Young Adults New to the Workforce Hit by Rental Fraud to Receive Student Loan Support: "At Least KRW 300,000 Per Person"

Korea Scholarship Foundation and Life Insurance Social Contribution Committee Sign Business Agreement
KRW 100 Million in Social Contribution Fund from the Life Insurance Industry
Chairman Park Changdal: "Promoting Private Sector-Linked Support Programs"

The Korea Scholarship Foundation will provide support for the repayment of student loan principal and interest—at a minimum of KRW 300,000 per person—to young people who have suffered from rental fraud, using funds raised by the life insurance industry.

On the 8th, at the Korea Student Aid Foundation Seoul Office, Park Changdal, Chairman of the Korea Student Aid Foundation (right), and Kim Cheolju, Chairman of the Life Insurance Social Contribution Committee (left), exchanged the agreement documents and posed for a commemorative photo during the "Korea Student Aid Foundation-Life Insurance Social Contribution Committee Business Agreement Ceremony." Provided by Korea Student Aid Foundation

On May 8, the Korea Scholarship Foundation and the Life Insurance Social Contribution Committee signed a ‘Business Agreement for Supporting the Repayment of Student Loan Principal and Interest for Victims of Rental Fraud (Young Adults New to the Workforce).’

This agreement is funded by a KRW 100 million social contribution fund jointly raised by the life insurance industry. It was initiated in conjunction with the Ministry of Land, Infrastructure and Transport’s policy to support victims of rental fraud, with the goal of alleviating the burden of student loan repayment.

The eligible recipients are individuals under the age of 30 who are new to the workforce and have suffered from rental fraud. The program is intended for young people facing the dual burden of rental fraud and student loan repayment, specifically those who have a remaining general repayment student loan balance of at least KRW 1 million. Each recipient will receive support of at least KRW 300,000.

The Foundation will accept applications for support through its website for approximately three weeks, from May 11 to May 29. After reviewing eligibility, the Foundation will finalize the list of recipients and directly process the repayment of their student loan principal and interest by the end of June.

Park Changdal, Chairman of the Korea Scholarship Foundation, stated, “We will continue to promote private sector-linked support programs to reduce the student loan repayment burden on young people facing economic hardship.”

Kim Cheolju, Chairman of the Life Insurance Social Contribution Committee, added, “The life insurance industry will continue to show interest in and support for the socially disadvantaged and vulnerable groups facing difficulties.”

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