Up to 300,000 KRW Refund for Student Loan Repayment... Korea Student Aid Foundation and Woori Bank Sign Business Agreement

233 Billion Won Secured for Mutual Growth Fund

Over 80,000 Youths Benefit

The Korea Student Aid Foundation (Chairman Bae Byeong-il) and Woori Bank (President Jo Byung-kyu) signed a business agreement on the 19th at the Korea Student Aid Foundation Seoul Office to support the repayment of student loans for youth economic independence.

This agreement was made to cooperate between the Korea Student Aid Foundation and Woori Bank on Woori Bank’s voluntary program for youth student loan repayment support, which is part of the banking sector’s livelihood financial support measures.

Bae Byeong-il, Chairman of the Korea Student Aid Foundation (right), and Cho Byung-kyu, President of Woori Bank, are posing for a commemorative photo after signing a business agreement.

The Korea Student Aid Foundation will provide student loan-related information for screening eligible recipients, while Woori Bank will be responsible for funding support, recruiting and selecting recipients, and disbursing support funds.

Through this agreement, unlike previous financial support for student loans that focused on low-credit groups, the program will broadly support university students and youth who repay their loans diligently without delinquency for the first time. Both parties also agreed to mutually cooperate to promote employment and hiring of high school graduates.

The eligible recipients are those holding student loans as of the end of February this year. Applications will be accepted through Woori Bank’s WON Banking, and after screening for student loan status, final selections will be made. Selected recipients will receive a cashback of 50% of the principal and interest repayment amount of their student loans, up to a maximum of 300,000 KRW per person.

A representative of the Korea Student Aid Foundation stated, “For example, if a university student repays 500,000 KRW of a student loan through Woori Bank, they will get back 250,000 KRW. Woori Bank has prepared 23.3 billion KRW in mutual growth funds for this purpose this year, and it is expected that about 80,000 university students and youth will benefit from this.”

The application period, detailed support contents, and scale will be announced in March through Woori Bank’s WON Banking and the Korea Student Aid Foundation website.

Bae Byeong-il, Chairman of the Korea Student Aid Foundation, said, “We expect this youth student loan repayment support to be a great help to university students and youth who diligently repay their student loans. We thank Woori Bank, a leading domestic bank fulfilling its social responsibility, and will continue to actively cooperate with Woori Bank to reduce the repayment burden of student loans for youth and to promote employment for high school graduates.”

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