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SPECIAL ACT ON INCOME CONTINGENT LOAN

Act No. 9935, Jan. 22, 2010

Amended by Act No. 10303, May 17, 2010

Act No. 11690, Mar. 23, 2013

Act No. 11849, jun. 4, 2013

Act No. 12572, May 14, 2014

Act No. 12844, Nov. 19, 2014

Act No. 13216, Mar. 11, 2015

Act No. 13337, jun. 22, 2015

Act No. 14159, May 29, 2016

Act No. 14839, Jul. 26, 2017

Act No. 15428, Mar. 13, 2018

Act No. 15962, Dec. 18, 2018

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/her will and ability irrespective of present economic condition by giving income contingent loans to be repaid after employment.
 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 by Act No. 11690, Mar. 23, 2013>
 Article 3 (Definitions)
The terms used in this Act shall be defined as follows: <Amended by Act No. 10303, May 17, 2010; Act No. 12572, May 14, 2014; Act No. 15962, Dec. 18, 2018>
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 the same Act or credit guarantee defined in subparagraph 4 of the same Article (hereinafter referred to as “existing loans”), with an aim of supporting such person in repaying loans he/she has already obtained;
2. The term "higher education institutions" means the following:
(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 the same Act;
(c) Polytechnic colleges defined in subparagraph 5 of Article 2 of the Act on the Development of Vocational Skills of Workers;
3. The term "educational expenses" means tuitions necessary to have education at higher education institutions, and living expenses, such as expenses for room and board, educational materials, language study, and transportation;
4. The term "undergraduate student" means a student (excluding foreigners and graduate students) attending (including where admission or return after temporary absence is planned) higher education institutions;
5. The term "financial company, etc." means a bank defined in Article 2 (1) 2 of the Banking Act and any other institution prescribed by Presidential Decree;
6. The term "debtor" means a person who assume the responsibility for repaying income contingent loans;
7. The term "income threshold for repayment" means income for which debtors begin to assume responsibility for repayment (including where repayment comes due after grace period);
8. The term "minimum amount of compulsory repayment" means a minimum amount that a debtor has to repay by all means where income of such debtor is above the income threshold for repayment;
9. The term "graduation" means where a person has completed education courses as determined by school regulations;
10. The term "long-term non-payer" means a debtor who has no record of repayment until three years pass from graduation or a person whose amount of repayment is less than 5/100 of the principal and interest of a loan until three years pass since repayment (including voluntary repayment) began;
11. The term "emigration" means where a person emigrates to a foreign country as prescribed in Article 4 of the Emigration Act;
12. The term "studying abroad" means being taught, conducting researches, or taking training at an educational institution, research institution, or training institution for a term of at least six months;
13. The term "subtracting agent" means a person who pays incomes under Articles 24 through 26 of this Act to a debtor from among withholding agents under Article 127 of the Income Tax Act, who subtracts the principal and interest of income contingent loans at source from such debtor and pays such sum to the National Tax Service.
[In accordance with the provisions of Article 2 of addenda in Act No. 12572, May 14, 2014, Subparagraph 1-2 of this Article shall be effective until May 13, 2015]
 Article 4 (Responsibility of State)
The State shall ensure that projects for income contingent loans and their repayment are conducted in a healthy manner.
 Article 5 (Delegation and Entrustment of Authority and Duties)
(1) The Minister of Education shall delegate the authority and duties bestowed under this Act concerning the following matters to the Chairperson of the Korea Student Aid Foundation: <Amended by Act No. 11690, Mar. 23, 2013; Act No. 12572, May 14, 2014>
1. Income contingent loans;
2. Voluntary repayment, and repayment and management of emigrants and students studying abroad.
(2) The Minister of Education shall entrust the authority and duties bestowed under this Act concerning the following matters to the Commissioner of the National Tax Service: <Amended by Act No. 11690, Mar. 23, 2013>
