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SPECIAL ACT ON INCOME CONTINGENT LOAN — 법갈피

영문법령 / SPECIAL ACT ON INCOME CONTINGENT LOAN

SPECIAL ACT ON INCOME CONTINGENT LOAN

법률일부개정시행 2025-06-19교육부 · 제20788호 · 공포 2025-03-18

CHAPTER I GENERAL PROVISIONS

Article 1(Purpose) #

The purpose of this Act is to allow anyone to have an opportunity of desirous higher education according to his or her will and ability irrespective of present economic condition by giving income contingent loans to be repaid after employment. <Amended on Mar. 23, 2021>

Article 2(Administration) #

The projects for income contingent loans to be repaid after employment and repayment projects pursuant to this Act shall be administered by the Minister of Education. <Amended on Mar. 23, 2013>

Article 3(Definitions) #

The terms used in this Act are defined as follows: <Amended on May 17, 2010; May 14, 2014; Dec. 18, 2018; Mar. 23, 2021; Aug. 17, 2021>

1. The term "income contingent loan" means a loan given to undergraduate students of which principal and interest are to be repaid according to income level after income comes into existence;

1-2. The term "transition loan" means an education loan that the Korea Student Aid Foundation established under Article 6 of the Act on the Establishment, etc. of Korea Student Aid Foundation (hereinafter referred to as the "Korea Student Aid Foundation") grants to a person who has received a direct loan defined in subparagraph 3 of Article 2 of that Act or credit guarantee defined in subparagraph 4 of that Article (hereinafter referred to as "existing loans"), with an aim of supporting such person in repaying loans he or she has already obtained;

2. The term "higher education institutions" means the following:

(a) Schools defined in Article 2 of the Higher Education Act;

(b) Major colleges specified in Article 31 (4) of the Lifelong Education Act and distance college-type lifelong educational establishments specified in Article 33 (3) of that Act;

(c) Polytechnic colleges defined in subparagraph 5 of Article 2 of the National Lifelong Vocational Skills Development Act;

Article 16-2(Exemption from paying interest) #

(1) A debtor who is performing military service in any of the following positions under the Military Service Act shall be exempted from paying the interest on education loans which accrues during a corresponding military service period: <Amended on Jun 4, 2013; Dec. 31, 2019; Jun. 8, 2021>

1. Active duty serviceman under Article 16 of the Military Service Act;

2. Full-time reserve serviceman under Article 21 of the Military Service Act;

3. Social work personnel and alternative service personnel under Article 2 of the Military Service Act.

(2) Where a debtor falls under any of the following subparagraphs at the time of lending, he or she shall be exempted from interest on student loans accrued during the period from the time of lending to the time of graduation from the higher educational institution and the period before the annual income prescribed by Presidential Decree (hereinafter referred to as "annual income") exceeds the standard income for repayment: <Added on on Jun. Jun. 8, 2021; Dec. 26, 2023>

1. Recipients defined in subparagraph 2 of Article 2 of the National Basic Living Security Act;

2. Those in the second-lowest income bracket defined in subparagraph 10 of Article 2 of the National Basic Living Security Act;

3. Persons who belong to the household income percentiles prescribed by Presidential Decree;

4. Children of a multi-child household publicly notified by the Minister of Education under Article 9.

(3) If the recognized amount of household income (referring to the recognized amount of household income of university students' households prescribed by Presidential Decree for supporting school loans) at the time of lending of a debtor (excluding cases falling under the subparagraphs of paragraph (2); hereafter the same shall apply in this paragraph) does not exceed the standard median income defined in subparagraph 11 of Article 2 of the National Basic Living Security Act, the debtor shall be exempted from interest on school loans accrued during the period from the time of lending until the debtor's annual income exceeds the first repayment standard income; provided, this shall not apply where two years have passed since the debtor graduated from the higher educational institution. <Newly Insert on Dec. 26, 2023>

(4) Where a debtor falls under any of Article 18 (7) 2 through 5 and the repayment of the principal and interest of a loan is deferred, the debtor shall be exempted from the interest on the student loan accrued during the period of deferment of repayment. <Added on on Dec. Dec. 26, 2023>

[This Article Added on May 10, 2013]

Article 18(Principle of paying principal and interest on loans) #

(1) Debtors may pay the principal and interest on loans at any time.

