Chinese students get 98.6 bln in subsidies in 2011

Chinese students at various levels received more than 98.6 billion yuan (15.5 billion U.S. dollars) in subsidies in 2011, up 16 percent year on year, according to the Ministry of Education.

The government contributed 70 percent of the subsidies, while the rest was contributed by a student loan project, income from school-affiliated sectors and donations, said a statement issued by the ministry on Wednesday.

The subsidies were used to guarantee equal access to education for all citizens, especially those with inferior economic status, said the statement.

It noted that nearly half of the subsidies went to students in higher education institutions, with about 14 percent paid in the form of government-subsidized student loans.

Under China's Government-Subsidized Student Loan Scheme, the government pays the interest on bank loans taken out by college students and students pay off the balance in installments after graduation.

In 2011, 2.4 million college students received 13.6 billion yuan of loans under the scheme, up 2.3 billion yuan from the previous year, according to the statement.