Life Insurance Industry Provides 100 Million Won to Help Young Jeonse Fraud Victims Repay Student Loans

Business Agreement Signed with Korea Student Aid Foundation
Cheolju Kim, Chairman of the Life Insurance Association: "Continued Support for Vulnerable Groups"

The Life Insurance Social Contribution Committee announced on May 8 that it had signed a business agreement with the Korea Student Aid Foundation and decided to provide 100 million won in support for a project to assist young victims of jeonse fraud in repaying their student loans.

The Life Insurance Social Contribution Committee and the Korea Student Aid Foundation are holding a commemorative photo after signing a business agreement to support the repayment of student loans for young victims of lease fraud. From the left: Jaechun Choi, Deputy General Manager of the Life Insurance Association, Seongjun Jo, Head of the Life Insurance Association Headquarters, Cheolju Kim, Chairman of the Life Insurance Association, Changdal Park, Chairman of the Korea Student Aid Foundation, Hongju Jeong, Standing Director of the Foundation, Gwangwon Seo, Deputy General Manager of the Foundation. Life Insurance Association.

The support is intended for those under the age of 30 who have been officially recognized as victims of jeonse fraud and have an outstanding general student loan balance of at least 1 million won. The assistance will cover not only interest but also principal, with each recipient expected to receive a minimum of 300,000 won.

Cheolju Kim, Chairman of the Committee and the Life Insurance Association, said, "I hope this support will offer at least some help for young people to return to their daily lives," adding, "The life insurance industry will continue to show sustained interest in and support for the socially disadvantaged and vulnerable groups."

Changdal Park, Chairman of the Foundation, stated, "My heart goes out to students who have experienced such significant setbacks as they begin their careers," and added, "The Foundation will continue to promote private sector-linked support programs to ease the burden of student loan repayment for young people facing financial difficulties."

Meanwhile, the Committee has continued to carry out a variety of social contribution activities, including support for vulnerable groups, disaster response, and co-prosperity efforts with local communities, using joint industry funds.

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