(2) Notwithstanding paragraph (1), where the annual of a debtor prescribed by Presidential Decree exceeds an income threshold for repayment, the debtor shall pay an amount (hereinafter referred to as "compulsory repayment amount"; where the amount calculated falls short of the minimum amount of compulsory repayment prescribed by Presidential Decree, referring to the minimum amount of compulsory repayment) calculated by multiplying the amount obtained by subtracting an income threshold for repayment from the annual income by a ratio prescribed by Presidential Decree in consideration of the period of the debtor's education loans and the amount thereof for each course of degrees within a range between 20/100 and 40/100 (hereinafter referred to as "repayment ratio"); provided, in cases of retirement income, an amount calculated by multiplying retirement income by a repayment ratio shall be repaid. <Amended on Jun. 8, 2021; Dec. 26, 2023>

(3) Notwithstanding paragraph (2), where a debtor receives an inheritance (excluding an amount referred to in the subparagraphs of Article 13 (1) of the Inheritance Tax and Gift Tax Act) or a gift (excluding an amount referred to in Articles 45-2 and 47 (2) of that Act) under that Act, he or she shall pay an amount calculated by multiplying the tax base of inheritance tax (referring to tax base equivalent to such debtor's share of inheritance) or the tax base of gift tax by repayment ratio, as prescribed by Presidential Decree.

(4) In applying paragraph (2), income shall be as listed in the subparagraphs of Article 4 (1) of the Income Tax Act; provided, such amount not included in the global income prescribed in Article 14 (3) of that Act shall be excluded. <Amended on Mar. 23, 2021>

(5) An income threshold for repayment shall be publicly notified every year by the Minister of Education, considering the standard median income prescribed in subparagraph 11 of Article 2 of the National Basic Living Security Act, inflation rate, etc. <Amended on Mar. 23, 2013; May 29, 2016; Mar. 23, 2021>

(6) In order to ensure the sound operation of the income contingent loan program, the repayment ratio referred to in paragraphs (2) and (3) may be adjusted by Presidential Decree by up to 50/100 of such repayment ratio, considering financial burden due to the projects of education loan, prospect for national finance, actual repayment of loans, average repayment deadline, etc. <Amended on Mar. 23, 2021>

(7) Notwithstanding paragraph (2), where any of the following debtors assumes the liability for repayment prescribed in paragraph (2) due to a business income prescribed in Article 19 (2) of the Income Tax Act and a wage and salary income prescribed in Article 20 (2) of that Act, the repayment may be deferred upon application, as prescribed by Presidential Decree; provided, subparagraphs 2 through 5 shall only apply to persons suffering from economic difficulties, and the standards therefor shall be prescribed by Presidential Decree in consideration of the income excluding a business income prescribed in Article 19 (2) of the Income Tax Act and a wage and salary income prescribed in Article 20 (2) of that Act within the scope of income prescribed in paragraph (4): <Added on on Jun. Jun. 22, 2015; Mar. 13, 2018; Dec. 31, 2018; Dec. 22, 2020; Dec. 26, 2023>

1. An undergraduate student;

2. A person who has filed a report of business closure prescribed in Article 8 (8) of the Value-Added Tax Act;

3. A person who was a worker prescribed in Article 2 (1) 1 of the Labor Standards Act and has become unemployed, or a person who has retired after holding office as a public official prescribed in Article 2 of the State Public Officials Act or Article 2 of the Local Public Officials Act;

4. A person on child-care leave pursuant to Article 19 of the Equal Employment Opportunity and Work-Family Balance Assistance Act, Article 71 (2) 4 of the State Public Officials Act or Article 63 (2) 4 of the Local Public Officials Act.

