Incheon City Provides Full Interest Support for University Students' Student Loans

Incheon City Hall

[Asia Economy Reporter Park Hyesook] Incheon City announced on the 8th that it will support interest on student loans to ease the educational expenses burden on university students.

This support includes loans from the first semester of 2019 to the first semester of 2020, and covers interest accrued from January to June of this year.

Eligible recipients are university students and students on leave nationwide whose income bracket, as calculated by the Korea Student Aid Foundation, is at or below the 8th percentile, and whose parents or themselves have been registered residents of Incheon City for more than one year. Full interest on tuition and living expenses loans obtained from the Korea Student Aid Foundation will be supported.

Applications can be submitted online through the city’s website from the 11th of this month until the 10th of next month, followed by submission of required documents via email.

Required documents for currently enrolled or leave-of-absence students include a resident registration abstract and a certificate of enrollment (or leave of absence). Graduates must submit a resident registration abstract, graduation certificate, and employment insurance qualification history (regular employment). Families with three or more children must additionally submit a family relation certificate to receive support without income restrictions.

The city plans to receive loan information from the Korea Student Aid Foundation, conduct screening, and provide interest support by the end of August. The selection results can be checked on the Korea Student Aid Foundation website.

Incheon City supported 28.16 million KRW to 2,816 students through the student loan interest support program, which was first implemented last year.

This content was produced with the assistance of AI translation services.