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ENFORCEMENT DECREE OF THE SPECIAL ACT ON INCOME CONTINGENT LOAN

Presidential Decree No. 22005, Feb. 2, 2010

Amended by Presidential Decree No. 22396, Sep. 20, 2010

Presidential Decree No. 22493, Nov. 15, 2010

Presidential Decree No. 23488, Jan. 6, 2012

Presidential Decree No. 23734, Apr. 17, 2012

Presidential Decree No. 24247, Dec. 21, 2012

Presidential Decree No. 24423, Mar. 23, 2013

Presidential Decree No. 25317, Apr. 22, 2014

Presidential Decree No. 27341, Jul. 19, 2016

Presidential Decree No. 27444, Aug. 11, 2016

Presidential Decree No. 27458, Aug. 29, 2016

Presidential Decree No. 27471, Aug. 31, 2016

Presidential Decree No. 27972, Mar. 29, 2017

CHAPTER I GENERAL PROVISIONS
 Article 1 (Purpose)
The purpose of this Decree is to provide for matters delegated by the Special Act on Income Contingent Loan and those necessary for the enforcement thereof.
 Article 2 (Scope of Finance Companies, etc.)
“Any other institution prescribed by Presidential Decree” referred to in subparagraph 5 of Article 3 of the Special Act on Income Contingent Loan (hereinafter referred to as the “Act”) means finance companies other than banks defined in Article 2 (1) 2 of the Banking Act, among the finance companies prescribed in subparagraph 1 of Article 2 of the Act on Real Name Financial Transactions and Confidentiality, and credit information collection agencies defined in subparagraph 6 of Article 2 of the Credit Information Use and Protection Act. <Amended by Presidential Decree No. 22493, Nov. 15, 2010>
 Article 3 (Submission of Project Plans, etc.)
(1) The Korea Student Aid Foundation, partially delegated with authority and duties of the Minister of Education pursuant to Article 5 (1) of the Act (hereinafter referred to as the “Korea Student Aid Foundation”), shall prepare a project plan and a budget bill for the following year and submit them to the Minister of Education prior to the commencement date of each business year in accordance with Article 6 of the Act. <Amended by Presidential Decree No. 24423, Mar. 23, 2013>
(2) Where the Korea Student Aid Foundation has amended the project plan or budget bill referred to in paragraph (1), it shall report thereon to the Minister of Education within ten days from the date of such amendment. <Amended by Presidential Decree No. 24423, Mar. 23, 2013>
CHAPTER II INCOME CONTINGENT LOANS
 Article 4 (Eligibility for Agreement on Loans)
Where the Minister of Education or the Chairperson of the Korea Student Aid Foundation concludes an agreement with a higher education institution pursuant to Article 8 of the Act, he/she may do so in consideration of the characteristics, nature, etc. of the relevant higher education institution with respect to the possibility of inspecting the income and property of an undergraduate student in receipt of an education loan after his/her employment. <Amended by Presidential Decree No. 24423, Mar. 23, 2013>
 Article 5 (Loan Interest Rates)
Where the Minister of Education determines and publicly announces the interest rates of income contingent loans pursuant to Article 11 of the Act, he/she shall consult with the Minister of Strategy and Finance in advance. <Amended by Presidential Decree No. 24423, Mar. 23, 2013>
 Article 6 (Application for Loans)
(1) A person who intends to receive an income contingent loan shall electronically apply for it the Minister of Education or the Chairperson of the Korea Student Aid Foundation via the information and communications network determined and publicly announced by the Minister of Education (hereinafter referred to as “information and communications network for income contingent loan repayment”) using an authorized certificate defined in subparagraph 8 of Article 2 of the Digital Signature Act. <Amended by Presidential Decree No. 24423, Mar. 23, 2013>
(2) The Minister of Education or the Chairperson of the Korea Student Aid Foundation may require a person who has applied for an income contingent loan pursuant to paragraph (1) to submit documents necessary to verify whether he/she is eligible for an income contingent loan, and to issue the loan. <Amended by Presidential Decree No. 24423, Mar. 23, 2013>
CHAPTER III REPAYMENT LIABILITY
 Article 7 (Responsibility for Report of Debtors)
(1) From the year in which the day of receiving a loan falls to the year immediately preceding the year in which the day of completely repaying it falls, a debtor shall report the matters subject to reporting as specified in Article 15 (1) of the Act during the period between December 1 and December 31 of each year: Provided, That where any of the following grounds arises, a debtor may make such report during a period separately prescribed by the Minister of Education: <Amended by Presidential Decree No. 27341, Jul. 19, 2016>
1. Military service;
2. Overseas travel;
3. Diseases;
4. Other grounds prescribed by the Minister of Education as equivalent to those prescribed in subparagraphs 1 through 3.
(2) In cases of change of his/her address or workplace, a debtor shall additionally report the said change by the end of the month following the month in which the date of such change falls. <Amended by Presidential Decree No. 27341, Jul. 19, 2016>
(3) Any report pursuant to paragraphs (1) and (2) and Article 15 (2) of the Act shall be made electronically via the information and communications network for income contingent loan repayment. In such cases, the report shall be deemed filed when the matters subject to reporting are entered in the information and communications network for income contingent loan repayment. <Amended by Presidential Decree No. 27341, Jul. 19, 2016>
(4) The Minister of Education may extend the period of report referred to in paragraphs (1) and (2) in the event of disruptions in the normal operation of the information and communications network for income contingent loan repayment due to natural disasters, communication failures, program errors, or other extenuating circumstances. <Amended by Presidential Decree No. 27341, Jul. 19, 2016>
(5) Matters necessary for the procedures, methods, etc. for reporting, other than those provided for in paragraphs (1) through (4), shall be prescribed by the Minister of Education. <Newly Inserted by Presidential Decree No. 27341, Jul. 19, 2016>
 Article 8 (Exemption from Repayment Obligation)
(1) “Amount of deemed income prescribed by Presidential Decree” referred to in Article 16 (2) of the Act means the deemed income threshold for repayment prescribed in Article 19 (2) of the Act. <Amended by Presidential Decree No. 27341, Jul. 19, 2016>
(2) In order to be fully or partially exempted from paying the principal and interest of a loan on the grounds of the death or mental or physical disability of a debtor pursuant to Article 16 (3) of the Act, any of the following persons shall apply for a full or partial exemption from repaying the principal and interest of the loan to the Minister of Education by submitting an application prescribed by Ordinance of the Ministry of Education, attached with the related documents specified in paragraph (3), within six months from the date the relevant ground arises: <Newly Inserted by Presidential Decree No. 27341, Jul. 19, 2016>
1. Debtor himself/herself;
2. Where it is impossible or difficult for the debtor to apply, his/her spouse, lineal ascendants, or collateral blood relatives within the fourth degree of relationship.
(3) The related documents to be attached when applying for exemption from payment pursuant to paragraph (2) are as follows: <Newly Inserted by Presidential Decree No. 27341, Jul. 19, 2016>
1. A family relation certificate referred to in Article 15 (1) 1 of the Act on the Registration, etc. of Family Relationships (to be attached only when a person falling under paragraph (2) 2 of this Article files an application);
2. A document certifying death, such as a death certificate (to be attached only when the debtor died);
3. A hospital medical certificate or doctor's medical opinion (to be attached only in cases other than the death of the debtor);
4. A receipt for wage and salary income tax withholding or a withholding book for business income for the immediately preceding year.
[Title of This Article Amended by Presidential Decree No. 27341, Jul. 19, 2016]
 Article 9 Deleted. <by Presidential Decree No. 27341, Jul. 19, 2016>
 Article 10 (Annual Income, etc.)
