Jeju Island Supports Interest on Student Loans for Young Adults

Jeju-do Accepts Loan Interest Support Applications for Second Half of 2020 Until the 29th
Youth Student Loan Credit Recovery Support Project Also Promoted … 5% Principal and Interest Support

Jeju Special Self-Governing Province Government Complex

[Jeju=Asia Economy Honam Reporting Headquarters Reporter Park Chang-won] Jeju Special Self-Governing Province is accepting applications for the 2020 second half student loan interest support until the 29th.

According to Jeju Province on the 16th, the support targets are university and graduate school enrolled (including leave of absence) students, and unemployed persons within 10 years after graduation. The full amount of student loan interest incurred in the first half of 2020 (January to June) will be supported.

The application deadline is until 6 p.m. on the 29th, and applications can be submitted by searching for ‘student loan interest’ on the Jeju Special Self-Governing Province website.

Required documents include ▲Common: university enrollment (completion/graduation) certificate ▲Graduates of high schools located outside the province: resident registration abstract ▲University and graduate school graduates: health insurance qualification acquisition and loss confirmation, etc.

After the application deadline, the province will finalize the recipients through document screening and plans to pay the loan interest in December.

Additionally, Jeju Province is promoting a student loan credit recovery support project for local youths who have become credit caution subjects due to long-term non-repayment of student loans.

The student loan credit recovery support project is part of the ‘Youth Future Dream’ project, a youth pledge project of Governor Won Hee-ryong during the 7th popular election term. It supports the credit recovery of Jeju youths who are experiencing difficulties in employment and economic activities due to non-repayment of student loans.

The support targets are those registered as credit caution subjects with the Korea Student Aid Foundation, and youths aged 19 to 39 residing in the province. It supports 5% of the principal and interest according to the installment repayment agreement with the Korea Student Aid Foundation.

The application deadline is until 6 p.m. on November 27, and the application method is the same as for the student loan interest support.

Hyun Dae-sung, Director of the Planning and Coordination Office of the province, stated, “We will spare no effort to discover and support various youth policies so that Jeju youths can improve their quality of life and establish a foundation as active members of society.”

Meanwhile, Jeju Province supported about 110.8 million KRW to a total of 1,108 people through student loan interest and credit recovery support in the first half of this year.

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