Huge Amount of Loans Granted to Beijing College StudentsA huge amount of assistance loans has been granted to Beijing college students since the Chinese college loan system started to operate last September.Up to now, more than 56 million yuan (about US$6.7 million) has been loaned to as many as 15,000 college students in Beijing, according to latest statistics. The system, initiated mainly by the People's Bank of China and the ministries of education and finance, aims to help the financially-strapped students to progress smoothly through college. A special coordination team and a management center have been set up in the capital to assure smooth implementation of the system. As far as the amount of loans is concerned, the local authorities in Beijing have loosened the restrictions so as to enable more students to get the loans. The Beijing Educational Commission and Beijing Financial Department have reached an agreement that the Beijing Financial Department will pay the loans' interest before the students graduate. The system has also been operated in other large cities with a big number of colleges, such as Shanghai and Tianjin. The loan system will greatly benefit those cash-strapped students and help them perform better in school, local officials said. |
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