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Loans to Help Poor College StudentsChina's financially strapped college students will now be able to complete their studies without worrying about money, said a Ministry of Education official March 29.The Ministry of Education and Ministry of Finance issued a notice last year asking colleges to spend 10 percent of student tuition fees to provide poor students with part-time jobs to help them complete their studies. Also, at the beginning of last autumn's term, an experimental loan system for needy students was introduced which allows a 50 percent discount on interest and a four year grace period after graduation for repayment. An official with the Ministry of Education noted that a total of 700 million yuan (about 84 million U.S. dollars) is set aside to help cash-poor students at 136 institutions of higher learning. The system began in Beijing, Shanghai, Tianjin, Chongqing, Wuhan, Shenyang, Xi'an, and Nanjing, which have the greatest number of universities. The program will be in place elsewhere in the next few years, with the goal of helping poor students complete college. A recent survey shows that the average Chinese college student, mostly supported by his or her family, has to pay an average of 48, 000 yuan (nearly 5,800 U.S. dollars) for four years of higher education. The average annual disposable income for a Chinese urban resident last year was 5,425 yuan (about 654 U.S. dollars), and the annual net income for a Chinese rural resident was 2,162 yuan (260 U.S. dollars).
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