Chung foundation to support 13,000 college students

The Chung Mong-koo Foundation will provide 13,000 college students from underprivileged households with financial support, Hyundai Motor said Tuesday.

The foundation, set up by Hyundai Motor chairman Chung, plans to issue tuition fee loans with low or zero percent interest rates.

“Over the next two years, about 13,000 college students will enjoy the educational support. Lending rates range between 0 and 3 percent,” the automaker said in a statement.

About 5,000 students could be beneficiaries of the loans with no interest, the company added.

The Chung foundation, formerly Haevichi Foundation, will also support students struggling with high interest on loans from the secondary banking sector or private moneylenders.

“By acquiring their former debts with high interest rates, the foundation is seeking to prevent some students from becoming credit delinquents,” the company said.

The foundation has signed a contract with Kookmin Bank in a bid to convert the high-rate loans in the secondary banking sector to low-rate loans offered by the commercial bank.

Chung said he would like to help needy students so that they do not lose hope for the future and focus on studying.

Aside from providing low interest rate loans for college tuition fees, the foundation has mapped out a program aimed at fostering talented students in science via intensive classes for middle and high school students.

The program also involves comprehensive support for elementary, middle, high school students residing in farming and fishing villages across the country.

He promised in 2006 to donate 1 trillion won ($872,000) to society and gave 923,077 shares worth 60 billion won to the foundation in November 2007.

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