In 2022, there will be 10.76 million college graduates in China, a year-on-year increase of 1.67 million and a record number of graduates. Affected by the COVID-19 and other factors, the employment of college graduates and other key groups this year is facing many difficulties and challenges. In order to help graduates with financial difficulties ease their employment pressure and support the employment services for college graduates, the Ministry of finance, the Ministry of education, the people's Bank of China and the China Banking and Insurance Regulatory Commission jointly issued the notice on doing a good job in the work of interest free and principal deferred repayment of national student loans in 2022, specifying support measures such as deferred repayment and interest reduction of student loans. According to the relevant person in charge of the Ministry of finance, this move is expected to reduce the interest of more than 2 billion yuan for loan students and apply for the deferred repayment of the principal of more than 5 billion yuan, which will help alleviate the economic pressure and employment pressure of loan students, help students maintain their personal credit records, promote their smooth employment, and benefit more than 4 million college graduates. How to determine the scope of interest exemption? The notice makes it clear that for newly graduated loan students in 2022, the national student loan interest will be fully subsidized by the finance during their school years, and the interest payable by individuals in 2022 after graduation into the repayment period will be exempted; For the loan students who graduated in previous years, the interest payable on the national student loan in 2022 and the penalty interest arising from the overdue loan in previous years in 2022 are exempted. Graduates who have settled state student loans before the issuance of the notice are not covered by this policy. Loan students do not need to apply, and the handling bank will handle it directly. According to the above-mentioned person in charge, the interest of the national student loan during the period of students' study is fully subsidized by the government, and the discount funds are borne by the central and local governments respectively. The interest exemption will be implemented with reference to the national student loan discount policy. The funds required for interest exemption shall be paid by provinces (autonomous regions, municipalities directly under the central government, and cities specifically designated in the state plan) from the available stock funds of the national student loan risk compensation allocated by the central and local finance to the undertaking banks. The funds needed by provinces with insufficient or no stock funds shall be separately arranged by the central and local governments. In addition to the interest free national student loan, the loan principal to be repaid in 2022 can also be extended for one year. It is reported that loan students in the grace period of principal repayment do not need to repay the loan principal in 2022, so the policy of deferred repayment of loan principal is not applicable, and the loan term remains unchanged. Loan students who are in the loan repayment period can, upon their own application, extend the repayment of the loan principal in 2022 for one year. The extended loan will not be subject to default interest and compound interest, and the maximum loan term policy will remain unchanged. If the applicant fails to submit the application, the loan principal shall be repaid by default in accordance with the original contract. Students who have partially or fully repaid the principal before the issuance of the notice may not apply for deferred repayment. Can the loan students who graduated in previous years be exempted if they have repaid the interest in 2022 before the issuance of the notice? It is reported that interest should be exempted under such circumstances. If the undertaking bank fails to deduct, the corresponding funds will not be deducted and the loan students will use them by themselves. If the handling bank has completed the deduction operation, the handling bank will return the deducted interest to the individual account. In addition, if the loan student fails to repay in time due to the impact of the COVID-19, the relevant overdue loans may not be reported as overdue records after the confirmation of the loan undertaking bank, and the submitted loans shall be adjusted. In this case, how should students operate? The relevant person in charge of the Ministry of Finance explained that the loan students who failed to repay in time due to the reasons affected by the epidemic, such as being hospitalized or isolated with COVID-19, being isolated or observed for epidemic prevention, participating in epidemic prevention and control, and having no source of income affected by the epidemic, can apply to the undertaking bank and submit relevant supporting materials such as personal commitments in accordance with the provisions of the undertaking bank; After the undertaking bank performs the corresponding review procedures, it shall not make overdue records and submit relevant overdue loans. If the submitted overdue records comply with the provisions of the notice, they shall be adjusted according to relevant procedures after being reviewed by the undertaking bank. (outlook new era)
Edit：Yuanqi Tang Responsible editor：Xiao Yu
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