15. University Financial Aid Reform

Abstract

For the past few years, the Chinese government has made reforming the educational system a priority by increasing educational equity and the availability of financial aid. The year 2007 ushered in significant reform in student financial aid policies. The new financial aid system was established by increasing government subsidies, creating more available grants, and raising the amount of financial aid packages. Under the new policy of 2007, there was a marked increase in central government subsidies and a greater amount of available scholarships, loans, grants, subsidies, and waivers. These changes greatly enhance educational equity and are some of the more remarkable features of the 2007 reforms. The 2007 financial aid policy reform required cooperation between government at all levels, colleges and universities, social organizations, and individuals. Keywords: China; educational system; financial aid system