1. Obligatory repayment and management thereof according to income;
2. Repayment and management of long-term non-payers.
(3) The authority and duties of the Minister of Education bestowed under this Act may be wholly or partially delegated or entrusted to the heads of related administrative agencies and other persons prescribed by Presidential Decree, as prescribed by Presidential Decree. <Amended by Act No. 11690, Mar. 23, 2013>
(4) The heads of institutions delegated or entrusted with authority and duties under the provisions of paragraphs (1) through (3) may request the heads of related administrative agencies to provide necessary administrative and financial cooperation for the smooth handling of such affairs. In such cases, the heads of relevant administrative agencies shall cooperate to the maximum, except in extenuating circumstances.
(5) Persons in charge of duties provided for in paragraphs (1) through (4), and executive officers and employees of relevant institutions (excluding public officials and persons deemed public officials by other Acts) shall be deemed public officials, in applying penalty provisions under the Criminal Act or other Acts.
 Article 6 (Submission of Project Plans)
The Korea Student Aid Foundation delegated with authority and duties as prescribed in Article 5 (1) shall prepare a project plan and budget bill for each business year concerning delegated matters as prescribed by Presidential Decree and submit them to the Minister of Education. The same shall also apply to the modification thereof. <Amended by Act No. 11690, Mar. 23, 2013>
 Article 7 (Supervision and Order)
(1) The Minister of Education may direct and supervise the Korea Student Aid Foundation delegated with authority and duties as prescribed in Article 5 (1) when it conducts duties concerning such delegation, and issue orders necessary therefor. <Amended by Act No. 11690, Mar. 23, 2013>
(2) When the disposition of the Korea Student Aid Foundation delegated with authority and duties as prescribed in Article 5 (1) is against the law, or the Minister of Education acknowledges that it is necessary to conduct projects for income contingent loans or their repayment, he/she may cancel all or part of such disposition, or suspend the implementation thereof. <Amended by Act No. 11690, Mar. 23, 2013>
CHAPTER II INCOME CONTINGENT LOANS
 Article 8 (Persons Eligible for Income Contingent Loans)
Persons eligible for an income contingent loan shall be undergraduate students of higher education institutions that have entered into an agreement on income contingent loan (hereinafter referred to as "agreement") with the Minister of Education or the Chairperson of the Korea Student Aid Foundation. <Amended by Act No. 11690, Mar. 23, 2013>
 Article 8-2 (Persons Eligible for Transition Loans)
Persons eligible for a transition loan shall be those (including graduates) with existing loans granted on or before December 31, 2009.
[This Article Newly Inserted by Act No. 12572, May 14, 2014]
[In accordance with the provisions of Article 2 of addenda in Act No. 12572, May 14, 2014, this Article shall be effective until May 13, 2015]
 Article 9 (Qualifications)
(1) When the Minister of Education intends to grant income contingent loans to undergraduate students, he/she may grant loans according to qualifications after publicly notifying such qualifications, such as household income by percentile, whether they belong to a household with many offspring, credits, grade, class standing, age, credit rating, etc. <Amended by Act No. 11690, Mar. 23, 2013; Act No. 12572, May 14, 2014>
(2)  The Minister of Education may determine and publicly notify details concerning the qualification requirements for persons who wish to be granted a transition loan, including household income by percentile, whether they belong to a household with many offspring, credits, grade, class standing, age, credit rating, etc. and other necessary matters, and may grant loans accordingly. <Newly Inserted by Act No. 12572, May 14, 2014>
[In accordance with the provisions of Article 2 of addenda in Act No. 12572, May 14, 2014, paragraph (2) of this Article shall be effective until May 13, 2015]
 Article 10 (Kinds and Limit of Loans)
(1) Income contingent loans shall be implemented by dividing into tuition loans and living expense loans.