5. The debtor shall be a resident of an area where a disaster situation is declared pursuant to Article 36 of the Framework Act on the Management of Disasters and Safety or a special disaster area is declared pursuant to Article 60 of the same Act due to a disaster defined in subparagraph 1 of Article 3 of the same Act;

(8) Notwithstanding paragraph (2), the compulsory repayment amount of a debtor who has any of the following incomes may be the amount obtained by subtracting from the compulsory repayment amount calculated pursuant to paragraph (2) the amount the debtor has repaid pursuant to paragraph (1) in the year to which the relevant income belongs (excluding the amount returned pursuant to Article 39 (6)). In such cases, the amount to be subtracted shall be limited to the compulsory repayment amount calculated pursuant to paragraph (2) for the following incomes: <Added on on Mar. Mar. 13, 2018>

1. A business income prescribed in Article 19 (2) of the Income Tax Act;

2. A wage and salary income prescribed in Article 20 (2) of the Income Tax Act.

(9) The calculation of compulsory repayment amounts and other matters necessary for repayment shall be prescribed by Presidential Decree. <Amended on Jun. 22, 2015; Mar. 13, 2018>

Article 19(Special cases of long-term non-payers) #

(1) The Minister of Education may inspect income, property, etc. (hereinafter referred to as "property, etc.") of long-term non-payers (including spouse thereof in cases of a married person). <Amended on Mar. 23, 2013>

(2) As a result of inspecting property, etc. under paragraph (1), where an amount gained by converting the property, etc. of a long-term non-payer into income (hereinafter referred to as "deemed income") exceeds the amount gained by multiplying an income threshold for repayment by a specific multiple prescribed by Presidential Decree (hereinafter referred to as "deemed income threshold for repayment), he or she shall pay an amount gained by multiplying such excess amount by repayment ratio (hereinafter referred to as "compulsory repayment based on deemed income"); provided, where a long-term non-payer vindicates that the adjusted amount of net property gained by subtracting his or her debts from property, etc. is less than a deemed income threshold for repayment, this shall not apply.

(3) Where a long-term non-payer fails to fully make compulsory repayment based on deemed income within one year, the Minister of Education may compulsorily collect such unpaid amount in the same manner as delinquent national taxes. <Amended on Mar. 23, 2013>

(4) In cases falling under paragraph (3), the long-term non-payer shall pay the outstanding principal and interest on a loan in full, apart from unpaid amount of compulsory repayment based on deemed income; provided, where such long-term non-payer is unable to pay the principal and interest in full, the Minister of Education may allow the long-term non-payer to repay the balance based on such methods as the payment of principal and interest by equal installments or the payment of principal by equal installments, and may request him or her to put up collateral for the loan. <Amended on Jun. 22, 2015>

(5) Where a long-term non-payer is married, a deemed income shall be calculated based on the aggregate of property, etc. of such non-payer and his or her spouse, and paragraphs (1) through (4) shall apply mutatis mutandis to the payment of principal and interest on a loan; provided, only the debtor shall be liable for repayment, and shall be subject to the compulsory collection procedures.

(6) Where a long-term non-payer ceases to be a long-term non-payer because he or she repays the amount of the principal and interest on loan at or above the ratio of the repayment amount to the amount of the principal and interest on the loan for each elapsed time period prescribed by Presidential Decree while an inspection of his or her property, etc. is pending pursuant to paragraphs (1) through (5), he or she may be exempted from the inspection of property, etc. or, if an inspection is pending, such inspection may be suspended. <Amended on Jun. 8, 2021>

(7) Article 18 (6) shall apply mutatis mutandis to the adjustment of repayment ratio under paragraph (2).

(8) Matters necessary for the collection of principal and interest on loan of long-term non-payers, such as method of inspecting property, etc., method of evaluating property, etc., method of converting property, etc. into income, deemed income threshold for repayment, calculation of net property, etc. shall be prescribed by Presidential Decree.

