"Korea Student Aid Foundation and Yeongcheon City Join Hands to Support Young People with Long-Term Student Loan Delinquencies"

The Korea Student Aid Foundation (Chairman Bae Byungil) and Yeongcheon City (Mayor Choi Kimum) signed a business agreement on the 11th to support a credit recovery program for young adults with long-term student loan delinquencies.

This agreement aims to support credit recovery for young residents of Yeongcheon City, reduce the burden of student loan repayment, and create an environment where they can focus on economic activities such as employment and entrepreneurship.

Byungil Bae, Chairman of the Korea Scholarship Foundation, and Kium Choi, Mayor of Yeongcheon (left), are posing for a commemorative photo after signing a business agreement to help young people with long-term overdue student loans.

Eligible applicants are young adults aged 39 or younger with long-term student loan delinquencies who have their registered address in Yeongcheon City. There are two types of support available.

Type 1 is for young adults with long-term delinquencies whose credit information has been registered. If they sign an installment repayment agreement, Yeongcheon City will provide initial payment support (up to 1 million KRW per person), and the Korea Student Aid Foundation will assist in lifting the registered credit information after the agreement is made.

Type 2 is an early repayment support program for diligent payers. Those who maintain their installment repayment agreement for more than one year and have faithfully repaid at least 50% of the agreed amount will receive early repayment support (up to 1 million KRW per person).

Bae Byungil, Chairman of the Korea Student Aid Foundation, said, "We appreciate Yeongcheon City's interest and support for the economic recovery of young adults with long-term delinquencies," and added, "We will continue to strengthen cooperation with external organizations and expand the credit recovery support program so that more young adults in long-term delinquency can benefit."