(2) The limit of income contingent loan shall be the full necessary amount without limit in the case of a tuition loan, and in the case of a living expense loan, loans may be given applying differential limit as determined by the Minister of Education. <Amended by Act No. 11690, Mar. 23, 2013>
 Article 11 (Loan Interest Rate)
(1) The interest rate of income contingent loan shall be determined and publicly notified by the Minister of Education before loans for each semester begin. <Amended by Act No. 11690, Mar. 23, 2013>
(2) In making a determination under paragraph (1), the Minister of Education shall consider the rate of inflation, real interest rate, rate of repayment of principal and interest of loans, etc. and take into account of the interest rate of financial resources to be raised. In such cases, no interest rate shall exceed 120 percent of an average return rate of State bonds with a five-year redemption deadline under the State Bond Act, calculated covering the three years immediately preceding the start of each semester. <Amended by Act No. 11690, Mar. 23, 2013; Act No. 12572, May 14, 2014>
 Article 12 (Applications for Loan and Recommendation)
(1) A person who intends to have an income contingent loan shall file an application therefor with the Minister of Education or the Chairperson of the Korea Student Aid Foundation by a method prescribed by Presidential Decree. <Amended by Act No. 11690, Mar. 23, 2013>
(2) The Minister of Education or the Chairperson of the Korea Student Aid Foundation may request the heads of higher education institutions to recommend persons eligible for income contingent loan from among loan applicants under paragraph (1). <Amended by Act No. 11690, Mar. 23, 2013>
(3) The heads of higher education institutions who have been requested to recommend as prescribed in paragraph (2) may recommend eligible undergraduate students considering their economic condition, grade, etc.
 Article 13 (Responsibility for Explanation)
The Minister of Education or the Chairperson of the Korea Student Aid Foundation shall explain the details of loan, such as the character and conditions of loan, method of calculating amount of principal and interest of loan to repay, repaying method, etc., and risks involved in such loan, method of concluding loan contracts, etc. so that loan applicants can fully understand, and shall receive a written confirmation thereon from the applicants. <Amended by Act No. 11690, Mar. 23, 2013>
 Article 14 (Approval for Loan)
The Minister of Education or the Chairperson of the Korea Student Aid Foundation may approve income contingent loans or transition loans after examining whether applicants for loan meet the requirements prescribed in Article 9. <Amended by Act No. 11690, Mar. 23, 2013; Act No. 12572, May 14, 2014>
CHAPTER III REPAYMENT LIABILITY
 Article 15 (Responsibility for Report of Debtors)
(1) Debtors shall faithfully report property status, such as address, occupation, real estate, etc., and information on financial property of themselves and their spouse at least once a year, and confirm the principal and interest of their loans and the details of repayment thereof.
(2) Where income comes into existence, debtors shall faithfully report such fact that income has come into existence, kind of income, annual income, spender, etc. in no time.
(3) Matters necessary for the responsibility for report under paragraphs (1) and (2) shall be prescribed by Presidential Decree.
 Article 16 (Assuming Responsibility for Repayment and Loan Discharge)
(1) Debtors shall be responsible for paying the principal and interest of loans from the time of loan disbursement: Provided, That repayment shall be deferred until the time to pay prescribed in Article 18 (2) arrives.
(2) Where a debtor is 65 years or more of age, has no other income than national pension income, and such pension income is below the amount of deemed income prescribed by Presidential Decree, the principal and interest of his/her loan shall be discharged.
(3) A debtor becomes unable to pay the principal and interest of loan due to death or mental disorder, the Minister of Education may discharge some or all of the principal and interest of his/her loan, as prescribed by Presidential Decree. <Newly Inserted by Act No. 13337, Jun. 22, 2015>
 Article 16-2 (Exemption of Interest)
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 by Act No. 11849, Jun 4, 2013>
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 services personnel under Article 2 of the Military Service Act.