(1) “Annual income of a debtor prescribed by Presidential Decree” referred to in Article 18 (2) of the Act means any of the following:
1. Gross income: The aggregate sum of interest income prescribed in Article 16 (2) of the Income Tax Act, the amount of dividend income prescribed in Article 17 (3) of the same Act, the amount of business income prescribed in Article 19 (2) of the same Act, the amount of wage and salary income prescribed in Article 20 (2) of the same Act, the amount of pension income referred to in Article 20-3 (3) of the same Act, and the total amount of other income referred to in Article 21 (2) of the same Act;
2. The amount of wage and salary income prescribed in Article 20 (2) of the Income Tax Act;
3. The amount of pension income prescribed in Article 20-3 (3) of the Income Tax Act;
4. The amount of retirement income prescribed in Article 22 (3) of the Income Tax Act;
5. The amount of capital gains prescribed in Article 95 (1) of the Income Tax Act (limited to capital gains provided for in Article 94 (1) 1 of the Income Tax Act.
(2) Matters necessary for the methods, etc. for calculating the amount of annual income referred to in paragraph (1) shall be prescribed by Ordinance of the Ministry of Education. <Amended by Presidential Decree No. 24423, Mar. 23, 2013>
(3) “Minimum amount of compulsory repayment prescribed by Presidential Decree” referred to in Article 18 (2) of the Act shall be 360,000 won per year.
(4) Where the Minister of Education publicly notifies an income threshold for repayment pursuant to Article 18 (5) of the Act, he/she shall consult with the Minister of Strategy and Finance in advance. <Amended by Presidential Decree No. 24423, Mar. 23, 2013>
 Article 10-2 (Deferment of Payment of Compulsory Repayment Amount by Debtors who Are Undergraduate Students)
(1) Where a debtor who is an undergraduate student intends to apply for deferment of payment pursuant to Article 18 (7) of the Act, he/she shall submit an application prescribed by Ordinance of the Ministry of Education, attached with documents certifying that he/she is an undergraduate student such as a certificate of enrollment, etc., to the head of a tax office according to the following classification:
1. Where he/she comes to assume the responsibility for repayment due to the income prescribed in Article 18 (7) 1 of the Act (excluding the business income referred to in Article 144-2 of the Income Tax Act): The head of the tax office having jurisdiction over the address of the debtor;
2. Where he/she comes to assume the responsibility for repayment due to the income prescribed in Article 18 (7) 2 of the Act or the business income referred to in Article 144-2 of the Income Tax Act: The head of the tax office having the jurisdiction over the place of business of the subtracting agent: Provided, That in cases falling under Article 24 (4) of the Act, the submission shall be made to the head of the tax office having the jurisdiction over the address of the debtor.
(2) An application referred to in paragraph (1) shall be submitted within the time limit, classified as follows:
1. Where a compulsory repayment amount is notified: From the date of receipt of the notice to the date three days prior to the payment deadline;
2. Where the amount to be subtracted at source is notified: From the date of receipt of the notice to one month prior to the end of the period of subtracting the relevant amount at source (referring to July 1 of the relevant year to June 30 of the following year; hereinafter the same shall apply): Provided, That in cases falling under Article 24 (4) of the Act, the submission shall be made from the date of receipt of the notice to the date three days prior to the payment deadline.
(3) The amount of debt, the repayment for which is deferred under Article 18 (7) of the Act shall be the amount calculated by subtracting the already paid amount from the compulsory repayment amount as of the date of application for deferment of payment. In such cases, where the date of subtracting at source prescribed in the main sentence of paragraph (2) 2 that arrives for the first time after the date of application falls within 15 days from the date of application, the amount to be subtracted at source on the relevant date of subtracting at source shall be deemed already paid.
(4) The repayment grace period prescribed in Article 18 (7) of the Act shall be until December 31 of the year in which the date four years after the date of application for deferment of repayment falls.
(5) The deferment of repayment prescribed in Article 18 (7) of the Act shall expire in any of the following cases:
1. Where the repayment grace period referred to in paragraph (4) expires;
2. Where the debtor is found to have been granted deferment of repayment by false or other improper means.
(6) Where the deferment of repayment is terminated on the ground specified in paragraph 5 (2), the arrearages calculated on the basis of the payment deadline before the deferment shall be collected from the debtor. In such cases, Article 30 of the Act shall apply mutatis mutandis to the calculation of arrearages, etc.
(7) Matters necessary for granting deferment of repayment to a debtor who is an undergraduate student, the repayment after the termination of deferment of repayment, etc., other than those provided for in paragraphs (1) through (6), shall be prescribed by Ordinance of the Ministry of Education.
[This Article Newly Inserted by Presidential Decree No. 27341, Jul. 19, 2016]
 Article 11 (Calculation of Deemed Income) 
(1) The deemed income prescribed in Article 19 (2) of the Act shall be the amount gained by aggregating the income of a long-term non-payer (including his/her spouse in cases of a married person) and the amount of property converted into income prescribed in Article 14 (1).
(2) The determination as to the marital status of a long-term non-payer referred to in paragraph (1) shall be made on the basis of the expiration date of the taxable period referred to in Article 5 of the Income Tax Act of the year immediately preceding the year in which the date the debtor becomes a long-term non-payer falls.
 Article 12 (Scope of Income) 
(1) The scope of income that serves as the basis for calculating the deemed amount prescribed in Article 11 (1) shall be as follows:
1. The annual income prescribed in Article 10 (1);
2. The tax base of inheritance tax and the tax base of gift tax prescribed in Article 18 (3) of the Act.
(2) The scope of annual income, the tax base of inheritance tax, and the tax base of gift tax prescribed in paragraph (1) 1 and 2 shall be determined on the basis of the year immediately preceding the year in which the date the debtor becomes a long-term non-payer falls.
 Article 13 (Scope of Property)
(1) The scope of property that serves as the basis for calculating the deemed income referred to in Article 11 (1) shall be as follows: <Amended by Presidential Decree No. 22396, Sep. 20, 2010; Presidential Decree No. 23734, Apr. 17, 2012; Presidential Decree No. 24247, Dec. 21, 2012; Presidential Decree No. 24423, Mar. 23, 2013; Presidential Decree No. 27444, Aug. 11, 2016; Presidential Decree No. 27972, Mar. 29, 2017>
1. General property:
(a) Land, buildings, and housing provided for in subparagraphs 1 through 3 of Article 104 of the Local Tax Act: Provided, That family property, village property, and other property equivalent thereto used for common purposes shall be excluded herefrom;
(b) Ships and aircraft provided for in subparagraphs 4 and 5 of Article 104 of the Local Tax Act;
(c) Lease deposits for housing, shopping facilities, buildings, etc. (including security money for lease on a deposit basis);
2. Financial property:
(a) Financial assets defined in subparagraph 2 of Article 2 of the Act on Real Name Financial Transactions and Confidentiality: Provided, That bills and checks shall be excluded herefrom;
(b) Insurance products referred to in Article 4 (1) of the Insurance Business Act: Provided, That insurance products prescribed by Ordinance of the Ministry of Education shall be excluded herefrom;
3. Automobiles referred to in Article 124 of the Local Tax Act: Provided, That the following automobiles shall be excluded herefrom: 
(a)  Automobiles owned by persons of distinguished service to the State who have obtained a determination of a disability rating prescribed in Article 6-3 of the Act on the Honorable Treatment of and Support for Persons, etc. of Distinguished Service to the State;
(b) Automobiles owned by injured persons of the May 18 Democratization Movement registered pursuant to Article 7 of the Act on the Honorable Treatment of Persons of Distinguished Service to the May 18 Democratization Movement;
(c) Automobiles owned by patients suffering from potential aftereffects of defoliants who have obtained a determination of at least the mild disability rating pursuant to Article 4 of the Act on Assistance to Patients Suffering from Actual or Potential Aftereffects of Defoliants, etc. and Establishment of Related Organizations;
(d) Automobiles owned by persons with disabilities registered pursuant to Article 32 of the Act on Welfare of Persons with Disabilities;
(e) Automobiles granted with tax exemption pursuant to Article 4 of the Restriction of Special Local Taxation Act;
4. Membership rights for using a golf course that recruits members pursuant to Article 17 of the Installation and Utilization of Sports Facilities Act;
5. The right to acquire real estate:
(a)  The occupation right of an association member provided for in Article 89 (2) of the Income Tax Act;
(b)  The right to acquire a building and the land appurtenant thereto when the building is completed (excluding the occupation right of an association member referred to in item (a));
(d) Redeemable housing bonds referred to in Article 80 (1) of the Housing Act;
6. Other property and rights prescribed by Ordinance and the Ministry of Education as equivalent to those prescribed in subparagraphs 1 through 5.
