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EyeofTheArgus
Alleviating High Interest
ByParkHyun-chul
EditorialConsultant
anycollegestudents,about35hundredthousandstudents,receivedthegovernment-guaranteedloan
fromtheKoreaStudentsAidFoundation(KOSAF)duringthelastsemester,andthesumoftheloan
totalled about 1.2 trillion won. According to a report by the foundation, it was the fixed and low
interestoftheloanprovidedbyKOSAFwhichmademanystudentsapplytothestate-fundedloan.
While the state-funded loan for tuition fees relieves the suffering of college students, the government must
do more. It needs to increase support for student loans, especially the high fixed interest rate loans. And it
needs to provide more low or zero-interest loans to college students. According to the legislator Lee Sang-
min, the congressman of United Democratic Party, 38 percent of student loans provided by KOSAF are fixed
at a 7 percent interest rate. This is twice the level of interest at 3.9 percent that student loans charged in the
last semester. Due to the high interest on student loans, student loan debtors are steadily becoming delinquent
borrowers. Jang Jin-hoo, the legislator of the leftwing Unified Progressive Party, suggested in a report that the
number of college students who had become credit delinquent had increased from 22 thousands in 2009 to 37
thousandsthisyear.
Of course, to solve the problems of tuition fees and the resultant high interest rate student loans, the radical
methodistocutthetuitionfees,butthismethodisalong-termsolution.Withshrinkingincomeandhighyouth
unemployment,areductionofthehighinterestratesistheefficientmethod.
To solve the problem of the high interest on student loans, the government should find various alternative
ways to fund college tuition fees, either by offering low interest loans or making up the increase in the high
interestloans.Forexample,thegovernmentcouldappealtotheleadingconglomeratesinKorealikeSamsungor
Hyundai.Actually,ChungMong-koo,chiefoftheHyundaiMotorGroup,saidthefoundationofhiscorporation
has a plan to provide college students with a tuition fee loan program, which offers low interest rates ranging
between 0 and 3 percent per annum. In addition the program is designed to support students struggling with
high-interestloansfromthesecondarybankingsectororprivatemoneylenders.
Educating the next generation is much more important than other policies. It is the truth that the great
enthusiasm for education is the driving force of the economic growth and the democratization in the South
Korea. Therefore, making college affordable is the best investment in our country’s economic and political
future.Anditisthehonorablethingtodoforhard-upstudentsandtheirfamilies.
qpsials31@hufs.ac.kr
SEPTEMBER 2012
EyeofTheArgus
Alleviating High Interest
ByParkHyun-chul
EditorialConsultant
anycollegestudents,about35hundredthousandstudents,receivedthegovernment-guaranteedloan
fromtheKoreaStudentsAidFoundation(KOSAF)duringthelastsemester,andthesumoftheloan
totalled about 1.2 trillion won. According to a report by the foundation, it was the fixed and low
interestoftheloanprovidedbyKOSAFwhichmademanystudentsapplytothestate-fundedloan.
While the state-funded loan for tuition fees relieves the suffering of college students, the government must
do more. It needs to increase support for student loans, especially the high fixed interest rate loans. And it
needs to provide more low or zero-interest loans to college students. According to the legislator Lee Sang-
min, the congressman of United Democratic Party, 38 percent of student loans provided by KOSAF are fixed
at a 7 percent interest rate. This is twice the level of interest at 3.9 percent that student loans charged in the
last semester. Due to the high interest on student loans, student loan debtors are steadily becoming delinquent
borrowers. Jang Jin-hoo, the legislator of the leftwing Unified Progressive Party, suggested in a report that the
number of college students who had become credit delinquent had increased from 22 thousands in 2009 to 37
thousandsthisyear.
Of course, to solve the problems of tuition fees and the resultant high interest rate student loans, the radical
methodistocutthetuitionfees,butthismethodisalong-termsolution.Withshrinkingincomeandhighyouth
unemployment,areductionofthehighinterestratesistheefficientmethod.
To solve the problem of the high interest on student loans, the government should find various alternative
ways to fund college tuition fees, either by offering low interest loans or making up the increase in the high
interestloans.Forexample,thegovernmentcouldappealtotheleadingconglomeratesinKorealikeSamsungor
Hyundai.Actually,ChungMong-koo,chiefoftheHyundaiMotorGroup,saidthefoundationofhiscorporation
has a plan to provide college students with a tuition fee loan program, which offers low interest rates ranging
between 0 and 3 percent per annum. In addition the program is designed to support students struggling with
high-interestloansfromthesecondarybankingsectororprivatemoneylenders.
Educating the next generation is much more important than other policies. It is the truth that the great
enthusiasm for education is the driving force of the economic growth and the democratization in the South
Korea. Therefore, making college affordable is the best investment in our country’s economic and political
future.Anditisthehonorablethingtodoforhard-upstudentsandtheirfamilies.
qpsials31@hufs.ac.kr
SEPTEMBER 2012
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