and public— have a fixed interest rate of 2% and must be paid back by the student after graduation. For CAE loans, the payment is equal to 10% of the former student's annual wage, and 5% for FSCU loans. The debt is written off after 15 years for CAE loans, and 12 for FSCU loans. Most scholarships and loan programs offered by the government only cover a "reference" annual tuition cost calculated by the government for each program. The gap between the reference and the real tuition cost can be substantial at some private (and even public) educational institutions. Students are required to maintain a certain level of academic achievement to keep the benefit, which may vary from institution to institution. There are also government-funded programs giving students: a monthly stipend, a debit card to buy food, and a student card to pay for cheaper transportation. All programs (except transportation) are based on merit, need, indigenous background or geographical residence. In 2012 947,063 students were enrolled in tertiary education programs. Of these, 548,119 (58%) received either scholarships or loans by the government. Of the totality of programs awarded during 2012 (623,086; students may benefit from more than one program), scholarships represented 35% and loans 65% (14% FSCU and 51% CAE). School year The school year is divided into semesters. The first semester runs from late February or early March to early July. Following a two-week winter break school resumes and lasts until late November or early December, followed by summer vacations. The dates are set by the Ministry of Education in each Region. For example, in 2014 the start of classes is March 5 for regular students in the Santiago Metropolitan Region; a winter break runs from 14 to 25 July, with the second semester starting at 28 July; classes end at either 5, 12 or 19 December, depending on the program's length in weeks (38 to 40); students graduating from high school (fourth level of secondary education) end classes on 14 November, giving them time to prepare for the university admission test (PSU). Education reform Chile is undergoing a significant reform to its publicly funded education system. One of the first proposals sent to Congress includes the banning of mandatory co-payments, the removal of existing selection processes and the conversion of for-profit schools into non-profit organizations. Another proposal (announced, but yet to be sent to Congress) is to provide