The life insurance industry will provide 100 million won to support young victims of jeonse fraud in repaying their student loans.
On May 8, the Life Insurance Social Contribution Committee announced that it has signed a memorandum of understanding with the Korea Student Aid Foundation. This agreement aims to alleviate the financial burden of student loan repayments for young victims of jeonse fraud, supporting their economic recovery and facilitating their smooth transition into society.
Eligible recipients include individuals under 30 who have been identified as victims of jeonse fraud and have a remaining balance of over 1 million won on their general repayment student loans. Each eligible person will receive at least 300,000 won, covering both interest and principal of their student loans.
Kim Cheol-joo, chairman of the Life Insurance Social Contribution Committee, stated, "The life insurance industry will continue to show ongoing concern and support for socially vulnerable groups and those in difficult situations."
Park Chang-dal, chairman of the Korea Student Aid Foundation, also remarked, "We will continue to promote private sector-linked support initiatives to ease the repayment burden on young people facing economic hardships."
Meanwhile, the committee was established in 2007 to coordinate joint social contribution activities among life insurance companies. Since then, it has engaged in various social contribution efforts, including support for vulnerable groups, disaster response, and community coexistence.
* This article has been translated by AI.
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