Studnet Loans, How to Ease the Burden?

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Hello! I wonder how you are spending your winter vacation so far. As we are still in the beginning of this year, you still have a plenty of time to go for your yearly plan. So, do not be too harsh on yourself, even though you regret something. Let us begin today’s topic, ‘student loan’ which might interest lots of our college student readers and foreigners planning to study in Korea.

 

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College tuition fee is a burden on students and their parents. In Korea, about 37,000 college students are on student loans from various financial institutions. This figure shows ‘twelve-times-increase’ compared to the past five years. Student loans can be useful means to finance students’ needs, but it may be a potential threat to personal bankruptcy even before students graduate from college and settle down in society. Then how can student manage their debts? Let me tell you in detail.

 

First of all, there is ‘credit recovery program’ provided by government for the purpose of easing students’ burdens. Reimbursement measures are given to college students experiencing a hard time repaying personal loans. Students may apply for debt-rescheduling or other forms of economic aids available. A different measure will be given, depending on the type of liability owed by a student. For more detailed information, you may visit ‘Credit Counseling & Recovery Service’ webpage at http://www.ccrs.or.kr. When you are to apply for supporting measures on the webpage, the following documents may be asked; a proof of enrollment (diploma), a copy of resident registration, an identification card and most importantly, the application form.

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Second measure, which is limited to ‘student loan only’, excluding any other types of personal loans, is provided by KOSAF (Korea Student Aid Foundation). If visiting the website at http://eng.kosaf.go.kr, you will find out various supporting measures designed to diminish students’ risk of personal bankruptcy. Measure include; lock-in period, redemption by installment, and exemption of interests. As well as those direct financial supporting measures, there are other forms of extra aids such as job training, recruitment information and employment promotion.

Did I give you the information in need that you had been looking for? I hope that you would receive financial support or aid available, if you, as a student, have been struggling with your personal loans or student loans. Also, share it with your peers who would have missed out this information!

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