GRACE PERIOD: A new program is to allow anyone with student debt to pay only interest for four years, while a program for low-income debtors would be expanded

Taipei Times
Date: Aug 03, 2018
By: Lee Hsin-fang, Wu Po-hsuan and Jonathan Chin  /  Staff reporter, with staff writer

Premier William Lai (賴清德) yesterday announced changes to a student loan relief

Members of the Alliance Against the Commercialization of Education protest outside of the Ministry of Education in Taipei yesterday.  Photo: Wu Po-hsuan, Taipei Times

scheme that would make interest-only pay and grace periods on repayment available to more than 500,000 people starting on Sept. 1.

Under current regulations, new graduates are entitled to defer their student loan principle and interest payments for up to one year, while people from certified low or middle-income households or those who make less than NT$30,000 (US$978) per month may apply for a grace period of up to four years.

The government is to introduce a policy that would allow anyone who has begun paying their student debt to apply for the ability to pay only interest for up to four years, the Ministry of Education said.

While more than one interest-only payment period may be granted to the same applicant, the total may not exceed four years, the ministry said.    [FULL  STORY]