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Home l Domestic Programs l School Expenses Support Program l Loan Support Program for School Expenses of University Students from Farm Villages
Program Name: Loan Support Program for School Expenses of University Students from Farm Villages
Division in Charge: Division of Academic Scholarship
Application Period: Jan 5~12, 2009
Contact Information: (Name) Seok-pyo Hong, (Tel) 02-3460-5630 (E-mail) sphong@krf.or.kr
Program Purpose
- To release the financial burden off of parents of university students from farming and fishing villages and provide them with equal opportunities to an education
Program Scope
- No. of Supported Students: About 27,000 (1st Semester: About 14,000, 2nd Semester: About 13,000)
- Support Budget: About KW90billion (1st Semester: About KW47billion, 2nd Semester: About KW43billion)
Support Direction
- Prioritize supporting children of people who are residing in farming and fishing villages and engaged in agriculture and fisheries.
- Prioritize supporting children with disabilities, children of households with more than 3 children, and children of vulnerable households engaged in agriculture and fishing industries, such as Basic Livelihood Security recipient families, grandparent-grandchild families, and multicultural families.
- Prioritize students with higher academic scores within the same priority group.
- Provide loan support for the entire application amount within the school expenses amount (notified tuition fees) per semester.
- Select students based on rational and equal criteria, and operate the loan financing in an efficient way.
Method of School Expenses Support
- Interest-free loan for university students from farming and fishing villages
Applicant Qualifications
- Children of people who have been residing in farming and fishing villages for more than 6 months; and
- Students of colleges or universities that were founded under special law, including universities, industrial universities, educational universities, technical colleges (including polytechnic colleges), universities of science and technology, institutes of science and technology, etc., among the universities specified in Article 2 of the Higher Education Law; and
- Students who have completed 12 credits during the last semester and earned academic scores over 70% (out of 100%).
- Students of graduate schools, credit bank system-based educational institutes, remote universities (broadcasting universities, communications universities, broadcasting and communications universities, cyber universities), and foreign universities are excluded.
A. Criteria for Farming and Fishing Villages: Farming and fishing villages defined under the Notification No. 95-86 of Ministry of Agriculture and Forestry (Oct 10, 1995), limited to cities, and kun and myun areas. However, residential areas, commercial areas and industrial areas designated under the National Land Planning and Utilization Act (Article 36.1.(1)) within the same areas defined above are excluded.
Loan Support Amount and Support Period
- A. Loan Support Amount of School Expenses: Up to the extent of the entire school expenses for the semester notified by colleges or universities, which includes entrance fees, tuition fees, and school support fees.
- B: Support Period: Up to 8 semesters for universities, up to 4~6 semesters for colleges. In the case of colleges or universities that have more than 8 semesters in the regular academic course, such as dental colleges or medical colleges, support will be extended to cover the entire number of semesters.
Public Invitation & Application
- A. Public Invitation Method: Relevant notice will be posted on Integrated School Expenses Support System (http://scholar.krf.or.kr) with an official document sent out.
- B. Application Method
Online Application
- Student Applicants: Become a member of the Integrated School Expenses Support System, log on into the website, and fill in the application form for school expenses support. Make sure to input all the details in the form.
- Colleges and Universities: Input basic school information (including department code) and students' academic records, and check the information entered by students
Required Documents
- Student Applicants: Submit the following documents to the Department of Scholarship at their colleges or universities
* 1 set of Application Forms. which includes the Loan Agreement, Agreement on Restricting Ineligible Beneficiaries, and Agreement on Provision & Utilization of Personal Credit Information. The Application Form must be stamped by the applicant 's guardian (signature will not be accepted) and sealed before submission.
* If the guardian of the applicant is engaged in farming or fishing industries but is not registered as a household in the attested copies of the Original Farming Register, Fishing Permit, and Original Fishing Register, replace them with the Confirmation Letter for Farming & Fishing Employers, which proves that the guardian is working in the farming or fishing sector.
- This condition is applied only to the applicants with top priority.
* If the Residential Registration does not show that the applicant and the applicant's guardian reside together, submit a document that proves the family relationship, such as a attested copy of Family Relation Certificate or Residential Registration Log
- This is limited only to the applicable applicants.
* Confirmation Letter for Land Usage Plan. Applicants from eup and myun areas don't need to submit this document. However, residents of Green Zones in Farming and Fishing Villages in the same areas of cities and kuns, special cities, and metropolitan cities should submit the document because the land usage plan cannot be confirmed through the computer network.
- Colleges & Universities: Submit the following documents to the Foundation by registered mail.
* Letter of Recommendation for School Loan Program (Official seal of schoolmaster must be attached), Application Form
Other required documents (scanned).
Original copies of all these documents should be kept by the colleges & universities.
