Premier Su Tseng-chang (蘇貞昌) and others raised concerns yesterday over Kaohsiung Mayor Han Kuo-yu’s (韓國瑜) proposal to lower or eliminate interest on student loans, while Han’s supporters praised the plan.
Han, the Chinese Nationalist Party’s (KMT) presidential candidate, on Thursday said that if elected, his government would bring down interest rates on student loans to their lowest level possible or ask banks to offer interest-free student loans subsidized by the government.
Su said the government has already made strides in helping economically disadvantaged students, while the KMT legislative caucus held a news conference yesterday to express support for the proposition.
Su contended that Han’s proposal could encourage students to take out more loans, including those who had no need for them that might then invest the money elsewhere to exploit the low interest rates.
POLICIES IN EFFECT
President Tsai Ing-wen (蔡英文) has introduced several policies since 2016 to help students, including relaxing eligibility criteria for student loans, extending grace periods on repayment and offering zero-interest loans, and providing rental and childcare subsidies for students, Su said.
Democratic Progressive Party (DPP) Legislator Lee Chun-yi (李俊俋) said that several new student loan relief programs took effect on Sept. 1 last year, including a preferential student loan policy for students whose families earn less than NT$1.14 million (US$37,403) annually.
Borrowers do not have to pay interest in the first year following graduation, and then repay the loans at a fixed annual rate of 1.15 to 1.62 percent, Lee said.
However, the KMT said the policies have not been enough.
KMT legislative caucus whip Tseng Ming-chung (曾銘宗) said that as of last year, 840,000 students had taken out loans averaging NT$212,000, and 398,000 of them were unable to repay them.
Since April 18, the Executive Yuan has enacted 21 policies costing NT$322.3 billion, which Tseng said have been criticized as attempts to buy votes.
In comparison, Han’s plan would require about NT$4 billion a year, Tseng said, calling on Su and Tsai to support the proposal.
KMT Youth League head Hsiao Ching-yan (蕭敬嚴) said he pays about NT$7,000 a year in interest on his student loans, which, for a person just entering the Taipei job market, equals about a half month’s or one month’s rent.
Han’s plan was a good policy that politicians across party lines should support, Hsiao said.
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