A series of outstanding credit incentives to support STEM students

Credit policies for students, trainees, and biological researchers in STEM fields implemented through the Social Policy Bank are 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.

According to the draft, STEM students will enjoy preferential credit from the borrower, loan amount to loan period, repayment period...

STEM students can get preferential loans under 500 million without collateral.

Specifically, 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 to the 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 a student includes: a maximum living expense of VND 5 million/month; and the total tuition fee that the student must pay (regardless of public, private or international schools). Customers borrowing less than VND 500 million do not have to provide loan security. Thus, for example, if the tuition fee of a student is VND 50 million/year and the study period is 4 years, the total maximum loan amount is up to VND 440 million and does not have to provide loan security.

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 the loan disbursement period is from the date the borrower receives the first loan until the date the learner finishes the course;

The maximum repayment period is equal to the loan disbursement period; and the borrower must begin the repayment period no later than 12 months after 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.

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://cand.com.vn/giao-duc/hang-loat-uu-dai-tin-dung-vuot-troi-ho-tro-hoc-vien-nganh-stem-i766188/