Article 20(Special cases of emigrants) #

(1) A debtor, who intends to emigrate to a foreign country, shall report an emigration plan to the Minister of Education not later than three months before leaving Korea. <Amended on Mar. 23, 2013>

(2) A debtor, who intends to emigrate to a foreign country, shall pay the principal and interest on a loan in full not later than one month before leaving Korea; provided, where such debtor is unable to pay the principal and interest on the loan in full, the Minister of Education may allow the debtor to pay the balance based on such method as the payment of principal and interest by equal installments or the payment of principal by equal installments, and may request him or her to put up collateral for the loan. <Amended on Mar. 23, 2013; Jun. 22, 2015>

(3) A long-term non-payer, who has emigrated to a foreign country without any report under paragraph (1) or has not come back to Korea within one year from departure from Korea, shall immediately pay the principal and interest on a loan in full as soon as it becomes clear as determined by the Minister of Education that such long-term non-payer has emigrated to a foreign country or has not come back to Korea; provided, where such debtor has vindicated himself or herself with regard to emigration, the Minister of Education may allow the debtor to pay the principal and interest on the loan based on such method as the payment of principal and interest by equal installments or the payment of principal by equal installments, and may request him or her to put up collateral for the loan. <Amended on Mar. 23, 2013; Jun. 22, 2015; Mar. 23, 2021>

(4) Where a debtor emigrates to a foreign country or leaves Korea to stay in a foreign country for more than one year, he or she shall submit a certificate of payment of the principal and interest on income contingent loan, as prescribed by Presidential Decree.

(5) Where a debtor, designated by the Minister of Education as an emigrant to a foreign country who had not paid the principal and interest on a loan, or as a long-term non-payer who had not come back to Korea within one year after departure from Korea, has come back to Korea, the Minister of Education may urge such debtor to pay outstanding principal and interest on the loan, and request him or her to provide necessary information, such as address, place of residence, etc. <Amended on Mar. 23, 2013>

(6) The Minister of Education may regularly request the Commissioner of the Korea Overseas Koreans Administration to provide information on emigrants (limited to debtors) on a regular basis. In such cases, the Commissioner of the Korea Overseas Koreans Administration shall provide such information within 10 days from the date of request. <Amended on Mar. 23, 2013; Mar. 23, 2021; Mar. 23, 2021; Mar. 4, 2023>

(7) The Minister of Education may request the Minister of Justice to provide arrival and departure information of debtors. In such cases, the Minister of Justice shall provide such information without delay. <Amended on Mar. 23, 2013>

(8) The Minister of Education may request the Minister of the Interior and Safety to provide information concerning the report on emigration filed by a debtor or the issuance to a debtor of a resident registration certificate for Korean nationals residing abroad. In such cases, the Minister of the Interior and Safety shall provide such information without delay. <Added on on Jun. Jun. 22, 2015; Jul. 26, 2017>

(9) Other matters necessary for the payment of principal and interest on the loans of emigrants shall be prescribed by Presidential Decree. <Amended on Jun. 22, 2015>

Article 24(Payment of principal and interest on loans of persons having earned income) #

(1) A debtor, who had an earned income for the preceding year as prescribed in Article 137 of the Income Tax Act (including business income for the preceding year as prescribed in Article 144-2 of that Act, however, the same shall apply to cases prescribed by Presidential Decree; hereinafter the same shall apply) and is responsible for paying a compulsory repayment amount, and a subtracting agent, shall be notified of the amount to be subtracted at source, etc., as prescribed by Presidential Decree.

(2) When a subtracting agent notified under paragraph (1) pay a debtor a monthly income, he or she shall subtract a compulsory repayment amount at source from such income as prescribed by Presidential Decree and pay such amount by not later than 10th of the next month.

(3) Where a subtracting agent subtracts a compulsory repayment amount at source from the earned income of a debtor but fails to make payment, the compulsory repayment amount to may be deemed to have been paid by the debtor unless there is no fault prescribed by Presidential Decree on such debtor. <Amended on Mar. 23, 2013; Jun. 22, 2015>

(4) Where a subtracting agent fails to subtract a compulsory repayment at source under paragraph (2), or no subtracting agent exists due to reasons prescribed by Presidential Decree, such as retirement, the debtor shall pay the compulsory repayment amount.

