The government has decided to cut interest rates on student loans from the Korea Scholarship Foundation, which used to address the burden of college students' tuition and living expenses. 1.7%, 0.15% p printing from 1.85% last September semester. The Ministry of Education and the government said they made the decision to ease the burden on parents and students. So today, we will learn about the news of the interest rate cut on student loans and take a look at various loan products and policies of the Korea Scholarship Foundation Foundation.
What is the Korea Scholarship Foundation?
The Korea Scholarship Foundation is an institution established so that anyone with the will and ability can have educational opportunities regardless of the economic environment. There are many institutions that operate to foster student welfare and future talent, and scholarship projects that help students and parents, including the underprivileged, are also not neglected.
a cut in interest rates on student loans
According to news released by the Ministry of Education and the Korea Scholarship Foundation, in order to relieve the burden on interest, the school fees for the first semester of this year will be lowered by 0.15%p. This will ease the burden of about 8.5 billion won in interest.
Reducing the Reimbursement Burden
In addition, college students with a median income 폰테크 of 4.388 million won or less per month or less will be eligible for student loans after employment to reduce the burden of paying back school expenses. Since the income standard for repayment after employment is also raised to 21.74 million won > 22.8 million won, repayment can be suspended until the annual salary reaches 22.8 million won after college graduation.
Repayment postponement will also be possible. In addition to the reduction of student loan interest rates, repayment of student loans can be suspended for up to three years if parents lose their jobs or close their businesses, causing financial difficulties.
What is a student loan from the Korea Scholarship Foundation?
Student loans are a policy that helps all students, including college freshmen and students, to be faithful to their studies by reducing the burden of tuition. There are tuition fees with entrance fees and tuition fees, and there are living expenses loans that can be used for lodging, transportation, and purchase of textbooks.
Types of student loans
There are three types of student loan systems operated by the Korea Scholarship Foundation, which are as follows.
student loans repaid after employment
The system provides loans to undergraduate students in eight sections or less to repay principal and interest according to income levels from the time when income such as employment occurs.
The original lending rate was 1.85 percent, but the cut is expected to apply low interest rates.
General repayment student loan
The system supports student loans to all undergraduate and graduate students in the student support section and provides repayment by dividing the principal and interest during the loan period.
a student financier from a rural university
It is a system that guarantees the opportunity for higher education for children of farmers and fishermen by lending the entire tuition fee to undergraduates from farming and fishing villages at no interest.