[This Article Newly Inserted by Act No. 11760, May 10, 2013]
 Article 17 (Calculation of Principal and Interest of Loans)
(1) The principal and interest of a tuition loan to be repaid by a debtor shall be the sum of the balance of the tuition loan and the amount of interest calculated by applying the loan rate under Article 11 from the time of loan to the time of repayment to the balance of the tuition loan at simple interest for each semester: Provided, That where repayment began pursuant to Article 18 (2), the amount shall include arrearages and added amounts under Article 30.
(2)  Paragraph (1) shall apply mutatis mutandis to the calculation of the principal and interest of a loan for which repayment has been postponed pursuant to the proviso to Article 16 (1).
(3) The period of each semester prescribed in paragraph (1) shall be determined and publicly notified by the Minister of Education.
(4) The method of calculating the principal and interest of living expense loan to be repaid by a debtor shall be determined and publicly notified by the Minister of Education.
[This Article Wholly Amended by Act No. 12572, May 14, 2014]
 Article 18 (Principle of Paying Principal and Interest of Loans)
(1) Debtors may pay the principal and interest of loans at any time.
(2) Notwithstanding paragraph (1), where the annual income (hereinafter referred to as "annual income") 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 annual income by 20/100 (hereinafter referred to as "repayment rate"): Provided, That in cases of retirement income, an amount calculated by multiplying retirement income by repayment rate shall be repaid.
(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 the same Act) under the same Act, he/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 rate, as prescribed by Presidential Decree.
(4) In applying paragraph (2), income shall be as listed in each subparagraphs of Article 4 (1) of the Income Tax Act: Provided, That such amount not included in the global income prescribed in Article 14 (3) of the same Act shall be excluded.
(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 by Act No. 11690, Mar. 23, 2013; Act No. 14159, May 29, 2016>
(6) In order to ensure the sound operation of the income contingent loan program, the repayment rate referred to in paragraphs (2) and (3) may be adjusted by Presidential Decree by up to 50/100 of such repayment rate, considering financial burden due to the projects of education loan, prospect for national finance, actual repayment of loans, average repayment deadline, etc.
(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 the same Act, the repayment may be deferred upon application, as prescribed by Presidential Decree: Provided, That subparagraphs 2 through 4 shall only apply to persons suffering from economic difficulties, and the standards therefor shall be determined 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 the same Act within the scope of income prescribed in paragraph (4): <Newly Inserted by Act No. 13337, Jun. 22, 2015; Act No. 15428, Mar. 13, 2018>
1. A university student;
2. A person who has filed a report of business closure prescribed in Article 8 (6) 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;
(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: <Newly Inserted by Act No. 15428, 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 by Act No. 13337, Jun. 22, 2015>
 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 by Act No. 11690, Mar. 23, 2013>
(2) As a result of inspection 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/she shall pay an amount gained by multiplying such excess amount by repayment rate (hereinafter referred to as "compulsory repayment based on deemed income"): Provided, That where a long-term non-payer vindicates that the adjusted amount of net property gained by subtracting his/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 default national taxes are collected. <Amended by Act No. 11690, Mar. 23, 2013>
(4) In cases falling under paragraph (3), the long-term non-payer shall pay the outstanding principal and interest of loan in full, apart from unpaid amount of compulsory repayment based on deemed income: Provided, That 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/her to put up collateral for the loan. <Amended by Act No. 13337, 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 and his/her spouse, and paragraphs (1) through (4) shall apply mutatis mutandis to the payment of principal and interest of loan: Provided, That only the debtor shall assume responsibility for repayment, and shall be subject to the compulsory collection procedures.
(6) Where a long-term non-payer has voluntarily pays at least 5/100 of the principal and interest of loan, or vindicates that annual income exceeds an income threshold for repayment because of employment, business operation, inheritance, donation, etc. while an investigation into his/her property, etc. is underway, such investigation may be suspended.
(7) Article 18 (6) shall apply mutatis mutandis to the adjustment of repayment rate under paragraph (2).