(5) When a subtracting agent pays a compulsory repayment amount subtracted at source under paragraph (2), he or she shall submit a detailed statement of repayment as determined by the Minister of Education. <Amended on Mar. 23, 2013>

(6) When a subtracting agent fails to pay a compulsory repayment amount subtracted at source under paragraph (2) and arrearages prescribed in Article 30, the Minister of Education shall collect them from such subtracting agent in the same manner as delinquent national taxes. <Amended on Mar. 23, 2013>

(7) A debtor who has been notified of the amount to be subtracted at source, etc. under paragraph (1) may pay in advance the amount to be subtracted at source in full or in part by making payment twice, each time paying 1/2 of the amount to be subtracted at source, before a subtracting agent starts subtracting the compulsory repayment amount at source from his or her earned income for the preceding year pursuant to paragraph (2). <Added on on Jun. Jun. 22, 2015>

(8) A debtor who has been notified of the amount to be subtracted at source, etc. under paragraph (1) may pay all the remainder of the amount to be subtracted at source prescribed in paragraph (1), even after a subtracting agent starts subtracting the compulsory repayment amount at source from his or her earned income for the preceding year pursuant to paragraph (2). <Added on on Jun. Jun. 22, 2015>

(9) Detailed matters necessary for the subtraction of an amount to repay at source, payment, etc. referred to in paragraphs (7) and (8) shall be prescribed by Presidential Decree. <Added on on Jun. Jun. 22, 2015>

Article 27(Payment of principal and interest on loans of persons having transfer income) #

(1) Where a debtor has tax base of transfer income for transfer income prescribed in Article 94 (1) 1 of the Income Tax Act (excluding non-taxable transfer income provided for in Article 89 of that Act) under Article 92 of the Income Tax Act, the Minister of Education shall determine a compulsory repayment amount within three months from the end of the period for filing a final return on the tax base of transfer income under Article 110 of the Income Tax Act (referring to the period for filing a preliminary return on the tax base of transfer income as prescribed in Article 105 of the Income Tax Act, where a debtor is not obligated to file a final return on the tax base of transfer income under Article 110 (4) of that Act).

(2) Where the tax base of transfer income, etc. is determined or corrected under Article 114 of the Income Tax Act with respect to debtors, the Minister of Education shall determine a compulsory repayment amount or revise the determination referred to in paragraph (1) within three months from the date of such determination or correction.

(3) Where any omission or error is found in the determination or correction of a compulsory repayment amount referred to in paragraphs (1) and (2), the Minister of Education shall correct it again immediately.

(4) The determination or correction of a compulsory repayment amount under paragraphs (1) through (3) shall be notified to debtors immediately. In such cases, a payment period shall be a fixed period of not more than 30 days from the date of notification.

(5) A debtor shall pay a compulsory repayment amount in compliance with the determination or correction as notified by the Minister of Education.

(6) Detailed matters concerning the determination, correction, payment, etc. of a compulsory repayment amount under paragraphs (1) through (5) shall be prescribed by Presidential Decree.

[This Article Wholly Amended on Jun. 22, 2015]

Article 37(Request for data) #

(1) In conducting the projects for income contingent loans and their repayment, the Minister of Education may request the following organizations to submit necessary data, such as data on family relation registration or resident registration of a debtor himself or herself, and data on income and property, including real estate and financial property, of a debtor and his or her parents or spouse, and the organizations upon receipt of such request shall submit such data, except in extenuating circumstances: <Amended on Mar. 23, 2013; Nov. 19, 2014; Jun. 22, 2015; Jul. 26, 2017; Mar. 23, 2021>

1. Related administrative agencies, such as the National Court Administration, the Ministry of the Interior and Safety, the Ministry of Land, Infrastructure and Transport, etc.;

2. Local governments;

3. Higher education institutions;

4. Financial companies (including the Korea Federation of Banks);

5. The National Health Insurance Corporation established under the National Health Insurance Act;

6. Other institutions and organizations prescribed by Presidential Decree.

(2) Fees and service charges shall not be imposed on data provided by related national agencies, local governments, other public institutions and public organizations to the Minister of Education as prescribed in paragraph (1). <Amended on Mar. 23, 2013; Jun. 22, 2015>

(3) The data provided under paragraph (1) shall not be used for a purpose other than for the projects for education loans and their repayment, etc., or provided or divulged to other persons or institutions.