(2) The value of property prescribed in paragraph (1) shall be determined based on the following values as at the date of June 1 (hereinafter referred to as “base date of ownership”) of the year immediately preceding the year in which the date a debtor becomes a long-term non-payer falls: <Amended by Presidential Decree No. 22396, Sep. 20, 2010; Presidential Decree No. 24423, Mar. 23, 2013>
1. Property specified in paragraph (1) 1 (a) and (b): Standard market prices prescribed in Article 4 (1) and (2) of the Local Tax Act;
2. Lease deposits (including security money for lease on a deposit basis) prescribed in paragraph (1) 1 (c): The amount of lease deposit and security money for lease on a deposit basis calculated in accordance with the method prescribed by Ordinance of the Ministry of Education;
3. Property specified in paragraph (1) 2: The value of each financial property prescribed in Article 42 (2) 1 and 3;
4. Automobiles prescribed in paragraph (1) 3: Standard market prices calculated in accordance with Article 4 (2) of the Local Tax Act;
5. Membership rights referred to in paragraph (1) 4: The value evaluated in accordance with Article 165 (8) 3 of the Enforcement Decree of the Income Tax Act;
6. The right referred to in paragraph (1) 5:
(a) The occupation right of an association member provided for in paragraph (1) 5 (a): The amount according to the following classification:
(i) Where the debtor has paid settlement money: The amount gained by aggregating the price determined according to a management and disposal plan prescribed in Article 48 of the Act on the Maintenance and Improvement of Urban Areas and Dwelling Conditions for Residents (hereinafter referred to as “assessed value of the existing building”) and the settlement money (limited to the amount the debtor has paid);
(ii) Where the debtor has been paid settlement money: The amount gained by subtracting the settlement money (limited to the amount the debtor has been paid) from the assessed value of the existing building;
(b) The right prescribed in paragraph (1) 5 (b): The amount which has been paid as of the base date of ownership;
(c) The right prescribed in paragraph (1) 5 (c) and (d): The face value;
7. The property and right prescribed in paragraph (1) 6: The value calculated in accordance with the method prescribed by Ordinance of the Ministry of Education.
 Article 14 (Methods for Calculating Amount of Income Converted from Property)
(1) The amount of income converted from property for the purpose of calculating the amount of deemed income referred to in Article 11 (1) shall be gained by multiplying the amount which remains after subtracting the following amounts from the total value of the property of a long-term non-payer (including his/her spouse in cases of a married person) prescribed in each subparagraph of Article 13 (2), by the income conversion rate of property provided for in paragraph (2): <Amended by Presidential Decree No. 24423, Mar. 23, 2013; Presidential Decree No. 27471, Aug. 31, 2016>
1. Loans from finance companies, etc., arrearages, and unsettled credit card balances;
2. The amount determined by Ordinance of the Ministry of Education in consideration of the housing price, etc. publicly announced pursuant to Articles 16 through 19 of the Act on the Public Announcement of Real Estate Values within the amount of the rental deposit;
3. Other liabilities prescribed by Ordinance of the Ministry of Education.
(2) The income conversion rate of property shall be determined and publicly notified by the Minister of Education in consideration of interest rates, inflation rates, increase rates of real estate prices and security money for lease on a deposit basis, etc. In such cases, the Minister of Education shall consult with the Commissioner of the National Tax Service in advance. <Amended by Presidential Decree No. 24423, Mar. 23, 2013>
 Article 15 (Specific Multiples of Income Thresholds for Repayment)
“Specific multiple prescribed by Presidential Decree” referred to in Article 19 (2) of the Act means any of the following:
1. Where a long-term non-payer is not married: 150/100 of the income threshold for repayment;
2. Where a long-term non-payer is married, and his/her spouse has not received an income contingent loan: 180/100 of the income threshold for repayment;
3. Where a long-term non-payer is married, and both the long-term non-payer and his/her spouse have received an income contingent loan: 200/100 of the income threshold for repayment.
 Article 16 (Inspection of Property, etc.)
(1) A public official engaging in duties of inspecting the income, property, etc. (hereinafter referred to as "property, etc.") of a long-term non-payer (including his/her spouse in cases of a married person) pursuant to Article 19 (1) of the Act may require any of the following persons to verify matters necessary to identify the property, etc. of the long-term non-payer, or to inspect or submit the relevant books, documents or other items: 
1. A long-term non-payer and his/her spouse;
2. A withholding agent referred to in Article 127 of the Income Tax Act;
3. A person obliged to submit a statement of payment referred to in Article 164 of the Income Tax Act.
(2) Any public official who conducts an inspection pursuant to paragraph (1) shall carry identification indicating his/her authority and present it to the persons concerned.
(3) Matters necessary for inspecting property, etc., other than those provided for in paragraphs (1) and (2), shall be prescribed by Ordinance of the Ministry of Education. <Amended by Presidential Decree No. 24423, Mar. 23, 2013>
 Article 17 (Vindication, etc. of Income, Property, Debts, etc.)
(1) Where an inspection of the property, etc. of a long-term non-payer (including his/her spouse in cases of a married person) pursuant to Article 19 (1) of the Act finds compulsory repayment based on deemed income referred to in paragraph (2) of the same Article to be applicable, the Minister of Education shall issue notice to the relevant long-term non-payer, requiring him/her to explain whether the amount of compulsory repayment based on deemed income is appropriate within a specified period not exceeding 20 days, as prescribed by Ordinance of the Ministry of Education. <Amended by Presidential Decree No. 24423, Mar. 23, 2013>
(2) The Minister of Education in receipt of a written explanation submitted by a long-term non-payer shall notify him/her of his/her determination as to whether to accept details of such explanation within 20 days from the date of receiving it. <Amended by Presidential Decree No. 24423, Mar. 23, 2013>
(3) Where a long-term non-payer fails to submit a vindication prescribed in paragraph (1) or details of a vindication are determined as unacceptable, the Minister of Education shall notify the long-term non-payer of the amount to be paid pursuant to Article 29 (2) of the Act. <Amended by Presidential Decree No. 24423, Mar. 23, 2013; Presidential Decree No. 27341, Jul. 19, 2016>
(4) Where a long-term non-payer intends to switch his/her repayment method to the payment of principal and interest by equal installments or the payment of principal by equal installments in paying the outstanding principal and interest of loan pursuant to the proviso to Article 19 (4) of the Act, the Minister of Education shall prescribe matters necessary for the methods, procedures, etc. for such repayment methods. <Amended by Presidential Decree No. 24423, Mar. 23, 2013; Presidential Decree No. 27341, Jul. 19, 2016>
 Article 18 (Submission of Certificates of Payment of Principal and Interest of Income Contingent Loans)
Where a debtor applies for the issuance of a passport residence for the purpose of emigrating to a foreign country or staying in a foreign country for longer than one year, the Minister of Foreign Affairs shall verify a certificate of payment of principal and interest of income contingent loan issued by the Minister of Education or Chairperson of the Korea Student Aid Foundation prior to issuing it. <Amended by Presidential Decree No. 24423, Mar. 23, 2013>
 Article 19 (Notification of Responsibility for Repayment)
In accordance with Article 22 of the Act, with respect to persons with earned income and persons with pension income, the Minister of Education may notify debtors and subtracting agents of responsibility for repayment by taking into account the outcomes of year-end settlement. <Amended by Presidential Decree No. 24423, Mar. 23, 2013>
CHAPTER IV REPAYMENT METHODS BY INCOME
 Article 20 (Payment, etc. of Principal and Interest of Loans by Debtors Having Global Income)
(1) The determination or correction of a compulsory repayment amount prescribed in Article 23 (1) through (3) of the Act shall be made based on objective data, such as data used to determine the tax base of global income and other relevant evidential documents. <Amended by Presidential Decree No. 27341, Jul. 19, 2016>
(2) The notification on determination or correction of a compulsory repayment amount prescribed in Article 23 (5) of the Act shall include the following matters: <Amended by Presidential Decree No. 27341, Jul. 19, 2016>
1. The fact that a debtor is obliged to pay a compulsory repayment amount on account of his/her global income;
2. The basis for calculation of the payment amount;
3. Other matters prescribed by the Minister of Education as necessary for payment of a compulsory repayment amount.
(3) Where a debtor who has paid a compulsory repayment amount pursuant to Article 23 (6) of the Act falls under any of the following, he/she may receive a refund for the relevant overpaid amount. In such cases, the debtor who wishes to be refunded shall apply for a refund, as prescribed by Ordinance of the Ministry of Education: <Amended by Presidential Decree No. 27341, Jul. 19, 2016>
1. Where a debtor pays a compulsory repayment amount according to the determination of the compulsory repayment amount made pursuant to Article 23 (1) or (2) of the Act, but the compulsory repayment amount is reduced thereafter due to the correction of the compulsory repayment amount prescribed in Article 23 (2) or (3) of the Act;
2. Where a debtor has paid in excess of the compulsory repayment amount that shall be actually paid due to double payment, erroneous payment, etc.
