Korea Student Aid Foundation Partners with 'Toss' to Provide Customized Student Loan Support

Discovering Student Loan Demand and Promoting Customized Student Loan Guidance

On the 25th, Lee Jung-woo, Chairman of the Korea Student Aid Foundation (right), and Lee Seung-geon, CEO of Viva Republica (left), are posing for a commemorative photo after signing a business agreement.

[Asia Economy Reporter Han Jinju] The Korea Student Aid Foundation (KOSAF) has agreed to provide repayment and delinquency management services, including repayment schedule notifications and local government support program guidance, in collaboration with Viva Republica, the operator of Toss.

On the 25th, KOSAF announced that it signed a memorandum of understanding (MOU) with Viva Republica at the KOSAF Seoul Office main conference room to offer customized student loan guidance and repayment and delinquency management support.

KOSAF and Viva Republica plan to establish a lifecycle-based student loan repayment management and support system for customized student loan guidance and repayment and delinquency management. Considering the varying student loan demands at different life stages, they will provide customer-tailored student loan guidance and identify new student loan applicants.

They will support repayment management services such as repayment date notifications and automatic transfer account balance management, as well as provide information on local government interest support programs aimed at reducing interest burdens. Additionally, they plan to support guidance on credit recovery support programs by local governments for delinquent student loan borrowers and credit recovery support systems such as KOSAF’s installment repayment agreement program.

Expected benefits include expanded accessibility to student loans, reduced repayment burdens, improved repayment rates through delinquency prevention, prevention of prolonged default debts via credit recovery support systems, and economic rehabilitation support.

Lee Jung-woo, Chairman of KOSAF, said, "This MOU is expected to enhance customer convenience in the student loan sector," adding, "We anticipate synergistic effects through collaboration between KOSAF and Viva Republica, which share the common primary user base of people in their 20s and 30s."

Lee Seung-gun, CEO of Viva Republica, stated, "We hope that both organizations will cooperate to deeply consider the issues faced by young people and create a better environment."

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