Students can borrow up to 4 million VND/month

From May 19, 2022, the maximum loan amount for each student will increase from 2.5 million VND/month to 4 million VND/month.

Students can borrow up to 4 million VND/month

Students can borrow up to 4 million VND/month (Artwork)

This is a remarkable content in Decision 05/2022/QD-TTg dated March 23, 2022 amending and supplementing Decision 157/2007/QD-TTg on credit for students.

Specifically, in Clause 2, Article 1 of Decision 05/2022/QD-TTg amending the maximum loan amount for students to be 4,000,000 VND/month/student.

(Currently, the maximum loan amount is 2,500,000 VND/month/student).

Thus, from May 19, 2022, the maximum loan amount for each student will increase by 1.5 million VND/month.

** Borrowers :

Being students and students with difficult circumstances studying at universities (or university equivalents), colleges, professional intermediate schools and at vocational training institutions established and operating in accordance with regulations of Vietnamese law, including:

- Students or students who have lost both parents or have lost only one parent but the other person is unable to work.

- Students, students who are members of households 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.

(This is the revised content in Decision 05/2022/QD-TTg . Currently, students are members of poor households or households with a maximum per capita income of 150 % of income per capita of poor households as prescribed by law)

- Students and students whose families face financial difficulties due to accidents, illnesses, natural disasters, fires or epidemics during the study period, certified by the People's Committees of the communes, wards or townships where they are studying. resident.

In addition, Decision 05/2022/QD-TTg also amends regulations on repayment of loan principal and interest , specifically: From the date on which students and students finish the 12-month course as prescribed, subjects are Borrowers must pay principal and interest for the first time. Borrowers can repay their loans early without paying interest on early repayment.

(Currently stipulates that borrowers must repay the loan principal and interest for the first time as soon as the student has a job and earns income but no later than 12 months from the date the student finishes his/her job. course end).

Note : For credit loan contracts signed before May 19, 2022, the Bank for Social Policies, customers and related parties will continue to perform according to their commitments, rights and obligations. term and responsibilities stated in the signed contract. The above maximum loan amount applies to new disbursements from May 19, 2022.

Decision 05/2022/QD-TTg takes effect from May 19, 2022 and annuls Decision 1656/QD-TTg dated November 19, 2019.

According to the assessment of the Ministry of Education and Training, in terms of current tuition fees (according to Decree  86/2015/ND-CP ), the current loan level (2.5 million VND/month/HSSV) is only meeting 49% of the tuition fee of the industry group with the highest tuition fee and 38.5% of the needs of students' study expenses (tuition and living expenses). The cost of studying for a student is about 6.5 million VND/month to 9.5 million VND/month (calculated with the highest tuition rate).

The Ministry of Finance said that the maximum loan amount needs to be adjusted to match the schedule of tuition increases, the VBSP's ability to mobilize capital, the ability to compensate the interest rate difference and the management fee of the state budget. . It is necessary to increase the level of loans to support students to cover their study costs, thereby contributing to stabilizing the life and ideology of households and students, and improving the people's intellectual level.

(Source: Government Newspaper)

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