How to Get Student Loans to Study in China for International Students?

Last Updated on November 27, 2020

Studying abroad is undoubtedly a great way to develop additional social, academic and language skills, while adding unparalleled depth to your university experience. Study overseas can improve your university years as well as ultimately give you a competitive edge when it comes to your job search as recruiters are looking for those who have actively used various ways to expand their experience.

While it is true that some people would prefer to explore the US, UK, and Canada and other countries. Studying in China offers a variety of unforgettable experiences.

Some people would love to explore the Chinese culture which can be achieved when you study there. From the Great Wall of China to the beautiful gardens and landscape, there are lots of after school activities to involve yourself in while studying.

Also, Chinese universities have been carrying out excellent research in the last few years which makes them one of the top universities to study in the world. So you should not worry about your certificate being recognized internationally.

Many international students travel China for their graduate studies so that they can receive a better education than they might have at home. But as college costs continue to skyrocket, most students find it nearly impossible to pay for their education without financial aid. Sometimes, even though you may have calculated a rough budget for your expenses during your studies at school, other expenses may take the form of:

  • Travel expenses
  • Insurance
  • Cost of books/laboratory fee
  • Library/Examination fee
  • Buying a new laptop
  • Student field trips etc.

These unforeseen expenses can put a strain on your financial budget and if you do not have any other source of income in the form of bursaries, scholarships or part-time jobs, you may need to apply for a loan.

What Is A Student Loan?

A student loan is money borrowed from the government or a private lender such as a bank or financial institution, or from other organizations to pay for college education.

Student loans were created to aid students who are willing to study but do not have sufficient funds due to the high tuition fees in the country.

The money can generally be used for tuition, accommodation, books, or other costs. Student loans are different from scholarships and grants which don’t have to be paid back.

How to Get Student Loans to Study in China?

As at now, getting student loans for international students is quite rare, this is because there are lots of scholarships and financial aids for citizens and international students.

Most times some universities offer teaching/research positions with support stipends for international students throughout their program.

However, there might be a few banks who would offer student loan options to international students. Inquiries can also be made at the student’s affairs unit of your school for further assistance.

How to Choose the Best Student Loans in China?

Choosing the right student loan can make a big difference when it comes to paying off your college debt. If you’re not sure what type of loan to choose, try one that offers a low interest rate, multiple repayment options, and borrower protection.

What You Would Need to Apply For Student Loans in China?

Requirements for student loans depend largely on which bank you are getting your loan from. The general requirements include;

  • Admission letter
  • Transcripts and Test results (IELTS, TOFEL)
  • Should be between 18-30 years
  • Valid ID card
  • Signature Proof
  • Salary slip (of either parent)
  • Statement of accounts (3-6months)
  • Completed application form with signature
  • Passport size photographs
  • Valid Visa and Passport (for international students)

Is there a Minimum Amount?

The minimum or maximum amount that you may be entitled to depend solely on the bank which you have approached for a loan with interest rates and repayment plans also varying on the financial institution.

How Long Does it Take to Repay Student Loans?

Repaying student loans is quite dependent on the interest rates of the bank which you apply to. Some banks usually start collecting payments upon graduation and securing a job whilst some start collecting payments with no interests within the duration of your program. It usually takes about 10-25 years to repay student loans depending on how fast you get a job and the interest rate.

Benefits of Getting a Student Loan?

We took a look at some of the most common reasons so many people now consider a student loan to help them through university.

1. Great rates

Government student loans have low interest rates and you don’t pay back until you’re earning a certain amount. Similarly, with a private loan, you benefit from lower, capped repayments in study.

2. Chunky tuition fees

Course costs have increased dramatically in recent years and it’s highly likely you’ll need to take a loan – government or private – to afford you annual fees.

3. Living expenses

The costs of living for three years or more can soon mount up, especially if you’re studying in one of the big cities in China. A maintenance loan from the government or private student loans can help give you a decent standard of living.

4. Peace of mind

Instead of worrying about next month’s rent, a good student loan can help give you a sensible long-term finance so you can stay relaxed, energized and focused on your studies.

5. Invest in the best

Higher education is increasingly seen as an investment in your future. Why should you deprive yourself of the life and career you really want because you don’t have the money to pay for it right now? A smart, flexible student loan can help you realize your potential and achieve your goals.

Final Take: Before considering applying for a student loan, it is advisable that you exhaust all possible options such as applying for a scholarship or bursary. In a situation where these options are not viable, then I will recommend you read thoroughly the terms and conditions of the loan you would apply for. Also, you can make use of Loan comparison tools or IEFA to get the best possible deals as regards student Loans in China.


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