BEIJING, July 10  -- China has issued 120 billion yuan (19.3 billion U.S. dollars) in loans to more than 11 million students since 1999, an official said Friday.

Du Yubo, vice minister of education, said at a press briefing Friday that in 2014 China gave more than 16 billion yuan in loans to 2.8 million students from needy families, accounting for more than one third of total financial aid for students.

The latest executive meeting of the State Council adopted a new guideline to improve the student loans policy, which aims to alleviate the repayment burden of students with loans, Du said.

The guideline suggests maturity and the time for an interest subsidy on student loans should be extended, the period of grace of repayment of principal be extended, and other preferential policies given.

In addition, the process of applying for student loans should be simplified, and cooperation of related departments will be strengthened in a bid to improve the management of the student loans.