(4) A debtor entitled to a refund pursuant to paragraph (3) may, instead of receiving a refund for the excess amount, apply for appropriating it for the next compulsory repayment amount, as prescribed by Ordinance of the Ministry of Education. <Amended by Presidential Decree No. 27341, Jul. 19, 2016>
(5) Where a debtor entitled to a refund prescribed in paragraph (3) applies for neither the refund referred to in paragraph (3) nor the appropriation referred to in paragraph (4), the excess amount shall be appropriated to pay the principal and interest of loan and its accompanying obligations, and the remaining balance shall be refunded to the debtor. <Amended by Presidential Decree No. 27341, Jul. 19, 2016>
(6) Notwithstanding paragraphs (3) through (5), where a debtor has defaulted on the principal and interest of loan, the excess amount shall be appropriated to pay the principal and interest of loan in default and its accompanying obligations including arrearages, etc., and the remaining balance shall be processed in accordance with paragraphs (3) through (5). <Newly Inserted by Presidential Decree No. 27341, Jul. 19, 2016>
[Title of This Article Amended by Presidential Decree No. 27341, Jul. 19, 2016]
 Article 21 (Subtracting Principal and Interest of Loans at Source from Debtors with Earned Income)
(1) Where the head of the tax office having jurisdiction over the place of business of a subtracting agent notifies the debtor and the subtracting agent of the amount to be subtracted at source for the payment of the principal and interest of loan by the debtor having earned income pursuant to Article 24 (1) of the Act, he/she shall do so within the relevant period according to the following by issuing written notice on subtraction at source prescribed by Ordinance of the Ministry of Education: <Amended by Presidential Decree No. 24423, Mar. 23, 2013; Presidential Decree No. 27341, Jul. 19, 2016>
1. Year-end settlement report: June 30 of the year of report;
2. Where the principal and interest of loan is determined or corrected: Within 15 days from the date of such determination or correction;
3. Where the debtor terminates employment: The earliest date of the following: Provided, That where the dates according to the following fall on the same day, such date:
(a) The last day of the month following the month in which the date when the debtor reports the termination of his/her employment falls;
(b) The last day of the month following the month in which the date when the head of a tax office having the jurisdiction over the place of business of the subtracting agent comes to know of the termination of the employment of the debtor falls.
(2) The written notice on subtraction at source referred to in paragraph (1) shall contain the following information: <Amended by Presidential Decree No. 24423, Mar. 23, 2013>
1. The fact that a compulsory repayment amount calculated by taking into account the changes in earned income each year must be paid;
2. The obligation to report when the debtor retires or otherwise terminates his/her employment;
3. The obligation to pay a compulsory repayment amount, arising when the debtor earns severance income;
4. The fact that the subtracting agent will subtract the principal and interest of loan at source;
5. Other matters prescribed by the Minister of Education with respect to subtracting the principal and interest of loan at source.
(3) The monthly amount that a subtracting agent should pay pursuant to Article 24 (2) of the Act shall be the amount gained by dividing a compulsory repayment amount calculated based on the amount of earned income or pension income pursuant to Article 18 (2) of the Act by 12 months; and, where a debtor changes his/her job, etc. during the relevant period for subtraction at source, a new subtracting agent after such change of job shall subtract the amount calculated according to the following formula at source: <Amended by Presidential Decree No. 27341, Jul. 19, 2016>
The monthly amount to be subtracted at source = (the annual compulsory repayment amount calculated based on earned income or pension income - the compulsory repayment amount already paid)/the number of the remaining months of the relevant period of subtraction at source)
(4) The subtracting agent shall subtract the relevant amount at source, beginning with the salary or wage for the month following the month in which the date of receipt of written notice on subtraction at source referred to paragraph (1) falls.
(5) Notwithstanding paragraphs (3) and (4), in cases falling under paragraph (1) 2, the compulsory repayment amount which has been unpaid or underpaid shall be subtracted at source, beginning with the salary or wage for the month following the month when a compulsory repayment amount is notified as prescribed by Ordinance of the Ministry of Education. <Amended by Presidential Decree No. 24423, Mar. 23, 2013>
(6)  Article 7 of the Income Tax Act and Article 9 of the Corporate Tax Act shall apply mutatis mutandis to the place for payment of a compulsory repayment amount subtracted at source by a subtracting agent pursuant to Article 24 (2) of the Act: Provided, That where a corporation collectively computes the amount subtracted at source from the income paid through its branches, business offices, and other places of business by an electronic computer system in its headquarters, etc., such corporation may make the collective payment at its headquarters, etc. after acquiring approval for collective payment pursuant to Article 9 of the Corporate Tax Act; and, in such cases, the compulsory repayment amount subtracted at source shall be paid to the receiving agency prescribed by the Minister of Education, together with a statement of payment prescribed by Ordinance of the Ministry of Education. <Amended by Presidential Decree No. 24423, Mar. 23, 2013>
(7) “Fault prescribed by Presidential Decree” referred to in Article 24 (3) of the Act means cases where a debtor fails to prove that a subtracting agent has subtracted a compulsory repayment amount at source from his/her earned income, or other cases equivalent thereto prescribed by Ordinance of the Ministry of Education. <Amended by Presidential Decree No. 24423, Mar. 23, 2013>
(8) Cases where “no subtracting agent exists due to reasons prescribed by Presidential Decree, such as retirement, etc.” referred to in Article 24 (4) of the Act mean situations where there is no subtracting agent due to such reasons as the termination of employment or retirement of a debtor, the discontinuance of business by a subtracting agent, etc.
(9) Where a debtor directly pays a compulsory repayment amount pursuant to Article 24 (4) of the Act, he/she shall pay it to a receiving agency prescribed by the Minister of Education, together with a statement of payment prescribed by Ordinance of the Ministry of Education, by the end of the relevant period for subtraction at source referred to in paragraph (3). <Amended by Presidential Decree No. 24423, Mar. 23, 2013>
(10) In cases of subtracting at source pursuant to paragraphs (3) and (4), where a compulsory repayment amount exceeds the amount of earned income or pension income to be paid, the excess amount shall be subtracted at source when paying the following month’s earned income or pension income.
(11) Matters necessary for subtracting at source the principal and interest of loan, other than those provided for in paragraphs (1) through (10), shall be prescribed by Ordinance of the Ministry of Education. <Amended by Presidential Decree No. 24423, Mar. 23, 2013>
[Title of This Article Amended by Presidential Decree No. 27341, Jul. 19, 2016]
 Article 21-2 (Payment of Amount Subtracted at Source by Debtors)
(1) A debtor intending to make a payment pursuant to Article 24 (7) or (8) of the Act shall pay the relevant amount to a receiving agency prescribed by the Minister of Education, together with a statement of payment prescribed by Ordinance of the Ministry of Education.
(2) Where a debtor has paid the amount to be subtracted at source in full or the first installment of its payment before subtraction at source is initiated pursuant to Article 24 (7) of the Act, the head of a tax office having the jurisdiction over the place of business of the subtracting agent may choose not to give notice to the subtracting agent when issuing notice in accordance with Article 21 (1).
