MOE eases rules for loans to study abroad

This means more students will be allowed to apply for low-interest loans to support their overseas study programs. The interest rate is set at 3.45 percent per annum.

The MOE is scheduled to publicize the revised lending program in mid-October, when it will also inform six domestic banks to offer such education loans.

Under the revised program, the MOE will fully subsidize interest payment for loans to students whose annual family incomes are under NT$1.14 million, during the grace period of their loans. The interest subsidy will be halved for loans to students from families with annual income higher than NT$1.14 million and lower than NT$1.2 million.

But the MOE won’t give any interest subsidy for loans to students whose annual household incomes reaches over NT$1.2 million and under NT$1.45 million. Nevertheless, the MOE will promise low interest rate of 3.45 percent per annum, long maturity terms, and unsecured loans for such students.

The maximum amount of the loan is set at NT$800,000 for those who study abroad for a master’s degree, with a grace period of two years and repayment period of eight years.

The corresponding amount for those who want to seek a doctor’s degree is sharply boosted to NT$1.8 million, with a grace period of four years and a maturity term of 14 years.

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