Student Loan Applications for Second Semester Start from the 7th... Interest Rate Frozen at 1.7%

Expansion of the 'Special Approval System', One-Time Permission Regardless of Grades
Notification to Parents from the Minor's Scholarship Application Stage

[Asia Economy Reporter Han Jinju] Applications for student loans for the second semester of the 2021 academic year will begin on the 7th.

On the 6th, the Ministry of Education and the Korea Student Aid Foundation announced that student loan applications will be accepted through the Korea Student Aid Foundation website and mobile app. Tuition loans can be applied for until October 14, and living expense loans until November 18.

The interest rate for second semester student loans has been frozen at 1.7%, the same as the first semester.

Starting from the second semester, the special approval system will be expanded to allow students who are unable to pursue their studies normally due to economic reasons or other causes to receive student loans.

Student loans will be supported for students who temporarily fall short of loan eligibility requirements such as grades and completed credits but meet the approval criteria (D grade or higher, completion of special approval education, etc.).

Previously, student loans were only available to those who met the grade requirement of D or higher, but now, for one time only, student loans can be obtained through the special approval system regardless of grade criteria.

Additionally, the stage at which loan information is notified to parents when minors apply for student loans will be expanded from the approval stage to the application stage, strengthening parental notification throughout the entire loan process.

Students who need student loans should apply at least 8 weeks before the university registration deadline, considering that the period for calculating and notifying the student support section takes about 8 weeks, to ensure stable loan approval.