(3) Where a debtor pays the first installment payment pursuant to Article 24 (7) of the Act, but fails to pay the second installment of the payment, Article 21 shall apply mutatis mutandis to the redemption, etc. of the unpaid amount. In such cases, “June 30 of the year of report” shall be construed as “December 31 of the year of report,” “compulsory repayment amount” as “50% of the amount to be subtracted at source,” “12 months” as “six months,” and “period for subtraction at source” as “from January 1 to June 30 of the following year.”
[This Article Newly Inserted by Presidential Decree No. 27341, Jul. 19, 2016]
 Article 22 (Payment, etc. of Principal and Interest of Loans by Persons with Pension Income, etc.)
Articles 21 and 21-2 shall apply mutatis mutandis to the payment of the principal and interest of loans by debtors with pension income prescribed in Article 25 of the Act and debtors having retirement income prescribed in Article 26 of the Act. <Amended by Presidential Decree No. 27341, Jul. 19, 2016>
 Article 23 (Minimum Amount of Retirement Income)
An amount “not more than the amount prescribed by Presidential Decree” referred to in the proviso to Article 26 of the Act means an amount up to ten million won.
 Article 24 (Payment, etc. of Principal and Interest of Loans by Debtors with Transfer Income)
(1) The determination or correction of a compulsory repayment amount pursuant to Article 27 (1) through (3) of the Act shall be made on the basis of objective data, including data used to determine the tax base of transfer income and other evidentiary documents, etc.
(2) Notification of the determination or correction of a compulsory repayment amount pursuant to Article 27 (4) of the Act shall contain the following information:
1. The fact that the debtor is obliged to pay a compulsory repayment amount on account of his/her transfer;
2. The basis for calculation of the payment amount;
3. Other matters necessary for paying a compulsory repayment amount, as prescribed by the Minister of Education.
(3) Where a debtor who has paid a compulsory repayment amount pursuant to Article 27 (5) of the Act falls under any of the following, he/she may receive a refund for the relevant overpaid amount. In such cases, the debtor who wishes to be refunded shall apply for the refund, as prescribed by Ordinance of the Ministry of Education:
1. Where a debtor has paid a compulsory repayment amount according to the determination of the compulsory repayment amount made pursuant to Article 27 (1) or (2) of the Act, but the compulsory repayment amount is reduced thereafter due to the correction of the compulsory repayment amount prescribed in Article 27 (2) or (3) of the Act;
2. Where a debtor has paid in excess of the compulsory repayment amount that shall be actually paid due to double payment, erroneous payment, etc.
(4) A debtor entitled to a refund pursuant to paragraph (3) may, instead of being refunded for the excess amount, apply for appropriating it for the next compulsory repayment amount, as prescribed by Ordinance of the Ministry of Education.
(5) Where a debtor entitled to a refund prescribed in paragraph (3) applies for neither the refund referred to in paragraph (3) nor the appropriation referred to in paragraph (4), the excess amount shall be appropriated to pay the principal and interest of loan, and its accompanying obligations, and the remaining balance shall be refunded to the debtor.
(6) Notwithstanding paragraphs (3) through (5), where a debtor has defaulted on the principal and interest of loan, the excess amount shall be appropriated to pay the principal and interest of loan in default and its accompanying obligations, including arrearages, etc., and the remaining balance shall be processed in accordance with paragraphs (3) through (5).
[This Article Wholly Amended by Presidential Decree No. 27341, Jul. 19, 2016]
 Article 25 (Payment, etc. of Principal and Interest of Loans by Debtors Receiving Inheritances or Gifts)
(1) The determination or correction of a compulsory repayment amount pursuant to Article 28 (1) through (3) of the Act shall be made on the basis of objective data, including data used to determine the tax base of inheritance tax or gift tax and other evidentiary documents, etc.
(2) Notification of determination or correction referred to in Article 28 (4) of the Act shall contain the following information:
1. The fact that the debtor is obliged to pay a compulsory repayment amount on account of an inheritance or gift;
2. The basis for calculation of the payment amount;
3. Other matters necessary for paying a compulsory repayment amount, as prescribed by the Minister of Education.
(3) Where a debtor who has paid a compulsory repayment amount pursuant to Article 28 (5) of the Act falls under any of the following, he/she may receive a refund for the relevant overpaid amount. In such cases, the debtor who wishes to be refunded shall apply for the refund, as prescribed by Ordinance of the Ministry of Education:
1. Where a debtor has paid a compulsory repayment amount according to the determination of the compulsory repayment amount made pursuant to Article 28 (1) or (2) of the Act, but the compulsory repayment amount to be paid is reduced thereafter due to the correction of the compulsory repayment amount prescribed in Article 28 (2) or (3) of the Act;
2. Where a debtor has paid in excess of the compulsory repayment amount that shall be actually paid due to double payment, erroneous payment, etc.
(4) A debtor entitled to a refund pursuant to paragraph (3) may, instead of being refunded for the excess amount, apply for appropriating it for the next compulsory repayment amount, as prescribed by Ordinance of the Ministry of Education.
(5) Where a debtor entitled to a refund prescribed in paragraph (3) applies for neither the refund referred to in paragraph (3) nor the appropriation referred to in paragraph (4), the excess amount shall be appropriated to pay the principal and interest of loan and its accompanying obligations, and the remaining balance shall be refunded to the debtor.
(6) Notwithstanding paragraphs (3) through (5), where a debtor has defaulted on the principal and interest of loan, the excess amount shall be appropriated to pay the principal and interest of loan in default and its accompanying obligations, including arrearages, etc., and the remaining balance shall be processed in accordance with paragraphs (3) through (5).
[This Article Wholly Amended by Presidential Decree No. 27341, Jul. 19, 2016]
 Articles 26 through 28 Deleted. <by Presidential Decree No. 27341, Jul. 19, 2016>
CHAPTER V DISPOSITION ON DEFAULT
 Article 29 Deleted. <by Presidential Decree No. 27341, Jul. 19, 2016>
 Article 30 (Determination, Correction, and Notification of Amount of Deemed Income and Compulsory Repayment Amount of Long-Term Non-Payers)
(1) Where an inspection of property, etc. of a long-term non-payer prescribed in Article 19 (1) of the Act finds that his/her deemed income exceeds the income threshold for repayment, the head of a tax office having the jurisdiction over the address of the relevant long-term non-payer shall determine the compulsory repayment amount on the basis of the amount of deemed income of the relevant long-term non-payer.
(2) Where any error is found in the determination of the amount of deemed income or the compulsory repayment amount referred to in paragraph (1), the head of a tax office having the jurisdiction over the address of the relevant long-term non-payer shall correct it again immediately.
(3) Where the head of the tax office having the jurisdiction over the address of the long-term non-payer determines or corrects the amount of deemed income or the compulsory repayment amount under paragraph (1) or (2), he/she shall notify the relevant long-term non-payer of such fact.
 Article 31 (Determination, Correction and Notification of Principal and Interest of Loans of Emigrants and Students Studying Abroad)
(1) Where a debtor intending to emigrate to a foreign country reports an emigration plan under Article 20 (1) of the Act, the Minister of Education shall, within ten days of receipt of such report, notify him/her of his/her obligation to pay the principal and interest of loan in full by not later than one month before leaving Korea. <Amended by Presidential Decree No. 24423, Mar. 23, 2013>
(2) Where an emigrant or a student studying abroad has failed to pay the principal and interest of loan prescribed in Article 20 (2) and (3) or Article 21 (2) of the Act, the Minister of Education shall immediately determine the amount of the principal and interest of loan that the relevant emigrant or student studying abroad should pay. <Amended by Presidential Decree No. 24423, Mar. 23, 2013>
(3) Where any error is found in the determination of the amount of the principal and interest of loan referred to in paragraph (2), the Minister of Education shall correct it again immediately. <Amended by Presidential Decree No. 24423, Mar. 23, 2013>
(4) Where the Minister of Education determines or corrects the amount of the principal and interest of loan that an emigrant or a student studying abroad should pay pursuant to paragraphs (2) or (3), he/she shall immediately notify the relevant emigrant or student studying abroad of such fact. <Amended by Presidential Decree No. 24423, Mar. 23, 2013>
(5) Necessary matters concerning the payment of the principal and interest by emigrants or students studying abroad, other than those provided for in paragraphs (1) through (4), shall be prescribed by the Minister of Education. <Amended by Presidential Decree No. 24423, Mar. 23, 2013>
 Article 32 (Notification of Payment of Principal and Interest of Loans, etc.)