(4) Where higher education institutions requested to provide data, such as grades, class standing, etc. of debtors, under paragraph (1) fails to provides them or provides them unfaithfully, the Minister of Education may cancel agreements entered into under Article 8 and exclude such higher education institutions from institutions eligible for loans.

(5) The types, contents, etc. of data requested under paragraph (1) shall be prescribed by Presidential Decree.

Article 38(Inquiry into information on financial transactions) #

(1) Where the Minister of Education (including the Commissioner of the National Tax Service) needs to verify the details of financial information, credit information or insurance information (hereinafter referred to as "financial information, etc.") of a debtor in order to calculate the deemed income of the debtor (including the spouse thereof), he or she may request the heads of financial companies, etc. to provide data on financial information. etc. in writing or through information and communications network under subparagraph 18 of Article 2 of the Framework Act on National Taxes (hereinafter referred to as "information and communications network"; including an information and communications network for financial information, etc. managed by an association, federation of associations or central association in which financial companies, etc. have joined), and the heads of relevant financial companies, etc. shall transmit such information through the information and communications network or submit it in electronic recording media, such as diskettes and magnetic tapes, notwithstanding Article 4 of the Act on Real Name Financial Transactions and Confidentiality and Article 32 of the Credit Information Use and Protection Act. <Amended on Mar. 23, 2013; Jun. 22, 2015>

(2) The heads of financial companies, etc. requested to provide financial information, etc. under paragraph (1) shall notify the title holder of the fact that financial information, etc. has been provided; provided, where such title holder gives a consent, the heads of financial companies, etc. may not notify such fact, notwithstanding Article 4-2 (1) of the Act on Real Name Financial Transactions and Confidentiality and Article 32 (7) of the Credit Information Use and Protection Act. <Amended on Mar. 11, 2015; Jun. 22, 2015>

(3) The data provided under paragraph (1) shall not be used for a purpose other than that prescribed in paragraph (1) or provided or divulged to other persons or institutions.

[Title Amended on Jun. 22, 2015]

Article 39(Prevention from dual support) #

(1) The Minister of Education and the Chairperson of the Korea Student Aid Foundation shall devise necessary measures so that the projects for income contingent loan under this Act do not overlap with any other educational expense support projects; provided, the scope of dual support for educational expenses and matters concerning exceptional handling shall be determined by the Minister of Education. <Amended on Mar. 23, 2013; May 29, 2016>

(2) For the purpose of preventing dual support for educational expenses, the Minister of Education or the Korea Student Aid Foundation may request the following institutions to submit data on the current status of educational expense supports or to register with the electronic system (referring to the system that the Korea Student Aid Foundation manages and operates in order to prevent dual support for educational expenses), and the institutions upon receipt of such request shall comply therewith, except in extenuating circumstances; provided, the Minister of Education may exclude the whole or part of the obligation to submit data in consideration of the establishment type of educational expense’s aid institutions and the purpose of educational expense aid: <Amended on Mar. 23, 2013; Nov. 19, 2014; May 29, 2016; Jul. 26, 2017>

1. Related administrative agencies, such as the Ministry of the Interior and Safety;

2. Local governments;

3. Institutions conducting duties related to educational expense supports on entrustment by the State, such as the Government Employees Pension Service;

4. Public interest corporations prescribed in Article 2 of the Act on the Establishment and Operation of Public Interest Corporations, which are larger than the size prescribed by Presidential Decree, from among non-profit incorporated foundations conducting projects concerning educational expenses or scholarships for students;

5. Public institutions under the Act on the Management of Public Institutions, which provide support for educational expenses to affiliated employees or their offspring;

6. Local government-directly operated enterprises, local government-invested public corporations, and local government public corporations under the Local Public Enterprises Act;

7. Colleges and universities under Article 2 of the Higher Education Act;

8. Other institutions and organizations prescribed by Presidential Decree.

(3) Institutions submitting data requested under paragraph (2) shall be exempted from rental fees, service charges, etc. on data submitted to the Minister of Education and the Korea Student Aid Foundation. <Amended on Mar. 23, 2013; May 29, 2016>

(4) The data provided under paragraph (2) shall not be used for a purpose other than for the projects for education loans and their repayment, etc., or provided or divulged to other persons or institutions.

