Workers eligible for scholarship loans

The Ministry of Labor said Friday that 26.5 billion won will be drawn from the Employment Insurance Fund and made available to workers in need of money to pay for first-term tuition at local schools. Applications for the scholarship loans will be accepted at 46 local labor offices between Jan. 22 and Feb. 21.

All workers insured against unemployment who have already enrolled or are about to enroll in two-year vocational colleges or four-year universities are eligible for the loans, which are provided at an annual interest rate of 1 percent. Loans for students in two-year colleges or graduate schools are payable in quarterly installments over 24 months after a two-year grace period, while those for four-year universities are payable in quarterly installments over four years, beginning in the third year after the grant is received.

In the event there are too many applicants, the labor ministry will put priority on the manufacturing industry, followed by employees of small businesses and working students planning to study the natural sciences or engineering.

Jung Young-Gwan yongari@donga.com