The notification of payment prescribed in Article 29 (1) of the Act shall be made within three months from the end of a payment period referred to in Articles 24 through 26 of the Act. In such cases, a payment period not exceeding 30 days from the date of notification shall be determined.
[This Article Wholly Amended by Presidential Decree No. 27341, Jul. 19, 2016]
 Article 33 (Arrearages)
(1) “Rate prescribed by Presidential Decree” referred to in Article 30 (1) of the Act means 3/100.
(2) “Rate prescribed by Presidential Decree” referred to in Article 30 (2) of the Act means 12/1,000.
 Article 34 (Exception of Collection of Arrearages)
Extenuating circumstances for not collecting arrearages (including additional dues prescribed in Article 30 (2) of the Act; hereinafter the same shall apply) referred to in Article 30 (3) of the Act shall be as follows: <Amended by Presidential Decree No. 24423, Mar. 23, 2013>
1. In cases of default due to war or incidents;
2. In cases of arrearages no greater than the amount prescribed by the Minister of Education;
3. In other extenuating circumstances which make it difficult to collect arrearages as recognized by the Minister of Education.
 Article 35 (Order of Collection)
In cases of the compulsory collection of the principal and interest of loans, etc. prescribed in Article 32 of the Act, the following order shall apply in collecting the principal and interest of loan or compulsory repayment amount, arrearages, and expenses for disposition on collection:
1. Expenses for disposition on collection;
2. Principal and interest of loan or compulsory repayment amount;
3. Arrearages.
CHAPTER VI SUPPLEMENTARY PROVISIONS
 Article 35-2 (Application, etc. for Electronic Service)
(1) Any person intending to apply for electronic service or to withdraw such application pursuant to Article 33-2 (3) of the Act shall submit an application stating the following matters to the Minister of Education (where authority and duties of the Minister of Education are delegated or entrusted pursuant to Article 5 of the Act, referring to a person delegated or entrusted with such authority and duties; hereafter in this Article the same shall apply):
1. Personal information of the person to be served, including his/her name, resident registration number, address, etc.;
2. E-mail address or contact information for receiving guidance on electronic service;
3. Methods for guidance on electronic service, and the reasons for application (withdrawal of application).
(2) “Reason prescribed by Presidential Decree” referred to in Article 33-2 (4) of the Act means any reason falling under subparagraph 2 of Article 6-3 of the Enforcement Decree of the Framework Act on National Taxes.
(3) With respect to matters relating to electronic service, other than those prescribed in paragraphs (1) and (2), Article 6-2 (2) through (4) of the Enforcement Decree of the Framework Act on National Taxes shall apply mutatis mutandis.
[This Article Newly Inserted by Presidential Decree No. 27341, Jul. 19, 2016]
 Article 36 (Objection Deliberative Committee, etc.)
(1) Objections raised in relation to income contingent loans and dispositions on repayment conducted by the Commissioner of the National Tax Service and the heads of institutions belonging thereto under Article 35 (1) of the Act shall be deliberated by national tax examination committees established under tax offices, regional tax offices and the National Tax Service pursuant to Article 66-2 of the Framework Act on National Taxes.
(2) A committee for deliberating on objections to income contingent loans and dispositions on repayment (hereinafter referred to as “Objection Deliberative Committee”) shall be established under the Korea Student Aid Foundation for the purpose of reviewing objections raised in relation to income contingent loans and dispositions on repayment conducted by the Chairperson of the Korea Student Aid Foundation pursuant to Article 35 (1) of the Act.
 Article 37 (Composition, etc. of Objection Deliberative Committee)
(1) The Objection Deliberative Committee shall consist of up to 15 members, including one chairperson.
(2) A standing director in charge of duties related to income contingent loans among the directors of the Korea Student Aid Foundation shall serve as the Chairperson of the Korea Student Aid Foundation, and its members shall be as follows: <Amended by Presidential Decree No. 24423, Mar. 23, 2013>
1. Four executives or employees of the Korea Student Aid Foundation appointed by the Chairperson of the Korea Student Aid Foundation;
2. Four private experts recommended by the Korean Council for University Education defined in Article 2 of the Korean Council for University Education Act and the Korean Council for University College Education defined in Article 2 of the Korean Council for University College Education Act;
3. One public official belonging to the Ministry of Education appointed by the Minister of Education;
4. One public official belonging to the National Tax Service appointed by the Commissioner of the National Tax Service;
5. Persons commissioned by the Chairperson of the Korea Student Aid Foundation, from among those having professional knowledge about and sufficient experience in education and law.
(3) The members prescribed in paragraph (2) shall be appointed for a two-year term of office, and the term may be renewed only once: Provided, That any member falling under paragraph (2) 1, 3, or 4 shall serve as a member only while he/she holds the relevant positions.
 Article 38 (Operation of Objection Deliberative Committee)
(1) The Chairperson of the Objection Deliberative Committee referred to in Article 37 (2) shall convene and preside over meetings of the Objection Deliberative Committee. In such cases, where the Chairperson is unable to conduct his/her duties due to any extenuating circumstances, a member appointed by the Chairperson shall act on behalf of the Chairperson.
(2) Any meeting of the Objection Deliberative Committee shall consist of the Chairperson and six members designated by the Chairperson.
(3) A majority of the members prescribed in paragraph (2) shall constitute a quorum for a meeting of the Objection Deliberative Committee, and any decision thereof shall require a concurring vote of at least a majority of those present.
(4) Allowances, travel expenses, and other necessary expenses may be reimbursed to the members who have attended a meeting of the Objection Deliberative Committee within budgetary limits: Provided, That this shall not apply where any member who is an executive or employee of the Korea Student Aid Foundation has attended the meeting of the Objection Deliberative Committee in direct connection with his/her duties.
(5) Matters necessary for operating the Objection Deliberative Committee, other than those provided for in paragraphs (1) through (4), shall be determined by the Chairperson after undergoing resolution of the Objection Deliberative Committee.
 Article 39 (Methods for Filing Objections)
Any objection prescribed in Article 35 (1) of the Act shall be filed within 90 days from the date of income contingent loan or disposition on repayment.
 Article 40 (Notification of Decisions on Objections Filed)
Where the Commissioner of the National Tax Service or the Chairperson of the Korea Student Aid Foundation has made a decision on any objection filed, he/she shall notify the relevant applicant thereof without delay.
 Article 41 (Period for Decisions on Objections Filed)
(1) The Objection Deliberative Committee shall make its decision within 60 days from receipt of an objection: Provided, That where any extenuating circumstances exist, it may extend the relevant period by up to 30 days.
(2) Where the Objection Deliberative Committee extends the period for decision pursuant to the proviso to paragraph (1), it shall provide notice thereon to the relevant applicant by no later than seven days prior to the expiration of such period for decision.