(5) In order to prevent dual support for educational expenses, institutions requested to submit data as referred to in each subparagraph of paragraph (2) shall take necessary measures, such as verifying in advance the details of educational expense supports provided by other institutions, and if any institution is negligent in taking such measures, the Minister of Education may order the institution to do so. <Added on on May May 29, 2016>

(6) Where a undergraduate student or his or her parents who has received education loans and the payment of educational expense receives the support in excess of the scope of educational expense from the institutions under paragraph (2) 1 through 8, the Minister of Education and the Korea Student Aid Foundation may obtain a return of its excessive amount, and impose the obligation to return its excessive amount (including the repayment of income contingent loans) on a person who fails to return such. <Added on on May May 29, 2016>

(7) The types and contents of data requested under paragraph (2), exemption from the obligation to submit data, return of the excessive amount under paragraph (6), etc. shall be prescribed by Presidential Decree. <Amended on May 29, 2016>

(8) Where a commercial corporation, civil corporation, corporation established under special Acts, or foreign corporation provides support for educational expenses to its employees and their children, the Minister of Education and the Korea Student Aid Foundation may, in order to prevent dual support for educational expenses, request a relevant corporation to submit data concerning the current status of support for educational expenses, and the corporation upon receipt of such request shall comply therewith, except in extenuating circumstances. <Added on on May May 29, 2016>

[Title Amended on May 29, 2016]

SPECIAL ACT ON INCOME CONTINGENT LOAN

Article 1(Purpose) #

Article 2(Administration) #

Article 3(Definitions) #

Article 4(Responsibilities of the State) #

Article 5(Delegation and entrustment of authority and affairs) #

Article 6(Submission of project plans) #

Article 7(Supervision and order) #

Article 8(Persons eligible for income contingent loans) #

Article 8-2(Persons eligible for transition loans) #

Article 9(Qualifications) #

Article 10(Kinds and limit of loans) #

Article 11(Loan interest rate) #

Article 12(Applications for loan and recommendation) #

Article 13(Duty of explanation) #

Article 14(Approval for loan) #

Article 15(Duty to report debtors) #

Article 16(Assuming responsibility for repayment and loan discharge) #

Article 16-2(Exemption from paying interest) #

Article 17(Calculation of principal and interest on loans) #

Article 18(Principle of paying principal and interest on loans) #

Article 19(Special cases of long-term non-payers) #

Article 20(Special cases of emigrants) #

Article 21(Special cases to students studying abroad) #

Article 22(Notification of responsibility for repayment) #

Article 23(Payment of principal and interest on loans of persons having global income) #

Article 24(Payment of principal and interest on loans of persons having earned income) #

Article 25(Payment of principal and interest on loans of persons having pension income) #

Article 26(Payment of principal and interest on loans of persons having retirement income) #

Article 27(Payment of principal and interest on loans of persons having transfer income) #

Article 28(Payment of principal and interest on loans of persons receiving inheritances or gifts) #

Article 29(Notification of payment of principal and interest on loans) #

Article 30(Arrearages) #

Article 31(Collection before payment period) #

Article 32(Compulsory collection of principal and interest on loans) #

Article 33(Order of collecting principal and interest on loans) #

Article 33-2(Method for delivery of notice) #

Article 34(Payment of principal and interest on loans) #

Article 35(Raising objections) #

Article 36(Extinctive prescription) #

Article 37(Request for data) #

Article 38(Inquiry into information on financial transactions) #

Article 38-2(Use of taxation information) #

Article 39(Prevention from dual support) #

Article 40(Tax laws to be applied mutatis mutandis) #

Article 41(Penalty provisions) #

Article 42(Penalty provisions) #

Article 43(Penalty provisions) #

Article 44(Administrative fines) #