(8) Matters necessary for the collection of principal and interest of 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 by Act No. 11690, Mar. 23, 2013>
(2) A debtor, who intends to emigrate to a foreign country, shall pay the principal and interest of loan in full not later than one month before leaving Korea: Provided, That where such debtor is unable to pay the principal and interest of 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/her to put up collateral for the loan. <Amended by Act No. 11690, Mar. 23, 2013; Act No. 13337, 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 of 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, That where such debtor has vindicated that such is not the fact with reference to emigration, the Minister of Education may allow the debtor to pay the principal and interest of 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/her to put up collateral for the loan. <Amended by Act No. 11690, Mar. 23, 2013; Act No. 13337, Jun. 22, 2015>
(4) Where a debtor emigrates to a foreign country or leaves Korea to stay in a foreign country for more than one year, he/she shall submit a certificate of payment of the principal and interest of 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 of 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 of loan, and request him/her to provide necessary information, such as address, place of residence, etc. <Amended by Act No. 11690, Mar. 23, 2013>
(6) The Minister of Education may request the Minister of Foreign Affairs to provide information on emigrants (limited to debtors). In such cases, the Minister of Foreign Affairs shall provide such information within ten days from the date of request. <Amended by Act No. 11690, Mar. 23, 2013>
(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 by Act No. 11690, 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. <Newly Inserted by Act No. 13337, Jun. 22, 2015; Act No. 14839, Jul. 26, 2017>
(9) Other matters necessary for the payment of principal and interest of loan of emigrants shall be prescribed by Presidential Decree. <Amended by Act No. 13337, Jun. 22, 2015>
 Article 21 (Special Cases to Students Studying Abroad)
(1) A debtor, who intends to study abroad, shall report to the Minister of Education a plan for studying abroad and plan for payment of principal and interest not later than 40 days before departure from Korea. In such cases, the Minister of Education may request him/her to put up collateral. <Amended by Act No. 11690, Mar. 23, 2013>
(2) Where a debtor referred to in paragraph (1) does not come back to Korea within one year from the end of the planned period of study aborad, he/she shall immediately pay the principal and interest of loan in full: Provided, That where a debtor stays abroad after the end of the planned period of study aborad for reasons of the extension of study, etc., he/she may report such fact to the Minister of Education to receive the deferment of loan repayment. <Amended by Act No. 11690, Mar. 23, 2013>
(3) Where a debtor under paragraph (1) has earned income from overseas employment, etc., he/she shall report such fact to the Minister of Education and pay the principal and interest of loan in accordance with the standards for the repayment of income contingent loan applicable to persons who have earned income from foreign source, as prescribed by Ordinance of the Minister of Education. <Amended by Act No. 11690, Mar. 23, 2013>
(4) Article 20 (3) through (7) shall apply mutatis mutandis to students studying abroad who have failed to file a report under paragraph (1).
(5) Other details concerning the payment of principal and interest of loan of students studying abroad shall be prescribed by Presidential Decree.
 Article 22 (Notification of Responsibility for Repayment)
The Minister of Education may notify debtors and subtracting agents of responsibility for repayment, as prescribed by Presidential Decree. <Amended by Act No. 11690, Mar. 23, 2013>
CHAPTER IV REPAYMENT METHOD BY INCOME
 Article 23 (Payment, etc. of Principal and Interest of Loans of Persons Having Global Income)
(1) Where a debtor had global income for the preceding year as prescribed in Article 70 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 global income under Articles 70 and 70-2 of the same Act.
(2) Where tax base, etc. is determined or corrected under Article 80 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 ommission 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) Where a compulsory repayment amount is determined or corrected the under paragraphs (1) through (3), such compulsory repayment amount shall be an amount calculated by subtracting the amount equivalent to the compulsory repayment amount which has been already notified under Articles 24 (1) and 25.
(5) The determination or correction of a compulsory repayment amount prescribed in 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.
