Ulsan City Supports Student Loan Interest for 380 People with a Total of 18 Million Won in the Second Half of Last Year

Reducing Interest Burden on College Tuition

Support Provided to 3,987 Students Since 2017

The ‘2022 Second Half University Student Loan Interest Support Project’ promoted by Ulsan City to reduce the burden of university tuition fees has been completed.

Ulsan City announced on the 10th that a total of 492 people applied for the loan interest support from November 23 to December 30 last year, and after screening, 380 people were finally selected and 18 million won was supported.

Since October 2017, Ulsan City has signed a business agreement with the Korea Student Aid Foundation and has been fully supporting the interest accrued on student loans (tuition and living expenses) borrowed from the foundation by students every semester.

From 2017 to the present, a total of 3,987 university students from the Ulsan area have received 193 million won in support, achieving an effect of reducing household burdens.

Ulsan City provides the funds to the foundation, and the foundation deducts the support amount from the principal and interest of the students’ loan accounts.

The support target is university students or students on leave nationwide whose resident registration address of either the student or their direct ascendants is in Ulsan as of the project announcement date.

In August 2019, Ulsan City expanded support by revising the ordinance to include university students whose direct ascendants’ address is in Ulsan as well as the student’s own address, and by extending support to students enrolled or on leave at universities nationwide regardless of whether the university is located in Ulsan or elsewhere.

The interest support project for the first half of this year is planned to be established and promoted in early July, and detailed information can be found by checking the announcement on Ulsan City’s website and submitting the required documents to apply.

An official from Ulsan City said, “This project is being promoted to ease the burden on young people who are struggling in an era of high inflation and high interest rates.”