STEM students can borrow 440 million VND without collateral.

Students majoring in STEM fields can borrow up to 440 million VND to cover tuition and living expenses without requiring collateral.

The Ministry of Finance is seeking feedback from ministries, agencies, organizations, and individuals on the draft Decision of the Prime Minister on credit for students, trainees, and postgraduate students studying science, technology, engineering, and mathematics (STEM).

Many preferential credit policies are available for students in STEM fields. (Illustrative image)

The credit policy for students, trainees, and postgraduate students studying STEM fields, implemented through the Social Policy Bank, is researched and developed with the aim of establishing preferential and superior credit mechanisms to support STEM students so they can focus on their studies.

This policy also aims to meet the demand for training high-quality human resources in STEM fields to contribute to the breakthrough goals of national science, technology, innovation, and digital transformation, as well as the goals of rapid and sustainable economic development in accordance with the Party and State's policies in recent years.

According to the Ministry of Finance, some of the contents of the draft Decision currently being circulated for comments include: Expanded eligibility for loans to include all students, trainees, and postgraduate students studying life sciences, natural sciences, computer science and information technology, financial technology, etc., as listed in the National Education and Training Catalog issued by the Prime Minister and related guiding legal documents.

The maximum loan amount for one student includes: a maximum of 5 million VND per month for living expenses; and the student's full tuition fees (regardless of whether it's a public, private, or international school). Customers borrowing less than 500 million VND are not required to provide collateral.

Therefore, for example, if the tuition fee is 50 million VND/year and the study period is 4 years, the maximum loan amount is up to 440 million VND and no collateral is required.

The lending interest rate is equal to the lending interest rate for poor households at the Social Policy Bank in each period as stipulated by law.

The loan term includes the loan disbursement period and the repayment period, in which: The loan disbursement period is from the date the borrower receives the first loan installment until the date the student completes the course; the maximum repayment period is equal to the loan disbursement period; borrowers must begin repayment no later than 12 months after the student completes the course.

Therefore, if someone studying a STEM field borrows money to pursue a 5-year course, the loan term could be up to 11 years.

In addition, the policy also specifies the mechanism for restructuring loan repayment terms, allowing the Social Policy Bank to consider and decide on adjusting repayment periods and extending loan terms in cases where borrowers face objective difficulties, creating conditions for students to feel secure in their studies and entrepreneurial endeavors.

The credit policy for students, trainees, and postgraduate students in STEM fields is a groundbreaking, comprehensive, and humane policy of the Party and the State. When enacted and effectively implemented, this policy will not only contribute to improving the quality of human resources but also help realize the aspiration for a strong and prosperous nation in the era of Industry 4.0.

The credit policy for students is not just a financial policy, but also a strong commitment from the Party and the State to support the younger generation – those who will lead Vietnam to a digital, innovative, and creative future.

Nguyen Hoa

Source: https://congthuong.vn/hoc-vien-nganh-stem-duoc-vay-440-trieu-dong-khong-the-chap-384682.html