Amendments to student loan regulations to make it easier for borrowers to pay back debts have been approved by the Ministry of Education, it said on Friday.
The amendments, which apply to those studying at high-school level or above, include widening the eligibility for interest-free loans and introducing more relaxed repayment measures, with both to take effect next month, the ministry said in a statement.
The revisions stipulate that if a student is from a household with an annual income of less than NT$1.2 million (US$38,678), they can apply for an interest-free loan, the ministry said.
Photo: Rachel Lin, Taipei Times
If a student loan applicant has a sibling who is either underaged or an adult student, or if the applicant has a child who is a student, the household income threshold rises to NT$1.48 million for eligibility for an interest-free loan, it said.
If a student has two or more siblings or two or more children, there are no household income requirements, it added.
Under existing requirements, all students from families with an annual income of less than NT$1.14 million can apply for interest-free loans.
Those from households with an annual income between NT$1.14 million and NT$1.2 million would pay half the interest amount.
An only child from a household with an income of more than NT$1.2 million is not eligible to apply for a student loan.
However, a student from a family with an annual income of more than NT$1.2 million who also has siblings is eligible to apply for a student loan, but they have to pay the full interest amount.
Regarding the more relaxed repayment measures, borrowers are eligible for a 12-year deferment period if they earn less than NT$50,000 per month, up from an eight-year deferment period and NT$40,000 threshold, the ministry said.
The income threshold increases to NT$60,000 a month if the borrower has a child and an additional NT$10,000 for each subsequent child, it said.
The period of only having to pay back interest rather than the loan’s principal has also been extended to 12 years, the ministry added.
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