(6) A debtor shall pay a compulsory repayment amount in compliance with the determination or correction as notified by the Minister of Education.
(7) Detailed matters concerning the determination, correction, payment, etc. of a compulsory repayment amount under paragraphs (1) through (6) shall be prescribed by Presidential Decree.
[This Article Wholly Amended by Act No. 13337, Jun. 22, 2015]
 Article 24 (Payment, etc. of Principal and Interest of 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 the same Act, however, the same shall apply to cases prescribed by Presidential Decree; the same shall apply hereinafter) 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/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 by Act No. 11690, Mar. 23, 2013; Act No. 13337, 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/she shall submit a detailed statement of repayment as determined by the Minister of Education. <Amended by Act No. 11690, 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 default national taxes are collected. <Amended by Act No. 11690, 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/her earned income for the preceding year pursuant to paragraph (2). <Newly Inserted by Act No. 13337, 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/her earned income for the preceding year pursuant to paragraph (2). <Newly Inserted by Act No. 13337, 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. <Newly Inserted by Act No. 13337, Jun. 22, 2015>
 Article 25 (Payment, etc. of Principal and Interest of Loans of Persons Having Pension Income)
Debtors having pension income for the previous year as prescribed in Article 20-3 of the Income Tax Act shall pay an compulsory repayment amount by applying Article 24 mutatis mutandis.
[This Article Wholly Amended by Act No. 13337, Jun. 22, 2015]
 Article 26 (Payment, etc. of Principal and Interest of Loans of Persons Having Retirement Income)
Debtors having retirement income as prescribed in Article 71 of the Income Tax Act shall pay a compulsory repayment amount by applying Article 24 mutatis mutandis: Provided, That where such retirement income is not more than the amount prescribed by Presidential Decree, this shall not apply.
 Article 27 (Payment, etc. of Principal and Interest of Loans of Persons Having Transfer Income)
(1) Where a debtor has tax base of transfer income for transfer income prescribed in Article 94 (1) of the Income Tax Act (excluding non-taxable transfer income provided for in Article 89 of the same 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 the same 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 ommission 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 by Act No. 13337, Jun. 22, 2015]
 Article 28 (Payment, etc. of Principal and Interest of Loans of Persons Receiving Inheritances or Gifts)
(1) Where a debtor receives an inheritance or a gift under Article 18 (3), the Minister of Education shall determine a compulsory repayment amount within three months from the end of the period for filing a return on the tax base of inheritance tax and gift tax under Articles 67 and 68 of the Inheritance Tax and Gift Tax Act.
(2) Where the tax base, etc. is determined or corrected under Article 76 of the Inheritance Tax and Gift Tax Act with respect to debtors, the Minister of Education shall determine a compulsory repayment amount or revised the determination referred to in paragraph (1) within three months from the date of such determination or correction.
(3) Where any ommission 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 by Act No. 13337, Jun. 22, 2015]
CHAPTER V DISPOSITION ON DEFAULT
 Article 29 (Notification of Payment of Principal and Interest of Loans, etc.)
