 months from the date the student finishes the course; borrowers can repay the loan early without incurring an early repayment penalty;

- The debt repayment period is divided into repayment periods with the repayment level for each period decided by the Social Policy Bank.

Please read the full draft and give your comments here.

Khanh Linh

Source: https://baochinhphu.vn/de-xuat-sinh-vien-hoc-nganh-toan-khoa-hoc-cong-nghe-ky-thuat-duoc-vay-von-den-5-trieu-dong-thang-102250417093537443.htm