Government increases student loans

Under a guideline of Deputy Prime Minister Vu Van Ninh, students from low-income families may borrow VND1.35 million (US$59.4) per month instead of VND1.1 million (US$48.4).

The government office has announced the Deputy Prime Minister Vu Van Ninh’s guideline that requires the Ministry of Finance to increase student loans from VND1.1 million (US$48.4) to VND1.35 million (US$59.4) per month.

The program’s aim is to help needy students to pay for university or college tuition fees and to help with living costs.
After 9 years of implementation the student loan program has set up a VND25,000 billion fund (US$ 1,110,523,857) to lend to 3.2 million students for their study and living cost during their study in universities.

Each student might borrow only VND800,000 per month at 0.65 per cent interest rate in 2007. The Prime Minister decided to raise the loan to VND1.1 million per month per student in 2013 and now the Government raised student loans again .

By Ham Yen - Translated by Anh Quan

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