Bucheon Hope Foundation Helps Credit-Delinquent Students Unable to Repay Student Loans
Recruiting Youth for 'Jiugae Campaign' Participation... Under 39 Years Registered as Credit Caution
Student Loan Credit Delinquent Credit Recovery Support Project (Eraser Campaign) Promotional Poster
Photo by Bucheon City
[Asia Economy Reporter Park Hyesook] The Bucheon Hope Foundation in Gyeonggi Province has started supporting credit recovery for local youths registered as credit delinquents due to unpaid student loans.
On the 14th, the Bucheon Hope Foundation announced that it is recruiting young people to participate in the "Student Loan Credit Delinquent Credit Recovery Support Project (Eraser Campaign)." The target applicants are youths aged 39 or younger residing in Bucheon City who are registered as credit delinquents with the Korea Student Aid Foundation.
This project operates by the Bucheon Hope Foundation receiving applications from delinquent youths and paying 5% of the principal debt (initial installment of the installment repayment agreement) to the Korea Student Aid Foundation. In return, the Korea Student Aid Foundation reduces the delayed compensation fees and cancels the youth's credit delinquent registration, thereby restoring their credit.
Applications for the project are accepted via email (hope9123@nate.com), and selection will be made in order of the smallest total debt amount. Detailed information can be found on the websites of Bucheon City and the Bucheon Hope Foundation. Inquiries can be made to the Bucheon Hope Foundation Secretariat at 032-321-9123.
Jung Injo, Chairman of the Bucheon Hope Foundation, said, "I hope that youths who are struggling with social entry and economic activities due to failure to repay student loans on time amid employment difficulties can quickly get out of credit delinquency and lead stable lives."
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Meanwhile, as of August last year, there were a total of 262 youths residing in Bucheon City registered as credit delinquents due to student loans, with a total debt amount of approximately 2.5 billion KRW.
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