Incheon City Expands Student Loan Interest Support to Graduate Students

Support Period for Unemployed Graduates Extended from 2 Years to 5 Years

[Asia Economy Reporter Park Hyesook] Incheon City will support the interest on student loans to ease the financial burden on university (graduate) students.

The city is accepting applications for interest support on student loans (tuition and living expenses) borrowed from the Korea Student Aid Foundation until the 15th of next month.

The full amount of interest accrued in the second half of last year (from July to December 2022) on student loans borrowed since the first semester of 2019 will be supported.

The support targets domestic university (including graduate school) enrolled or on leave students and unemployed graduates whose parents or themselves have been registered residents in Incheon for more than one year, and whose household income is at or below the 8th decile as calculated by the Korea Student Aid Foundation, or who belong to families with three or more children.

Support is provided up to five years after graduation for university students and up to two years after graduation for graduate students.

Incheon City started the student loan interest support program in 2019 to assist young people facing debt problems due to soaring student loans. From this year, graduate students are newly supported, and the support period for unemployed graduates has been extended from two years to five years.

The decision on whether to support the loan interest and the amount will be finalized by the end of May and will be provided in the form of repayment to the loan account. Support details for each loan account can be checked on the Korea Student Aid Foundation website.

Incheon City Hall

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