Jeonnam Province Fully Supports Interest on Student Loans for Local University Students

[Muan=Asia Economy Honam Reporting Headquarters Reporter Yoon Jamin] Jeonnam Province will fully support the interest on student loans for college students to assist families with economically struggling college student children in the era of high inflation and high interest rates.

According to the province on the 4th, the student loan interest support project aims to alleviate the economic burden on local college students and help create a stable learning environment. The 22 cities and counties have secured funding and will implement the project starting this year.

Applications can be submitted on the Jeonnam Talent Lifelong Education Promotion Institute website until the 29th.

Applicants who are approved for support will receive full coverage of the interest accrued on student loans for tuition and living expenses borrowed from the Korea Student Aid Foundation in the first half of this year.

Eligibility requires that, as of the announcement date on the 4th, the applicant or their direct ascendants have been registered residents in Jeonnam for more than one year, and that the applicant is currently enrolled in college (including those on leave) or is an unemployed youth within two years of graduation.

The Jeonnam Talent Lifelong Education Promotion Institute and the Korea Student Aid Foundation have established a system to minimize applicant inconvenience, handling all processes from application reception, candidate confirmation, to interest support in a one-stop manner, and plan to automatically repay the loan interest without individual payments.

Yoon Jaekwang, Director of Hope Talent Development at Jeonnam Province, said, “We hope that the interest support project will be of some help to families in the prolonged economic downturn,” and added, “The province will continue to discover projects for college students and nurture talents who contribute to regional development.”