(1) Where a subtracting agent fails to pay an amount subtracted at source under Articles 24 (2) and (3), 25 (including where Article 24 (3) is applied mutatis mutandis), and 26 (including where Article 24 (3) is applied mutatis mutandis), the Minister of Education shall determine or correct an amount to be paid and notify the subtracting agent of such amount, as prescribed by Presidential Decree: Provided, that in cases falling under Article 24 (4), the Minister of Education shall determine or correct an amount to be paid, and notify the debtor of such amount. <Amended by Act No. 11690, Mar. 23, 2013; Act No. 13337, Jun. 22, 2015>
(2) The Minister of Education shall determine or correct an amount to be paid under Articles 19 through 21, and notify long-term non-payers, emigrants and students studying abroad of such amount, as prescribed by Presidential Decree. <Amended by Act No. 11690, Mar. 23, 2013; Act No. 13337, Jun. 22, 2015>
(3) Where a debtor or subtracting agent fails to make a payment in full within the payment deadline notified under paragraphs (1) or (2), Article 23 (5), 27 (4) or 28 (4), the Minister of Education shall give a reminder notice to such debtor or subtracting agent within ten days from the date such payment is due. In such cases, Article 23 of the National Tax Collection Act shall apply mutatis mutandis. <Amended by Act No. 13337, Jun. 22, 2015>
 Article 30 (Arrearages)
(1) Where debtors (including subtracting agents; hereafter the same shall apply in this Article) fail to pay the principal and interest of loan within the payment period notified under Article 23 (5), 27 (4), 28 (4), or 29 (1) or (2), the Minister of Education shall collect an amount calculated by multiplying the principal and interest of loan unpaid from the date on which such payment is due by a rate prescribed by Presidential Decree as arrearages. <Amended by Act No. 11690, Mar. 23, 2013; Act No. 13337, Jun. 22, 2015>
(2) Where debtors fail to pay the unpaid principal and interest of loan, the Minister of Education shall collect an amount calculated by multiplying the unpaid principal and interest of loan by a rate prescribed by Presidential Decree plus arrearages under paragraph (1) each time one month passes after such notified payment period is due. In such cases, arrearages (including added amount) shall not exceed 9/100 of the unpaid principal and interest of loan. <Amended by Act No. 11690, Mar. 23, 2013>
(3) Notwithstanding paragraphs (1) and (2), where natural disasters or unavoidable reasons prescribed by Presidential Decree arise, arrearages referred to in paragraphs (1) and (2) may not be collected.
(4) Matters necessary for arrearages referred to in paragraphs (1) and (2) shall be prescribed by Presidential Decree.
 Article 31 (Collection Before Payment Period)
With respect to the collection of principal and interest of loans and arrearages before the payment deadline, Article 14 of the National Tax Collection Act shall apply mutatis mutandis.
 Article 32 (Compulsory Collection of Principal and Interest of Loans, etc.)
Where debtors fail to pay the principal and interest of loans and arrearages referred to in Article 30 within the payment deadline stated in a reminder notice under Article 29 (3), the Minister of Education may collect them in the same manner as default national taxes are collected. <Amended by Act No. 11690, Mar. 23, 2013; Act No. 13337, Jun. 22, 2015>
 Article 33 (Order of Collecting Principal and Interest of Loans, etc.)
(1) The principal and interest of loans and arrearages shall be repaid in preference to other claims to the total property of debtors except for taxes and public charges, and claims having seniority prescribed by other Acts: Provided, That in cases the principal and interest of loans and arrearages have come into existence after other claims, this shall not apply.
(2) Notwithstanding the main sentence of paragraph (1), where the principal and interest of loans and arrearages are collected from the proceeds from the sale of property of which the establishment of a right to lease on a deposit basis, right of pledge or mortgage is proved to have been registered or enrolled before the period of repayment of the principal and interest of loans and arrearages, aforementioned shall not apply to claims secured by such right to lease on a deposit basis, right of pledge or mortgage. In such cases, the period of repayment means the legal term under Article 35 (1) 3 of the Framework Act on National Taxes.
CHAPTER VI SUPPLEMENTARY PROVISIONS
 Article 33-2 (Method, etc. for Delivery of Notice, etc.)
(1) The delivery of any notice, notification and document under this Act shall be done by personal service, by mail, or using information and communications network (hereinafter referred to the “electronic service”).
(2) Where any notice under this Act is delivered by mail, such notice shall be sent by registered mail to subtracting agents and by registered mail or regular mail to debtors.
(3) Electronic service shall be made only upon request by a person to be served, as prescribed by Presidential Decree.
(4) Notwithstanding paragraph (3), where electronic service cannot be made due to information and communications network failures or for any reason prescribed by Presidential Decree, the service may be made by personal service or by mail.
