Busan City Supports Youth Credit Recovery by Registering Credit Rating Information

For Credit Recovery of Youth with Long-Term Student Loan Delinquency

[Asia Economy Yeongnam Reporting Headquarters Reporter Dongguk Lee] Busan City is recruiting candidates for the ‘Student Loan Credit Information Registration Recovery Support Project,’ which supports the credit recovery of Busan youth whose credit information has been registered due to long-term delinquency on student loans managed by the Korea Student Aid Foundation.

Busan City Hall.

The ‘Student Loan Credit Information Registration Recovery Support Project’ has been underway since 2020. If a youth enters into a repayment agreement with the Korea Student Aid Foundation for long-overdue student loans, Busan City supports the initial payment required at the time of agreement (5% of the debt amount).

Additionally, the Korea Student Aid Foundation provides benefits such as installment repayment of the remaining debt and full exemption of delayed compensation fees.

Through this project, in 2022, youth registered with credit information received initial payment support and delayed compensation fee exemptions, helping 131 youth who faced difficulties due to long-term student loan delinquency receive financial benefits averaging about 1.7 million KRW per person.

Applicants must be youth aged 18 to 34 who reside in Busan City as of the application date and whose credit information has been registered due to long-term delinquency on Korea Student Aid Foundation student loans. Recruitment started on January 16 and will continue until the project budget is exhausted.

Applicants can verify their credit information registration status by phone with the Korea Student Aid Foundation and then apply through the Youth Policy Platform. However, support is not available if the applicant has overlapping applications with the Credit Recovery Committee’s integrated debt adjustment.

Lee Yoon-jae, Director of the Youth Industry-Academic Cooperation Bureau of Busan City, stated, “We hope this will provide some help to youth experiencing economic difficulties due to the burden of student loan repayment, and we will continue to strive to implement projects that practically assist young people.”

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