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E-mail China.org.cn, November 25, 2024
The Beijing News:
I have a question regarding students' financial aid policies. We've noticed that the MOF is currently studying ways to improve the financial aid system for college students, which is an important part of incremental policies. We'd like to know what new policies and measures are planned for the near future. Thank you.
Lan Fo'an:
I would like to invite Mr. Guo to answer this question.
Guo Tingting:
Thank you for your question. In recent years, the MOF, along with the Ministry of Education and other relevant departments, has continuously improved the student financial aid system covering all educational stages. We've steadily increased investment and gradually raised assistance standards to support students in focusing on their studies and personal development. Currently, China has established a comprehensive aid system led by the government with active participation from schools and the public. This system mainly includes state scholarships and grants, government-subsidized student loans, tuition reductions, living allowances and work-study programs. In 2023, government investment reached 93.2 billion yuan nationwide, benefiting over 31 million college students. Through policies such as loan interest subsidies, we supported banks in issuing 70 billion yuan in government-subsidized student loans.
As Mr. Lan mentioned earlier, in the next step, we will work with relevant departments to adjust and improve student financial aid policies in higher education in two phases, focusing on rewarding excellence and assisting those in need. In the first phase, we will introduce the following policies and measures in 2024:
First, the number of National Scholarship recipients will double. For undergraduate and junior college students, the number will increase from 60,000 to 120,000 per year. For master's students, it will rise from 35,000 to 70,000 annually, and for doctoral students, from 10,000 to 20,000 per year.
Second, scholarship funding standards for undergraduate and junior college students will be raised. The National Scholarship will rise from 8,000 yuan to 10,000 yuan per student annually, while the National Encouragement Scholarship will increase from 5,000 yuan to 6,000 yuan per student each year.
Third, the National Grant for undergraduate and junior college students will be raised. Starting in fall 2024, the average subsidy will increase from 3,300 yuan to 3,700 yuan per student annually.
Fourth, we will enhance support for national student loans. Loan amounts will increase, with the maximum loan for undergraduate and junior college students rising from 16,000 yuan to 20,000 yuan per student annually, and for graduate students from 20,000 yuan to 25,000 yuan. Additionally, interest rates will be lowered, set at 70 basis points below the market quotation rate for loans of the same category during the same period.
In the second phase, we will raise the standards for graduate academic scholarships in 2025. Additionally, the subsidy standards for the National Grant Program for regular high school students and secondary vocational school students will be increased, along with an expansion of coverage.
Moving forward, we'll collaborate with relevant departments to promptly introduce related policies and ensure their effective implementation. We'll make sure that funds are distributed to students in a timely manner, allowing the policies to take effect quickly and enabling students to benefit as soon as possible. Thank you.
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