 Article 42 (Request for Data) 
(1) The data that the Minister of Education may demand from relevant institutions, other than financial data, in order to conduct projects for income contingent loans and their repayment pursuant to Article 37 (1) of the Act, shall be as follows: <Amended by Presidential Decree No. 22396, Sep. 20, 2010; Presidential Decree No. 24423, Mar. 23, 2013; Presidential Decree No. 25317, Apr. 22, 2014; Presidential Decree No. 27341, Jul. 19, 2016>
1. Computerized information data containing matters related to family relationship registration prepared and maintained by the Minister of National Court Administration pursuant to Article 11 (4) of the Act on the Registration, etc. of Family Relationships;
2. Resident registration data pursuant to the Resident Registration Act;
2-2. The mobile phone number that a debtor falling under the definition of a user defined in subparagraph 3 of Article 2 of the Mobile Device Distribution Improvement Act uses in accordance with his/her contract for using mobile communications services (this information to be used only for the purpose of providing the debtor with information regarding repayment);
3. Data on comprehensive real estate holding tax prescribed in Article 119-2 (2) of the Enforcement Decree of the Local Tax Act;
4. Current status data on motor vehicle management prescribed in Article 69 of the Motor Vehicle Management Act;
4-2. Current status data on construction machinery management prescribed in Article 39-2 of the Construction Machinery Management Act;
5. Data for determining the standard market prices for vehicles and the standard market prices for mechanical equipment prescribed in Article 4 (1) 3 and 4 of the Enforcement Decree of the Local Tax Act;
6. Data concerning the date obtaining the fixed date on the lease contract document pursuant to the Housing Lease Protection Act;
7. Matters registered in the rights to lease on a deposit basis provided for in the Registration of Real Estate Act;
8. Data on the income and property of the insured, and data concerning their eligibility for subscription, including the type of eligibility, workplace information, etc., prescribed in the National Health Insurance Act;
9. Other data prescribed by Ordinance of the Ministry of Education as necessary to understand the current property status of debtors when conducting projects for income contingent loans and their repayment.
(2) The types and contents of financial data that the Minister of Education may demand from relevant institutions in order to conduct projects for income contingent loans and their repayment pursuant to Article 37 (1) of the Act shall be as follows: <Amended by Presidential Decree No. 24423, Mar. 23, 2013>
1. The balance of deposits and other materials or information specified in the following items (hereinafter referred to as "financial information") out of materials or information on financial assets and financial transactions prescribed in subparagraphs 2 and 3 of Article 2 of the Act on Real Name Financial Transactions and Confidentiality:
(a) Deposits including ordinary deposits, savings accounts, installment deposits, etc.: The account balances;
(b) Shares and beneficiary certificates: Final quotations. In cases of unlisted stocks, their face values shall be provided;
(c) Investments, investment equities, bonds, debentures, and certificates of preemptive right to new stocks: Face value amounts;
(d) Pension savings: The amounts paid regularly or final balances;
2. The amount of debts and other materials or information specified in the following items (hereinafter referred to as "credit information") out of the credit information prescribed in subparagraph 1 of Article 2 of the Credit Information Use and Protection Act:
(a) Loans and details of arrearage;
(b) The unsettled credit card balance;
3. The premiums paid for any insurance prescribed in each subparagraph of Article 4 (1) of the Insurance Business Act, and other materials or information provided for in the following (hereinafter referred to as "insurance information"):
(a) Insurance policies: The amount refundable when insurance is terminated;
(b) Pension insurance: The amount refundable when insurance is terminated or the amount paid on a regular basis;
4. Other financial information prescribed by Ordinance of the Ministry of Education as necessary to understand the current property status of debtors when conducting projects for income contingent loans and their repayment.
(3) “Other institutions and organizations prescribed by Presidential Decree” referred to in Article 37 (1) 6 of the Act mean any of the following institutions or organizations: <Newly Inserted by Presidential Decree No. 27341, Jul. 19, 2016>
1. The Korea Association for Information and Communications Technology Promotion prescribed in Article 15 of the Framework Act on Broadcasting Communications Development;
2. Mobile communications business operator defined in subparagraph 2 of Article 2 of the Mobile Device Distribution Improvement Act.
 Article 43 (Methods for Demanding Financial Information, etc.)
(1) Where the Commissioner of the National Tax Service requests data concerning financial information, etc. pursuant to Article 38 (1) of the Act, he/she shall clearly inform the following matters to the heads of finance companies, etc.: <Amended by Presidential Decree No. 27341, Jul. 19, 2016>
1. Personal information of the debtor (including his/her spouse in cases of a married person);
2. Purpose of use;
3. Details of financial information, etc. that he/she requests.
(2)  Where an association, federation of associations or central association in which finance companies, etc. have joined (hereinafter referred to as “association, etc.”) manages an information and communications network for financial information, etc. pursuant to Article 38 (1) of the Act, the Commissioner of the National Tax may request that the heads of the relevant finance companies, etc. transmit financial information, etc. using the information and communications network of the relevant association, etc. <Amended by Presidential Decree No. 27341, Jul. 19, 2016>
 Article 44 (Request for Data to Prevent Dual Support)
The types and contents of data that the Minister of Education and the Chairperson of the Korea Student Aid Foundation may request pursuant to Article 39 (2) of the Act shall be as follows: <Amended by Presidential Decree No. 24423, Mar. 23, 2013>
1. Personal information of a debtor (including his/her spouse in cases of a married person) or a person who has received scholarships, and his/her parents;
2. Data on the current status of educational expense support projects, including the amount of educational expenses (including scholarships; hereafter in this Article the same shall apply) provided as a loan or subsidized, loan balance, arrearages, etc.;
3. Data concerning the terms and conditions of educational expense support projects, including the timing of providing educational expense loan, term of the loan, loan interest rate, etc.;
4. Other data that the Minister of Education deems necessary to identify other educational expense support projects.
 Article 44-2 (Exemption from Obligation to Submit Data)
(1) In accordance with the proviso to Article 39 (2) of the Act, the Minister of Education may wholly or partially exempt the obligation to submit data on the current status of educational expense support in any of the following cases: 
1. Where any institution falling under Article 39 (2) 1 through 3 or 6 of the Act subsidizes educational expenses for the purpose of compensating for loss;
2. Where data on the current status of educational expense support of the relevant institution is related to an ongoing trial or criminal investigation;
3. Where there is a concern that disclosing data on the current status of educational expense support of the relevant institution may hinder the protection of the life, health and property of the public;
4. Where information on the current status of educational expense support of the relevant institution is included in the data already submitted or registered by another institution.
(2) Any institution that wishes to be wholly or partially exempted from the obligation to submit data on the current status of educational expense support pursuant to the proviso to Article 39 (2) of the Act shall apply for exemption from obligation of data submission to the Minister of Education within 15 days from the date of receipt of a request prescribed in the main sentence of the same paragraph. In such cases, a written application determined and publicly announced by the Minister of Education shall be submitted to the Minister of Education, together with documents and materials describing the grounds for such application in detail.
(3) The Minister of Education shall, within 30 days from the date of receipt of the application referred to in paragraph (2), determine whether to grant exemption from obligation of data submission and the scope of such exemption, and immediately notify the relevant institution of the outcomes of such determination.
[This Article Newly Inserted by Presidential Decree No. 27458, Aug. 29, 2016]
 Article 44-3 (Scope, etc. of Public Interest Corporations)
(1)  “Corporations which are larger than the size prescribed by Presidential Decree” referred to in Article 39 (2) 4 of the Act means corporations having the total base fund (referring to the amount of total assets minus total debt) belonging to its purpose business account and profit-making business account prescribed in Article 23 (1) of the Enforcement Decree of the Act on the Establishment and Operation of Public Interest Corporations in excess of one billion won as of the settlement date of the immediately preceding year.
(2) “Other institutions and organizations prescribed by Presidential Decree” referred to in Article 39 (2) 8 of the Act means institutions provided with investments or funds which are designated and publicly notified under Article 5 of the Act on the Operation of Institutions Provided with Investments or Funds by Local Governments.
[This Article Newly Inserted by Presidential Decree No. 27458, Aug. 29, 2016]
 Article 44-4 (Persons Obliged to Return Amount Exceeding Educational Expenses, etc.)
(1) Persons from whom the Minister of Education and the Korea Student Aid Foundation may obtain a return of the amount received in excess of educational expenses pursuant to the Article 39 (6) of the Act shall be undergraduate students, graduate students, or their parents (hereinafter referred to as “persons obliged to pay a return”), in whose case the aggregate of the following amounts that have been received as educational expenses necessary for one semester (hereinafter referred to as “educational expenses that have been supported”) is greater than the total amount of educational expenses actually required for the relevant semester (hereinafter referred to as “necessary educational expenses”):
1. The amount calculated by aggregating the amount of educational expenses received free of charge from any institution falling under Article 39 (2) 1 through 8 of the Act and the amount of loan received for the purpose of paying educational expenses;
2. The amount calculated by aggregating the amount of educational expenses received free of charge from the Minister of Education and the Korea Student Aid Foundation pursuant to the Act or the Act on the Establishment, etc. of Korea Student Aid Foundation and the amount of loan received for the purpose of paying educational expenses.
