Busan City Supports College Students' Student Loan Interest Payments

Application Period: October 26 to November 11 for Universities in Busan Area
Income Within the 8th Decile for Korea Student Aid Foundation Loan Recipients from 2016 to 2020
Approximately 6,000 Local University Students to Receive 460 Million KRW in

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] Busan City will support interest payments on student loans for university students.

Busan City will accept applications for the '2020 University Student Loan Interest Support' from October 26 to November 11.

This project was first implemented in 2016 to support stable academic progress for university students. This year, approximately 460 million KRW will be provided to about 6,000 local university students. Last year, about 380 million KRW was provided to 5,250 students.

The support target includes university students enrolled or on leave at universities located in the Busan area, regardless of their address, who have taken out student loans from the Korea Student Aid Foundation between 2016 and 2020, and whose income level is at or below the 8th decile based on the loan semester criteria.

The support amount covers one year’s worth of loan interest, specifically the interest accrued in 2020. Applications can be submitted through the Busan City website during the application period.

Busan City plans to verify applicants’ university enrollment status, income level, and loan information, and provide loan interest support in December. Whether the interest has been repaid can be checked on the Korea Student Aid Foundation website, and the results will also be notified via text message.

Byun Sung-wan, Acting Mayor of Busan, said, “We are also implementing projects such as dormitory fee support for local university students,” and added, “We plan to expand support projects for university students to attract talent and encourage continuous residence in Busan.”

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