Gyeonggi-do Opens Applications for Student Loan Interest Support... Until the 31st of This Month

Gyeonggi-do Student Loan Interest Support Project Promotional Poster

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Gyeonggi Province is accepting applications for the second half of 2022 'University Student Loan Interest Support' until the 31st of this month.

The support targets currently enrolled university and graduate students (including those on leave) and unemployed graduates. Either the applicant or one of their direct ascendants must have been registered residents of Gyeonggi Province for more than one year. Graduates must have graduated within 10 years for university graduates and within 4 years for graduate school graduates.

Applications can be submitted online through the Gyeonggi Minwon24 website. Mobile applications via smartphones are also possible. The results of the second half of this year's project and interest payments will be announced in July. Eligibility can be checked on the Korea Student Aid Foundation website.

If selected as a beneficiary, Gyeonggi Province will pay the interest accrued from July to December 2022 on tuition and living expenses loans borrowed from the Korea Student Aid Foundation since the second semester of 2010. Payments will be made by deducting the amount from the principal and interest of the loan account.

The province has established a one-stop application system by introducing an administrative information sharing system through 'Gyeonggi Minwon24,' linking resident registration abstracts and health insurance qualification certificates. When applying, documents are automatically submitted through 'Gyeonggi Minwon24,' and with the applicant's consent, only a certificate of enrollment (or graduation) for students and graduates who have resided in Gyeonggi Province for more than one year is required.

Kim Byung-man, head of the Education Cooperation Division of the province, said, "Currently, due to rising prices and economic downturn, the financial burden on young people is increasing," adding, "We hope that Gyeonggi Province's student loan interest support project will be a foundation for young people to overcome difficult times."

In 2022, Gyeonggi Province supported 44,151 people with 4.179 billion KRW through the 'Gyeonggi Province University Student Loan Interest Support' project.