Till the end of last month, more than 3.3 million poor students nationwide had borrowed loan with preferential interest from the Social Policy Bank for schooling, according to the bank’s statistics.
|More than 3.3 million poor students nationwide had borrowed capital with interest from the Social Policy Bank for schooling. — Photo vietnamplus.vn|
The loan programme was implemented under then Prime Minister Nguyễn Tấn Dũng’s Decision 157, issued in 2007.
Total borrowing under the loan programme was more than VNĐ56 trillion (US$2.5 billion).
The loan amount varied in different years. In 2008, each student could borrow VNĐ8 million ($350) for the year. At present, each student can borrow VNĐ11 million ($480) per year.
The interest rate was also adjusted from 0.65 per cent per month to 0.55 per cent per month to meet students’ real demands in accordance with the present socio-economic conditions.
The success of the programme was due to the agreement and encouragement from local authorities and poor families, the Social Policy Bank said.
While implementing the programme, the bank closely co-ordinated with local authorities and associations.
Further, the bank called for different sources to supplement the loan fund to meet students’ demands and provide guidance so that students used the loan capital properly.