China Development Bank (CDB) started to accept applications for place-based student credit loans of the year 2022 from today (July 15). Students can log on to the student online system (https://sls.cdb.com.cn) to submit applications, or call the customer service number 95593 for consultation. This year, although the number of students in the national college entrance examination reached a new high, CDB still sets no ceilings on the total number of students or the total size of loans, and fully guarantees the size of loans to meet the needs of every student with financial difficulties. It is expected to issue 40 billion yuan of student loans, benefiting 4.5 million students in need. By then, CDB will have granted a total of 300 billion yuan in student loans to support more than 44 million students from families with financial difficulties.
This year, in accordance with the requirements of the Ministry of Finance, the Ministry of Education, the People’s Bank of China and the China Banking and Insurance Regulatory Commission, CDB has earnestly implemented the work of exempting the interest of student loans and delaying repayment of the principal, exempting the interest of student loans that should be repaid in 2022 for students who graduated in 2022 or before. For students who graduated in 2022 or before, the principal of student loan that should be repaid in 2022 can be deferred for one year upon their own application, without default interest or compound interest. The interest exemption needs no application and is automatically granted. Students who need to postpone their principal repayment can log in to the student online system of CDB from July 16 and submit the application according to the relevant system prompts. For those students who fail to repay their debts in time due to the pandemic, CDB will adjust their overdue credit records after confirming that they meet the policy requirements.
CDB has been seriously implementing the national student loan policies over years, granting loans to those in need, covering preppies, college students and postgraduates from various schools such as higher vocational and professional colleges, universities, scientific research institutions, and Party schools, and ensuring all of the students from families facing economic difficulties who really need loans can be granted the student loans. Up to now, CDB has issued place-based student loans in 2,400 counties and districts of 28 provinces (autonomous regions and municipalities) in China.
In response to the impact of the pandemic, CDB continued to optimize student loan services to reduce in-person submission and gathering. On the one hand, in close cooperation with the China National Center for Student Assistance Administration, the loan processing service has been extended to thousands of townships and towns. On the other hand, the online loan renewal service has been launched, and the electronic contract has been vigorously applied to improve the efficiency of loan application, so that students do not need to come in person. At present, more than 98% of student loan contracts in the Bank are electronic, and the average loan processing time is only 3 to 5 minutes.
An officer in charge of the student loan service of CDB said that as the main administering bank of student loans, CDB will earnestly adhere to the principle of “implementing the policy of raising credit limit of student loans, implementing interest-free extension, and implementing repayment assistance”, and “guaranteeing loans to all students with financial difficulties, guaranteeing safe and powerful system support, and guaranteeing efficient and orderly loan processing”, fully implementing the policies of the government to ensure the smooth and efficient completion of loan acceptance and issuance this year. In the next step, under the guidance and support of the Ministry of Finance, the Ministry of Education, the People’s Bank of China and the China Banking and Insurance Regulatory Commission, CDB will continue to provide national student loans and help more students from poor families realize their college dreams.
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