Gyeonggi-do Opens Applications for College Student Loan Interest Support... Until February 4 Next Year
[Asia Economy (Suwon) = Reporter Lee Young-gyu] Gyeonggi Province is accepting applications for support for interest on student loans for university students.
Gyeonggi Province announced on the 27th that it will accept applications for the "2022 First Half Gyeonggi Province University Student Loan Interest" support from December 28 this year to February 4 next year.
The province supports applicants by repaying the interest accrued in the second half of this year (July to December) on tuition and living expenses loans borrowed from the Korea Student Aid Foundation since the second semester of 2010, by deducting it from the principal and interest of the loan account.
The support targets currently enrolled (including on leave) university and graduate students, as well as graduates, provided that either the applicant or one of their direct ascendants has been registered as a resident in Gyeonggi Province for more than one year.
Applications must be submitted online through the Gyeonggi Provincial Government reception center. Mobile applications via smartphones are also possible. The results announcement and interest payment are scheduled for June next year. Eligibility can be checked on the Korea Student Aid Foundation website. For more details, inquiries can be made to the Gyeonggi Province 120 Call Center.
Since the second half of 2018, the province abolished the income criteria restriction that only supported households in the 8th income quintile or below, becoming the first local government nationwide to do so.
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Furthermore, since 2019, the scope of beneficiaries has been expanded to include graduate students and graduates facing difficulties in employment. In 2020, the support period for graduates was extended up to 10 years, increasing the scale and scope of support to the largest among local governments nationwide. As a result, from 2018 to this year, 143,000 people have received 13.8 billion KRW in support.
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