Lee Junseok Pledges 50 Million Won Start-up Loan for Youth with High School Diploma or Less

At an Annual Interest Rate of 1.7%, 5 Million Won Per Quarter
"Not Populism, but Ensuring Equity with University Students"

On April 29, Lee Junseok, the presidential candidate of the Reform Party, pledged, "We will provide a total of 50 million won to young people with a high school diploma or less, distributed in 10 installments of 5 million won per quarter."

In a policy press release issued on this day, Lee stated, "This is not populism, but rather fair support to ensure equity with university students." Currently, young people who attend university can receive up to 56 million won in low-interest loans to cover tuition and living expenses for all semesters. However, young people with a high school diploma or less have no similar benefits, which has been pointed out as a case of de facto discrimination.

This support fund, named "Dundun Start-up Fund," will be provided at a low annual interest rate of 1.7%, the same as student loans for university students. Recipients can receive a total of 50 million won in 10 installments of 5 million won per quarter, with no restrictions on usage, including for starting a business, marriage, travel, living expenses, or housing.

Repayment can be made by choosing either a five-year grace period followed by a ten-year repayment schedule, or repayment after employment. If the recipient enrolls in university during the period, the remaining loan balance can be converted to a student loan.

The policy headquarters of Lee Junseok's campaign predicted that, while the amount may not be sufficient, it could serve as a solid foundation for young people with a high school diploma or less. In particular, it is expected to significantly help young adults preparing for independence after leaving child welfare facilities when they lose eligibility at age 18.

Lee stated, "Instead of engaging in vote-buying by giving 250,000 won per quarter under the name of a basic youth income, support should provide practical help for young people to enter society." He added, "Since the Dundun Start-up Fund is provided in the form of a loan, there is little risk of squandering the funds, and it does not place a heavy burden on the economy."