The education ministry has approved a set of new regulations that will allow more students to finance their advance studies abroad.
Before the revision, only students from families with an annual income under NT$1.45 million (nearly US$47,000) are eligible for the loan. Now, under the revised program, students from families with an annual income of between NT$1.45 to 2 million (between about US$47,000 and US$65,000) can also apply for the loan, but these students will not receive any interest subsidies.
The education ministry subsidizes interest payment in full for students from families with an annual income of under NT$1.14 million (about US$37,000) during the grace period of their loans. For students from families with an annual income between NT$1.14 to NT$1.2 million (about US$37,000-39,000), the education ministry provides 50% of the interest payment during the grace period.
The maximum loan is set at NT$1 million (about US$32,000) for those who study abroad for a master’s degree, with a grace period of three years and repayment period of ten years. The corresponding amount for those who want to seek a doctor’s degree is sharply boosted to NT$2 million (about US$65,000), with a grace period of five years and a maturity term of 16 years.