Apply for Interest-Free Student Loans for Rural-Origin University Students... Until the 23rd

by Moon Chaeseok

Published 04 Jul.2021 11:00(KST)

Ministry of Agriculture, Food and Rural Affairs Begins 2nd Semester Student Loan Applications
Children of Rural Parents and University Students Engaged in Agriculture

[Sejong=Asia Economy Reporter Moon Chaeseok] The government has decided to provide full tuition loans to university students from rural areas.

On the 4th, the Ministry of Agriculture, Food and Rural Affairs announced that the loan program will be implemented from the 5th to the 23rd. This support is provided as part of efforts to resolve polarization. Eligible applicants are children (university students) of parents who have their resident registration address in rural areas and have lived there for more than 6 months (180 days), or university students (themselves) engaged in agriculture who meet the qualification requirements. They must be undergraduate students with Korean nationality enrolled, newly admitted (freshman, transfer, re-admission), or planning to return to a domestic university.

Starting from the second semester of this year, the income screening requirement for applicants has been completely abolished. This expands the eligibility for rural student loans so that applications can be made regardless of income. The screening period has been reduced from 20 days to 15 days, and the application period has been extended from 10 days to 15 days. It is expected that the minimum time until loan execution will be shortened by 8 weeks.

Additionally, applications for deferment of repayment for rural student loans will be accepted until December, allowing an extension of up to 3 years.

To apply for rural student loans, university students from rural areas can submit an application form on the Korea Student Aid Foundation website between the 5th and 23rd. Loans are scheduled to be disbursed next month. For more details, applicants can check the foundation’s website or contact them by phone.