March 29, 2014 marks the one year anniversary of the launch of the Happiness Fund, a debt relief program for heavily-indebted low-income earners. The program includes restructuring debt, easing debt servicing burden on student loans, and converting high-interest loans to lower-interest ones.
Despite worries about possible moral hazard, the Happiness Fund made better-than-expected achievements for the last one year, greatly relieving debt burdens of ordinary people and students.
The Happiness Fund will purchase more student loans and expand its reach to wider range of applicants. Moreover, the FSC will make efforts to launch an integrated system as soon as possible to manage and coordinate microfinance programs.