Proposed by Councilman Kim Jaedong
Abolition of Income Criteria
The income criteria for interest support on student loans for university students in the Incheon area have been abolished, and the number of beneficiaries is expected to increase.
The Incheon City Council announced that the partial amendment to the "Ordinance on Interest Support for University Student Loans in Incheon," which was proposed by Assemblyman Kim Jae-dong (National, Michuhol-gu 1) of the Administrative and Safety Committee, was approved as originally proposed by the standing committee on the 25th.
The amendment removes the income criteria to expand the eligibility for interest support on university student loans, allowing those who have been registered residents of Incheon for more than one year, either themselves or one of their parents, to receive support.
Previously, interest support on student loans was provided to households with an income at or below the 8th decile based on the 10 decile household income standard (calculated by the Korea Student Aid Foundation), or to families with three or more children.
With the amendment to the ordinance, interest support will be provided regardless of economic conditions, and the current number of about 12,000 beneficiaries is estimated to increase to about 17,000. The amendment is scheduled to be finally processed at the 5th plenary session of the 301st extraordinary meeting on the 4th of next month.
Assemblyman Kim said, "Economic conditions such as income level should not be an obstacle to anyone having equal opportunities for education," and added, "I will continue to encourage Incheon to pursue proactive and preemptive administration compared to other regions."
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