Daejeon City is stepping up to support the credit recovery of local youth who face difficulties in employment and economic activities due to student loan delinquencies.
On the 22nd, the city announced that if a student loan borrower has long-term delinquency resulting in credit caution information being registered, it will support the initial payment amount of the installment repayment agreement (up to 5% of the delinquent principal and interest) to help lift the credit caution information registration.
Applications for support can be made from the 27th to the 14th of next month on the Daejeon Youth Portal website. Selected applicants must enter into an installment repayment agreement with the Korea Student Aid Foundation to receive support.
Eligible applicants are those who currently reside in Daejeon as of the announcement date and have long-term delinquency on Korea Student Aid Foundation student loans (with credit caution information registered) and have the intention to repay in installments.
For more detailed information about the support, please refer to the recruitment announcement posted on the city’s website or the Daejeon Youth Portal website, or contact the Youth Policy Division of Daejeon City Hall.
Meanwhile, according to the Korea Student Aid Foundation, as of the end of last month, 371 young people residing in Daejeon were registered with credit caution information.
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