Daejeon City Supports Student Loan Interest... Full Coverage of This Year's Accrued Interest

[Asia Economy (Daejeon) Reporter Jeong Il-woong] Daejeon City announced on the 3rd that it will recruit applicants for the student loan interest support project for university students for one month starting from the 4th.

Eligible applicants are university students who currently reside in Daejeon as of the application date and are enrolled (including on leave) at universities located in Daejeon, as well as university students whose direct ascendants have been registered residents in Daejeon for over one year but who are enrolled (including on leave) at universities outside of Daejeon. Applications are accepted regardless of income level.

The city plans to support the full amount of interest accrued this year on student loans borrowed from the Korea Student Aid Foundation, regardless of whether the loans are general repayment student loans or income-contingent student loans.

However, applicants who have received interest support from institutions, organizations, or individuals other than the Korea Student Aid Foundation, those who have been expelled from higher education institutions or transferred to other cities or provinces, graduates and graduate students, and those who have fully repaid their loans at the time of data extraction from the Korea Student Aid Foundation are excluded from support.

Applications for student loan interest support can be submitted through the city’s website. After the application deadline, the city plans to verify eligibility by reviewing submitted documents, academic status, and loan information to select the final recipients.

If the number of applicants exceeds the budget, priority will be given in the order of multi-child families (three or more children), low-income brackets, and senior students.

The selection results will be individually notified in December and will also be published on the scholarship foundation’s website.

For more detailed information about the application, refer to the announcement posted on the Open Economy section of the city’s website or contact the Youth Policy Division of the city.

Park Mun-yong, Director of the Youth and Family Bureau of the city, said, “We hope that the student loan interest support project will provide some help to local youth facing economic difficulties so that they can focus on their studies and job preparation.”