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There is a system that allows young people who have had a high school loan to pay low interest rates in the past. However, it is not a benefit that all young people can receive, so it is quite common to hold high interest rates 10 years ago.
Reporter Song In-ho reports.
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young man in his 30s who received a 15-year student loan from the second year of university in 2008.
In the wake of the recent corona, the burden of repaying student loans that resulted from the loss of a job has increased.
[Scholarship Foundation General Repayment Student Loan: I'm unemployed, and I have a long way to go. If the interest rate itself is applied at the same rate in the future, it will be a burden.] In
2008, the first student loan received at 7.8% interest rate could be changed to 2.9% interest rate in 2014, but the problem is from the 2010 loan.
Over the past two years, I have received six additional fixed rate loans, with interest rates ranging from 4.9% to 5.7%, more than three times the current 1.85%.
The Scholarship Foundation is converting existing high-interest student loans to low-interest rates, but since 2010, when variable rate products were introduced, lenders have been excluded from conversion.
[Korea Scholarship Foundation officials: I think the resources are limited. At that time, friends from low-income households (with variable interest rates) were able to carry out loans with'student repayment after employment'… .] More
than 1.17 million young people received relatively high interest student loans between 2010 and 2012.
Of these, more than 130,000 are still paying off loans with high interest rates.
[Scholarship Foundation General Repayment Student Loan: You can't ask for the right to cut interest rates, you have to pay the next 5 years with a fixed rate 10 years ago... .] With the
prospect that the corona aftermath will be prolonged, additional measures by the education authorities are needed to reduce the burden on the youth.
Go rate as it was 10 years ago... 'Student Loan' that bends a young man's waist
2020-07-13T23:48:08.308Z
There is a system that allows young people who have had a high school loan to pay low interest rates in the past. However, it is not a benefit that all young people can receive, so it is quite common to hold high interest rates 10 years ago.
Source: sbskr