On October 18, 2004, the spokesman of Bank of China disclosed that the Bank had signed a cooperation agreement on State-subsidized student loan disbursement and a supporting agreement on comprehensive collaboration with the National Student Loan Management Center and the Ministry of Education respectively after winning the bid to exclusively disburse the loans to 116 colleges and universities directly under the central government. According to the relevant policies for State-subsidized student loans and the requirements of the agreements, Bank of China has taken the following measures:
First, to improve the organization and management regime. Great importance has been attached to loan disbursement for colleges and universities by Bank of China, which is consistently implementing the relevant directives of State Council, and wholeheartedly carrying out all the undertakings as specified in the agreements. So far, 25 branches where the 116 colleges and universities are located have established the bank-college cooperation panel, and the specific sub-branches have been designated on a one-to-one basis with customer managers in charge. The organization and management regime for loan disbursement and bank-college cooperation has been improved on three levels: the head office, branches and sub-branches, thus forming a comprehensive service and marketing system for the colleges.
Second, to devotedly design the loan process. In order to ensure smooth disbursement of State-subsidized student loans and facilitate loan application for college students from poverty-stricken families, Bank of China has re-formulated the loan process and revised the internal management methods and relevant contracts. The Application Form for State-Subsidized Student Loans has been issued, as an effort to improve the loan approval efficiency and shorten the disbursement process.
Third, to strengthen marketing and publicity on campus. On September 13, Bank of China and the Ministry of Education jointly held a conference concerning loan disbursement and the promotion of bank-college cooperation. After the conference, directors at all levels of the Bank visited the college and university partners in turn to learn about their respective needs, solicit their opinions and suggestions, and discuss the details of loan disbursement and bank-college cooperation. Sub-branches at different levels of the Bank have, as per the uniform requirements of the head office, set up information desks on campuses. By holding lectures and doling out promotional literature, they have introduced the policies, application procedures and handling process of State-subsidized student loans and instructed college students in filling out relevant documents. The efforts of the Bank have received high appraisal from college staff and students.
Fourth, to prepare for loan disbursement. Based on the modified regime, Bank of China has formulated a rigorous and detailed plan to ensure a prompt disbursement of loans to poverty-stricken college students. Up to now, most branches have, as per the head office's timetable, completed training for bank staff, submitted loan application forms, contracts, receipts and other relevant documents to colleges and universities, exerted concentrated endeavor on and put in extra hours for application handling and approval as well as loan disbursement. By the end of September, Bank of China Tianjin branch had disbursed the first loan of RMB 1.53 million to 268 poverty-stricken students from Tianjin University and Nankai University, and the Shaanxi branch had disbursed loans of RMB 48.09 million to six colleges and universities in its jurisdiction.
Fifth, to further promote the comprehensive bank-college cooperation. According to the comprehensive collaboration agreement signed with the Ministry of Education, branches at different levels of Bank of China have customized a package of financial services for colleges and universities, in a bid to promote the all-round bank-college cooperation. Such services are based on the business concept of being "customer-focused and market-oriented", the development needs of colleges and universities and the efforts of the Bank's overseas outlets. Furthermore, the branches have tailored new product and service portfolios for the staff and students in colleges and universities, and set up new outlets and self-service machines on campuses to ensure convenient access of integrated personal financial services. Bank of China has also designated special hotlines to accept consultation and supervision from faculties and students.
Sixth, to cultivate college students with credit and morality. Through publicity and educational activities with the theme of "commitment for credit", branches at different levels of Bank of China have been in close cooperation with colleges and universities to advocate the healthy values of being honest and responsible among the new generation. Support from the whole society, another indispensible factor of the sound development of State-subsidized student loans, is also taken into account by the Bank which, in cooperation with the National Student Loan Management Center and relevant departments and institutions, aims to establish a risk prevention scheme of the loans via the personal credit system of the People's Bank of China and public media.
According to the spokesman of Bank of China, State-subsidized student loans are a commercial business based on a new operating regime. The loans constitute a financial support for college students from poverty-stricken families to access to higher education on an equal footing, which goes in line with the theories of Deng Xiaoping, the thought of "Three Represents" and the strategy of "Revitalizing China through Science and Education". However, the Bank has also been confronted with a tight schedule, high risks and other problems concerning the loans. Bank of China will strengthen coordination with colleges and universities, and strive to create a new chapter with the directives and support of the inter-ministerial coordination group of State-subsidized student loans, the People's Bank of China, China Banking Regulatory Commission, the Ministry of Education and the Ministry of Finance.
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