Bank relaxes on deadline for student loans

The Vietnam Bank for Social Policies has just announced that it will consider extending the deadline date for graduates who are unable to repay their study loan to a later date.

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Due to the current economic recession in Vietnam this year, many new graduates are having a difficult time finding a suitable job and hence cannot repay their school loans as promised. Hence they will be allowed an   extension to pay back the loan at a later date.

Last year, 100 per cent graduates who had taken part in the ‘credit programme for poor students’ organised by the Vietnam Bank for Social Policies, paid back their loan of nearly VND1,900 billion (approx. US$91.13 million) on time. The incentive of a zero per cent loan interest rate also helped encourage students to repay the money before the deadline period.

In the last five years, the bank has carried out the programme nationwide, and loaned about VND33,558 billion ($1.61 billion) to 2.4 million students of families with financial problems. At the moment, a poor student can borrow a maximum of VND1 million per month ($48).

In related news, the Ministry of Education and Training and the Ministry of Labour, Invalids and Social Affairs has delivered clear instructions on how to update information on the website for ‘credit programme for poor students’, in order to better manage and monitor the programme.

Accordingly, concerned agencies, educational institutes and vocational centres related to the programme, as well as students applying for a study loan and any business that employs them thereafter will have to provide sufficient and updated information requested by the government.
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By staff writers - Translated by Uyen Phuong

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