(2) Notwithstanding paragraph (1), the Minister of Education may exclude from the persons obliged to pay a return undergraduate students, graduate students, or their parents deemed as exceptions for returning the amount exceeding necessary educational expenses pursuant to Article 39 (6) of the Act, after taking into consideration the reasons for excessive support of educational expense, the amount exceeding educational expenses, their level of income, etc.
(3) The amount exceeding educational expenses that may be returned to the Minister of Education and the Korea Student Aid Foundation pursuant to Article 39 (6) of the Act shall be the amount gained by subtracting necessary educational expenses from the educational expenses that have been supported: Provided, That where the amount calculated this way exceeds the amount prescribed in paragraph (1) 2, the amount prescribed in paragraph (1) 2 shall apply.
(4) Where the Minister of Education and the Korea Student Aid Foundation intend to receive a return of the amount exceeding educational expenses pursuant to Article 39 (6) of the Act, the Minster and the Foundation shall issue a written notice to the person obliged to pay a return, requiring him/her to return the amount received in excess of educational expenses, by specifying the reasons for return, the methods of return, the amount to be returned, the payment deadline of return, the procedures for processing the returned amount, etc. In such cases, the payment deadline of return shall be determined to be at least 30 days after the date of notification.
(5) The Minister of Education and the Korea Student Aid Foundation shall process the amount returned under Article 39 (6) of the Act according to the following classifications. In such cases, if there is any amount remaining after undergoing the process prescribed in subparagraph 1, such remaining amount shall be processed in accordance with subparagraph 2:
1. Where a person obliged to pay a return has received a loan under the Act or the Act on the Establishment, etc. of Korea Student Aid Foundation, and has not yet completely repaid the educational expenses: the principal and interest of the loan for educational expenses and its accompanying obligations shall be deemed paid to the extent of the amount returned by the person obliged to pay a return. In such cases, Articles 477 to 479 of the Civil Act shall apply mutatis mutandis to the appropriation of such repayment;
2. Where a person obliged to pay a return has received a loan under the Act or the Act on the Establishment, etc. of Korea Student Aid Foundation, and has repaid the educational expenses in full: the amount of return shall be treated as income of the account or accounting serving as the financial resources for the Minister of Education or the Korea Student Aid Foundation to support educational expenses free of charge in accordance with the standard and order determined and publicly announced by the Minister of Education.
[This Article Newly Inserted by Presidential Decree No. 27458, Aug. 29, 2016]
 Article 45 (Request for Data)
Where it is necessary to efficiently conduct duties of managing repayment of income contingent loans, the Minister of Education, the Commissioner of the National Tax Service, and the Chairperson of the Korea Student Aid Foundation may request each other for the provision of data they manage to conduct their duties related to projects for income contingent loans and their repayment. In such cases, a person in receipt of such request shall comply therewith, except in extenuating circumstances. <Amended by Presidential Decree No. 24423, Mar. 23, 2013>
 Article 45-2 (Management of Personally Identifiable Information)
The Minister of Education (including persons delegated or entrusted with authority of the Minister of Education pursuant to Article 5 of the Act) may manage data containing a resident registration number referred to in subparagraph 1 of Article 19 of the Enforcement Decree of the Personal Information Protection Act, if inevitable to conduct business affairs related to income contingent loans, repayment and management thereof, etc. prescribed in the Act and this Decree. <Amended by Presidential Decree No. 24423, Mar. 23, 2013>
[This Article Newly Inserted by Presidential Decree No. 23488, Jan. 6, 2012]
CHAPTER VII PENALTY PROVISIONS
 Article 46 (Criteria for Imposing Administrative Fines)
The criteria for imposing administrative fines prescribed in Article 44 (1) and (2) of the Act shall be as provided for in the attached Table.
[This Article Wholly Amended by Presidential Decree No. 27458, Aug. 29, 2016]
ADDENDA
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Article 2 (Special Cases concerning Submission of Project Plans, etc.)
Notwithstanding Article 3 (1), a project plan and a budget bill for 2010 to be submitted by the Korea Student Aid Foundation to the Minister of Education, Science and Technology pursuant to Article 6 of the Act shall be submitted by February 5, 2010.
ADDENDA <Presidential Decree No. 22396, Sep. 20, 2010>
Article 1 (Enforcement Date)
This Decree shall enter into force on January 1, 2011.
Articles 2 through 4 Omitted.
ADDENDA <Presidential Decree No. 22493, Nov. 15, 2010>
Article 1 (Enforcement Date)
This Decree shall enter into force on November 18, 2010.
Articles 2 through 5 Omitted.
ADDENDA <Presidential Decree No. 23488, Jan. 6, 2012>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation. <Proviso Omitted.>
Article 2 Omitted.
ADDENDA <Presidential Decree No. 23734, Apr. 17, 2012>
Article 1 (Enforcement Date)
This Decree shall enter into force on April 18, 2012.
Articles 2 and 3 Omitted.
ADDENDA <Presidential Decree No. 24247, Dec. 21, 2012>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Articles 2 and 3 Omitted.
ADDENDA <Presidential Decree No. 24423, Mar. 23, 2013>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation. <Proviso Omitted.>
Articles 2 through 7 Omitted.
ADDENDA <Presidential Decree No. 25317, Apr. 22, 2014>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Articles 2 and 3 Omitted.
ADDENDA <Presidential Decree No. 27341, Jul. 19, 2016>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Article 2 (Applicability to Deferment of Repayment by Debtors who Are Undergraduate Students)
The amended provisions of Article 10-2 (3) through (7) shall also apply where the deferment of repayment is initiated on receipt of an application prescribed in Article 18 (7) of the Act before this Decree enters into force.
Article 3 (Applicability to Payment of Amounts Subtracted at Source, etc.)
The amended provisions of Article 21-2 (2) and (3) shall also apply where a debtor has paid the amount subtracted at source or the remainder of the amount subtracted at source prescribed in Article 24 (7) or (8) of the Act (including cases applied mutatis mutandis under Article 25 of the Act) before this Decree enters into force.
Article 4 (Special Cases concerning Deadline for Applying for Exemption from Obligation of Repayment)
Notwithstanding the amended provisions of the main sentence of Article 8 (2), where any ground for exemption from the obligation of repayment prescribed in Article 16 (3) of the Act arises before this Decree enters into force, any person falling under the amended provisions of any subparagraph of Article 8 (2) may apply for exemption from the obligation of repayment before six months elapse from the date this Decree enters into force.
Article 5 Omitted.
Article 6 (Special Cases concerning Amendment of the Enforcement Decree of the Act on the Establishment, etc. of Korea Student Aid Foundation)
Notwithstanding the main sentence of Article 21-3 (2) of the Enforcement Decree of the Act on the Establishment, etc. of Korea Student Aid Foundation to be amended under Article 5 of the Addenda, where any ground for exemption from the obligation of repayment of educational expenses arises under Article 24-10 (2) of the Act on the Establishment, etc. of Korea Student Aid Foundation before this Decree enters into force, any person other than the siblings of the debtor among his/her collateral blood relatives within the fourth degree of relationship may apply for exemption from the obligation of repayment before six months elapse from the date this Decree enters into force.
ADDENDA <Presidential Decree No. 27444, Aug. 11, 2016>
Article 1 (Enforcement Date)
This Decree shall enter into force on August 12, 2016.
Articles 2 through 8 Omitted.
ADDENDUM <Presidential Decree No. 27458, Aug. 29, 2016>
This Decree shall enter into force on August 30, 2016.
ADDENDA <Presidential Decree No. 27471, Aug. 31, 2016>
Article 1 (Enforcement Date)
This Decree shall enter into force on September 1, 2016.
Articles 2 and 3 Omitted.
ADDENDA <Presidential Decree No. 27972, Mar. 29, 2017>
Article 1 (Enforcement Date)
This Decree shall enter into force on March 30, 2017.
Articles 2 through 10 Omitted.