To control the spread of COVID-19 many countries have chosen to seal their borders, close face-to-face teaching in schools, workplaces and other measures, all of which has had a direct impact on the global economy. As a special group, all college students are also affected by the epidemic. In response to the difficulties faced by students during the epidemic, countries around the world have developed countermeasures to help students cope with the impact of the epidemic.
This report collects and summarizes the student financial aid policies formulated by China, Japan, the United Kingdom, France, Germany, the United States and other major economies during the epidemic. The analysis and summary are as follows:
The financial aid for college students. For college students, campus closures, social isolation and other measures have deprived them of work-study income. Parents may also be affected by the epidemic, which reduces their income and makes it difficult to pay tuition and living expenses. Government support policies include cash grants of varying amounts, interest-free or low-interest loans, job opportunities and fee waivers for university students. Some countries or regions only for the financial difficulties of college students, but also some countries and regions for all students.
Financial aid for graduates. For college graduates, many of them are burdened with education loans. The wage cut, suspension of wages and unemployment caused by the epidemic have reduced their income, and they are facing difficulties in their lives and the risk of loan default. Governments around the world have rolled out relief measures, including late payments, withholding interest, forgiving loan fees and ending overdue collections. In some countries and regions, students need to apply for financial aid for graduates, while in some countries and regions, graduates can get financial aid without applying.
Students with income-proportional student loans are largely unaffected by the epidemic, and the government has not made additional assistance measures. In Britain and Australia, student loans cover more than 80% of students who want to apply for student loans, regardless of their family's economic conditions. Graduates will determine the repayment amount of student loans according to their income. If the income decreases due to the epidemic, the repayment amount will be automatically reduced and there is no need for repayment. There is no need for adjustment by the lending institutions and graduates.
