Relieving the Shackles of Student Loans... Busan City Supports Credit Recovery for Long-Term Delinquent Youth

Busan City Hall.

[Asia Economy Yeongnam Reporting Headquarters Reporter Hwang Du-yeol] Busan City announced that it will recruit beneficiaries for a project supporting credit recovery for local youth whose credit information has been registered due to long-term delinquency on student loans from the Korea Student Aid Foundation starting from the 24th.

The "Student Loan Credit Information Registration Credit Recovery Support Project" is a program that supports local youth with long-term delinquent student loans by signing a repayment agreement with the Korea Student Aid Foundation, and Busan City provides an initial payment of 5% of the overdue amount required at the time of agreement. This project has been underway since 2020.

The Korea Student Aid Foundation offers benefits such as installment repayment of the remaining debt and full exemption of delay penalties.

Applicants must be youth aged 18 to 34 who reside in Busan as per their resident registration as of the application date and whose credit information has been registered due to long-term delinquency on student loans from the Korea Student Aid Foundation. The application period starts from the 24th and continues until the budget is exhausted.

Applicants can check the registration status of their credit information by phone with the Korea Student Aid Foundation and then apply through the Busan Youth Platform. Support is not available if the applicant has overlapping applications with the Credit Recovery Committee's integrated debt adjustment.

Park Hyung-jun, Mayor of Busan, stated, "We will focus on promoting life-centered projects that provide practical help to the youth, who are the future of Busan, and accelerate efforts to make Busan a city where young people want to live."