Local poor students enrolled in out-of-town universities and colleges will be granted study assistance loans as of this fall, the Youth Post reported today.
The Shanghai Education Commission, the Shanghai Municipal Bureau of Finance and the local branch of the People's Bank of China will offer study assistance loans to students from low-income families for schooling at out-of-town universities and colleges. Each student can get a maximum of 6,000 yuan (US$723) each year, with a subsidy of 50 percent of the loan interest rate provided by the government.
Students with permanent residences in Shanghai can get the application form at places designated by the Shanghai Education Commission by bringing their university enrollment notices, students' cards and copies, and their families' certificate of low-income.
After preliminary examination, qualified students can sign up for a study assistance loan agreement with the Xuhui sub-branch of the Industrial and Commercial Bank's Shanghai branch, the designated bank offering these loans, and can be granted the loans after being examined and approved by the bank.