Vietnam: From May 19, 2022, who is eligible for student loans under Decision 05/2022/QD-TTg?
What is student loan?
In order to ensure the good implementation of the policy of helping everyone to go to school, at present, our State also pays special attention to cases of students who are not eligible to go to school. Therefore, banks also have forms of student loans to implement the best policy. In Article 1 of Decision 157/2007/QD-TTg of Vietnam on student loans, the specific provisions on student loans are as follows:
"Article 1. Scope of application:
The credit policy for students is applied to support students with difficult circumstances, contributing to cover the costs of studying and living of students during the school year. Attendance at the school includes: tuition fees; expenses for books, learning facilities, meals, accommodation and transportation costs."
Who is eligible for student loans under the previous Decision 157/2007/QD-TTg?
Pursuant to Article 2 of Decision 157/2007/QD-TTg of Vietnam on credit for students promulgated by the Prime Minister on the subjects eligible for student loans, specifically as follows:
"Article 2. Borrowers:
Students with difficult circumstances study at universities (or university equivalents), colleges, professional secondary schools and at vocational training institutions established and operating under the provisions of the Law on Education and Training. Vietnamese law, including:
1. Students who are orphans of both parents or orphans of only one parent, but the other is unable to work.
2. Students who are members of households belonging to one of the following categories:
- Poor households according to the standards prescribed by law.
- Households with a maximum per capita income equal to 150% of the per capita income of poor households as prescribed by law.
3. Students whose families face financial difficulties due to accidents, illnesses, natural disasters, fires or epidemics during their study period, certified by the People's Committees of communes, wards and townships residence."
Apply for student loans
Who is eligible for student loans according to the latest Decision 05/2022/QD-TTg?
If in Decision 157/2007/QD-TTg, the subjects eligible for student loans are students, orphans, students from poor households or families with average income according to the regulations. According to the legal standards, according to Decision 05/2022/QD-TTg, specific borrowers are students with difficult circumstances studying at universities (or university equivalents), colleges, professional intermediate and at vocational training institutions established and operating in accordance with Vietnamese law, including:
(1) A student or student who has lost both parents or has lost only one parent but the other is unable to work.
(2) Students who are members of a household belonging to one of the following categories:
- Poor households according to the standards prescribed by law.
- Near-poor households according to the standards prescribed by law
- Households have an average standard of living according to the standards prescribed by law.
(3) Students whose families face financial difficulties due to accidents, illnesses, natural disasters, fires, epidemics during the study period, certified by the People's Committees of communes, wards and towns of residence.
Thus, according to the previous Decision 157/2007/QD-TTg, borrowers are students, orphans, students living in poor households or households with average incomes. According to the standards prescribed by law, students whose families have financial difficulties due to accidents, illnesses, natural disasters, fires, epidemics during the study period with certification of the People's Committee In the commune, ward or township where they reside, according to Decision 05/2022/QD-TTg, students from near-poor households according to the standards prescribed by law can also apply for student loans.
What are the conditions to be able to get a student loan?
Pursuant to Article 4 of Decision 157/2007/QD-TTg of Vietnam on credit for students promulgated by the Prime Minister, the conditions to be eligible for student loans are as follows:
Article 4. Conditions for student loans:
1. Students who are living in households lawfully residing in the locality where the loan is granted meets the criteria specified in Article 2 of this Decision.
2. For students, first-year students must have a certificate of admission or a certificate of admission from the school.
3. For students from the second year onward must have a confirmation from the school that they are studying at the school and have not been administratively sanctioned or more for the following acts: gambling, drug addiction, theft stealing, smuggling.
Decision 05/2022/QD-TTg of Vietnam officially takes effect from May 19, 2022.
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