Toss Signs MOU with Korea Student Aid Foundation to Establish Student Loan Inquiry and Repayment Management Service

[Asia Economy Reporter Kiho Sung] Viva Republica, the operator of the mobile financial service Toss, announced on the 25th that it has signed a business agreement with the Korea Student Aid Foundation to build a student loan management service for young people. This is the first business agreement between a domestic fintech platform and a scholarship foundation, aiming to promote mutual cooperation so that the 2030 generation using Toss can more easily access the scholarship support system of the foundation.

Based on this business agreement, Toss plans to build a student loan service that gathers all scattered information related to student loan and scholarship support systems in one place, providing a one-stop service for loan inquiry and repayment management.

Currently, Toss operates a service that sends notification messages to users during the student loan and national scholarship application periods and connects them to the foundation’s application (app). In addition, starting as early as July, customers who have taken out student loans will be able to easily check their loan balance, principal and interest repayment amounts, and repayment history through the Toss app.

Furthermore, within this year, the service will be expanded to include student loan repayment and delinquency management. Notifications will be sent on the monthly principal and interest repayment dates, and a smooth user experience will be provided by enabling one-time repayment through the Toss app’s simple remittance function. The aim is to support easy management of repayment details until the loan is fully repaid. Moreover, depending on each customer’s financial situation, optimal repayment plans and support systems will be timely guided to help reduce the student loan burden for young adults starting their careers.

Toss, a comprehensive financial platform used by 8 out of 10 people in their 20s in Korea, expects to maximize social benefits by serving as a connection point between the Korea Student Aid Foundation and Toss users, thereby expanding the range of young beneficiaries receiving student loan support.

Seunggun Lee, CEO of Toss, said, “For many young people, student loans are their first financial experience in life. Leveraging Toss’s expertise in prioritizing user convenience and innovating finance, we aim to timely introduce the scholarship support system of the foundation to more young people and smoothly support loan repayment management that continues after graduation and employment.”

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