Seoul City and Scholarship Foundation Support 400 'Credit Caution' Individuals Unable to Repay Student Loans
Payment of 5% 'Credit Recovery Initial Payment' on Debt Amount upon Installment Repayment Agreement Signing
[Asia Economy Reporter Jo In-kyung] On the 27th, the Seoul Metropolitan Government and the Korea Student Aid Foundation announced that they will provide initial payment support to young people who have become credit delinquents due to failure to repay their student loans, enabling them to engage in normal economic activities.
If a young person registered as a credit delinquent due to student loans applies to participate in the credit recovery support project in Seoul and signs an installment repayment agreement with the Student Aid Foundation, Seoul will support the initial payment amount equivalent to 5% of the debt amount (installment repayment agreement amount), and the Student Aid Foundation will remove the credit delinquent registration.
Regular installment payments after the initial payment must be made by the young person according to the agreement, and even if the credit delinquent registration due to student loans is lifted, credit delinquency information caused by loans from other financial or public institutions will not be fully removed.
The application target is young people aged 19 to 34 who are registered as credit delinquents due to student loans and currently reside in Seoul according to their resident registration as of the announcement date. Those who wish to participate in the project should first contact the Korea Student Aid Foundation Credit Recovery Support Counseling Center (1599-2250) before applying to confirm whether they are registered as credit delinquents.
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The application period is from the 27th of this month to July 31, and applications can be submitted through the Seoul Youth Portal (https://youth.seoul.go.kr). The city plans to support about 400 young people this year, and the program may close early depending on the order of agreement signing.
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