Chinese students face many challenges on their journey to study abroad. First, they go through tedious language courses to enhance language skills and prepare for tests required by foreign colleges.

If their scores are satisfactory, they fill out piles of application forms as they try to gain acceptance by a good college. Those accepted are then busy applying for visa and - many times the most difficult of all - finding money to cover tuition fees and living expenses.

Money is a big hurdle for Chinese families - most earn only a fraction of the income of middle-class families in the West.

It is a heavy burden to pay in one lump sum, but many make the sacrifice and lower their standard of living.

Few think of getting a loan from the bank in China. Insiders say the Chinese tend to have a biased view of loans.

Tian Liuyi, general manager of the Beijing branch of Guangdong Development Bank, said that many parents think of strict application conditions and complicated procedures when applying for a loan.

"That is a misunderstanding," he said. "Getting bank loans for studying abroad is now as convenient as buying an apartment with a loan."

The procedure has been simplified and a loan to study abroad is easy to get as long as you offer assets with a certain value as a mortgage, he said.

Guangdong Development Bank now has "timely loans for people studying abroad" to cater the demand.

The program provides one-stop services needed by those studying abroad, including overseas remittances, loans for tuition and expenses, deposit certificates, loan certificates, international credit cards and foreign currency exchange.

Loans to cover one to three years of overseas study can be used by the borrower, spouses or children. Interest rates may be the lowest that the government allows.

"These loans reduce the burden on parents who may not be able to afford it all at once. They also serve as an incentive to press students to study hard in order to stop borrowing as soon as possible," he said.

"We believe the service can help more young people from ordinary Chinese families realize their dream of studying abroad," he said.

Another product in the program is dual-currency Mastercard and Visa credit cards issued by the bank. Students can use the cards to make purchases or get cash from ATM machines in many countries and regions, he said. The bank was one of the first to issue credit cards in China. Mature technologies now enable it to provide seamless services, he said.

Parents can deposit money into the credit card account at domestic bank branches. If there is a large sum of money spent abroad, they will get immediate notice from the bank, he explained.

At the ongoing Beijing International Education Exposition, the bank opened a section for visitors to experience the services, which is attracting many students and their parents.

"Financial services for students studying abroad is a huge market with great potential," said Chi Jinhua, deputy manager of Beijing branch of the Guangzhou Development Bank.

"The most important task for us now is to provide personal, individualized services for people who plan to study abroad," she said.

(China Daily 05/09/2008 page11)