Shenzhen students can now apply for locally granted student loans, as the Shenzhen Municipal Education Bureau signed an agreement with the Shenzhen branch of China Development Bank on Wednesday, according to sznews.com.
The loans, available for full-time college students, preparatory students and postgraduates, aim to ensure that Shenzhen students with financial difficulties can successfully complete their studies.
The amount of the loans for full-time college students and preparatory students is no less than 1,000 yuan (US$146) and no more than 8,000 yuan a year per person, while the maximum amount for full-time postgraduates is 12,000 yuan.
The time limits on the loans are calculated by taking one’s school term and adding 13 years. The shortest is six years and the longest 20 years.
The demand for student loans will continue to increase with the influx of migrant workers with children who will receive education in Shenzhen. Meanwhile, a number of colleges are also under construction and plan to expand their enrollment, said Zhang Lailin, deputy head of the city’s education bureau.
The China Development Bank began to issue student loans in 2005, which cover 26 provinces and cities. Students in need can call the bank’s service hotline at 95593 for consultations or log onto the bank’s online service system at http://www.csls.sdb.com.cn to register.