Application and Loan Repayment Plan
- A. Restrictions on Application
Duplicated Applications
- Beneficiaries of Government-guaranteed School Expenses Loan, School Expenses Loan for Engineering & Technology Field, School Loan Programs of Government Employees Pension Corporation, Korea Teachers Pension, Ministry of Labor (Employment Insurance Fund), Korea Labor Welfare Corporation (Industrial Accident Compensation Insurance Fund) and etc. cannot apply for this loan. Also, the children of executive members of government-funded or -invested organizations and corporations that support the entire school expenses are restricted from applying. However, these students can apply for the rest of the school expenses subtracting the amount they receive from other places.
Students who have received reprimands above suspension from school
Students who are temporarily staying out of school or who have left school voluntarily
Students whose residential periods are less than 6 months according to their Residential Registration Certificates
Students (not guardians) who have been listed as one of those who have disturbed the financial order by financial institutions or credit delinquents
* If it is found that the students falling into the above categories have received the loan, not only the loan can be forfeited but also further administrative restrictions by their colleges or universities can be imposed, such as restrictions on future school loan payment.
* Duplicated student loan beneficiaries between 2006 and 2008 who have not returned their undue loan amount cannot apply for the loan. (Those who have returned the money are excluded.)
- B. Repayment Condition: Refer to the Foundation's integrated school expenses system "School Expenses Management Guide"
Repayment Period
- Repayment of the supported loan amount for one semester should be made within one year after graduation or completion of the course in colleges or universities.
- In the case of students who have been expelled from school or left school voluntarily, repayment of the loan should be made beginning in March or September without a one-year grace period.
Repayment Method
- Repayment will be in accordance with an individual 's repayment plan--monthly, quarterly (Mar, Jun, Sep & Dec), semi-yearly (Mar & Sep), yearly (Mar or Sep) payment, or one lump-sum payment (repayment can be made beginning in Mar or Sep.)
* If there have been any changes in beneficiaries ' personal information such as address or phone number, the relevant information in “personal information” on the scholarship site should be corrected and saved.
* Refer to the『School Expenses Repayment Management Guide』for extensions of the repayment period, exemptions to repayment, alterations in school register…etc.
Screening of Qualifications and Selection Process
- A. Screening Contents & Method
* Residential Registration Certificate, Farmland Register, and Fishing Permit should be submitted online so the relevant information can be retrieved through the computer network.
(If the applicant has been registered as a household member, a Confirmation Letter for Farming & Fishing Employees should be submitted together.)
- B. Selection Method
Priority Sequence
- 1st Sequence: Children whose guardians are actually engaged in the farming or fishing in farmland or fishing areas (kun and smaller administrative areas)
- 2nd Sequence: Children whose guardians reside in farmland (kun and smaller administrative areas)
Those applicants who do not have parents should state the following person(s) as guardian(s) in the application form.
1) Grandparent or brother or sister (excluding minors)
2) Spouse in case the applicant has been married
3) Relatives in case the applicant has no parent, spouse, grandparent, or brother or sister
4) If the applicant themselves is a farmer or fisher, other people who can play the guardian role such as the applicant 's professor, teacher, or colleague.
* Applicant themselves cannot be a guardian.
Payment & Management of School Expenses
- A. Payment Method: A lump sum deposit will be made to the online account through the head of relevant department of the colleges or universities after the announcement of the selection results.
- B. Use of School Expenses Support Fund
Under "Application Guide" and "Repayment Guide", the loan for school expenses can be paid by replacing the registration fee or being deposited to an individual bank account.
- C. Management of School Expenses Support Fund for University Students from Farming or Fishing Villages
School Expenses Support Fund should be managed in the bank account of the head of the department to which the applicant belongs.
In the case of newly admitted students, school expenses are paid only after the students pay the school expenses to the school first.
* In the case that applicants fall into the following categories, the entire or part of the school expenses paid to students can be forfeited.
Applicants who have received a reprimand above suspension from school
Applicants who have temporarily left school without registration
When it is deemed necessary to suspend the payment of school expenses or student loan.
Forfeiture of School Expenses Support and Post Management
- A. Forfeiture of School Expenses Support
In case any reasons for forfeiture (duplicated receipt, difference between the support and actual school expenses, or beneficiaries ' voluntary waiver) occurs, colleges or universities should input the necessary information, such as the reason for forfeiture and amount of forfeiture, into the Integrated School Expenses Support System (http://scholar.krf.or.kr) and submit the official document (Letter of Forfeiture including the list) and the receipt to the Foundation.
- Post Management
When providing a school expenses support, replace it with the tuition fee if possible, and send the payment-related receipt to the Foundation within 1 month of the payment (can be replaced by Slip of Deposit Transfer).
In case any change occurs in the contents of school registration, it should be reported to the Foundation immediately.
All documents related to payment and forfeiture of school expenses support should be kept.
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