Proposal for STEM students to borrow full tuition and living expenses up to 5 million VND/month

Conditions for students to borrow capital

The Ministry of Finance said that the Decision aims to prescribe preferential and superior credit policies for students, trainees, and researchers in science, technology, engineering, and mathematics (STEM) fields 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.

Thereby, supporting students, 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; contributing 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 State in recent times.

According to this 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.

Scientific research products of students of Hanoi University of Science and Technology (Photo: HUST)

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. Specifically:

For first-year students: Have 3 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.

Lending interest rate is equal to lending interest rate for poor households

The draft clearly states that the maximum loan amount for a 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 a maximum living allowance of VND5 million/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 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).

The loan disbursement period is divided into loan disbursement periods as stipulated by the Social Policy Bank or agreed upon with the borrower. The Social Policy Bank does not disburse loans during the period when the student is allowed by the school to take a temporary leave of absence and to reserve his/her study results (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 also clearly states that the 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).

In particular, the borrower must begin the repayment period no later than 12 months from the date the student finishes the course; the borrower can repay the loan early without incurring a penalty for early repayment. The repayment period is divided into repayment periods with the repayment amount for each period decided by the Social Policy Bank.

Nguyen Lien

Source: https://daibieunhandan.vn/de-xuat-sinh-vien-nhom-nganh-stem-duoc-vay-toan-bo-hoc-phi-va-tien-sinh-hoat-phi-toi-da-la-5-trieu-dongthang-post410991.html