Korean Job Discussion Forums

[Real Reality]

Rise in loan rate angers students
The average rate jumped to 7 percent for the fall semester, from 4 percent early this year. The government loans, first introduced in 1998 to help college students with financial difficulties, make up to 20 million won ($19,636) a year available to each recipient. Under the new system, funding for loans has increased to 2 trillion won, which will benefit more students, but without the government's financial aid, borrowers face interest rates of 7 percent, still higher than the 5 percent rate attached to most domestic housing loans.
JoongAng Daily (Ausust 19, 2005)
http://joongangdaily.joins.com/200508/18/200508182152156709900090509052.html

Canada Student Loans Program
In repayment, borrowers have the option of fixed (lender prime + 5%) or floating (lender prime + 2.5%) interest rates and no maximum repayment period is specified. This provides flexibility to schedule repayments over a longer period than was previously available.
Human Resources Development Canada
Evaluation of the Canada Student Loans Program
http://www11.hrdc-drhc.gc.ca/pls/edd/CSL_55028.htm

Student loans: Rates to rise in July
The Federal Stafford loan rate will rise 1.93 percentage points to 5.3 percent, while the Federal PLUS loans for parents will also rise 1.93 percentage points to 6.1 percent.
By Jeanne Sahadi, CNN/Money (June 2, 2005)
http://money.cnn.com/2005/05/31/pf/college/loanrate_change/