Yongin City Offers Education Loan Support for Children of Local Farmers

Yongin City announced on the 9th that it will implement an education loan support program for farmers' children attending college in the first semester of 2011.

The city will provide long-term, interest-free education loans to farmers with university-age children in order to reduce the financial burden of education costs for farming families.

Farmers residing in rural areas within the region who have children currently enrolled in university are eligible to apply.

Applications are accepted within the range of semester registration fees for the current year, including tuition, lecture fees, and school activity fees. Interest-free loans of up to approximately 5 million won per person are available for the full application amount.

Education loans are now available through guarantee insurance, allowing applicants to receive loans without having to provide collateral such as establishing junior mortgages.

Repayment can be made in equal installments over 4 years (2-year grace period) for college, or 6 years (4-year grace period) for university.

Interested applicants should submit the loan support application form available at their respective district office and eup/myeon office along with an enrollment certificate by the 21st.

Meanwhile, the city has provided education loans totaling approximately 2.3 billion won to 642 farmers' children attending university from 2008 through last year.