[This Article Newly Inserted by Act No. 13337, Jun. 22, 2015]
 Article 34 (Payment of Principal and Interest of Loans)
The Commissioner of the National Tax Service shall pay the principal and interest of loans, arrearages, etc. collected on entrustment as prescribed in Article 5 (2) to the education loan account under Article 24-2 of the Act on the Establishment, etc. of Korea Student Aid Foundation, as prescribed by Presidential Decree.
 Article 35 (Raising Objections)
(1) Any person who has an objection to income contingent loans and disposition on repayment conducted by the Minister of Education (including the Chairperson of the Korea Student Aid Foundation and the Commissioner of the National Tax Service; the same shall apply in this Article and Article 37) may raise an objection, as prescribed by Presidential Decree. <Amended by Act No. 11690, Mar. 23, 2013>
(2) Where the Minister of Education acknowledges that an objection raised under paragraph (1) is reasonable, he/she shall correct it immediately. <Amended by Act No. 11690, Mar. 23, 2013>
(3) Where the Minister of Education makes a correction under paragraph (2) or acknowledges that an objection is groundless, he/she shall notify the applicant of such purport without delay. <Amended by Act No. 11690, Mar. 23, 2013>
(4) Any person who has an objection to income contingent loans and disposition on repayment may lodge an administrative appeal under the Administrative Appeals Act regardless of whether they have raised an objection under paragraph (1).
(5) Any person who have an objection to income contingent loans and disposition on repayment may institute an administrative suit under the Administrative Litigation Act regardless of whether they have raised an objection under paragraph (1) or have lodged an administrative appeal pursuant to paragraph (4).
 Article 36 (Extinctive Prescription, etc.)
(1) The extinctive prescription of a claim against an income contingent loan shall be completed unless such claim is exercised for ten years.
(2) Extinctive prescription under paragraph (1) shall be interrupted by any of the following reasons:
1. Notification of payment;
2. Urging or demand on payment;
3. Request for delivery;
4. Seizure.
(3) Except as otherwise expressly provided for in this Act, the Civil Act shall apply mutatis mutandis to the interruption of extinctive prescription under paragraph (2).
(4) Even debtors permitted exemption under Article 564 of the Debtor Rehabilitation and Bankruptcy Act shall not be released from the responsibility for claims against the principal and interest of income contingent loans.
 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/herself, and data on income and property, including real estate and financial property, of a debtor and his/her parents or spouse, and the organizations in receipt of such request shall submit such data, except in extenuating circumstances: <Amended by Act No. 11690, Mar. 23, 2013; Act No. 12844, Nov. 19, 2014; Act No. 13337, Jun. 22, 2015; Act No. 14839, Jul. 26, 2017>
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 by Act No. 11690, Mar. 23, 2013; Act No. 13337, 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, etc.)
(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/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 by Act No. 11690, Mar. 23, 2013; Act No. 13337, 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, That 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 by Act No. 13216, Mar. 11, 2015; Act No. 13337, 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.
 Article 38-2 (Use of Taxation Information)
(1) For the purpose of conducting duties related to the repayment of income contingent loans which have been entrusted under Article 5 (2), the Commissioner of the National Tax Service may use the taxation information referred to in Article 81-13 (1) of the Framework Act on National Taxes.
(2) The tax information referred to in 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.
[This Article Newly Inserted by Act No. 13337, 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, That the scope of dual support for educational expenses and matters concerning exceptional handling shall be prescribed by the Minister of Education. <Amended by Act No. 11690, Mar. 23, 2013; Act No. 14159, 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 in receipt of such request shall comply therewith, except in extenuating circumstances: Provided, That 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 by Act No. 11690, Mar. 23, 2013; Act No. 12844, Nov. 19, 2014; Act No. 14159, May 29, 2016; Act No. 14839, 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 by Act No. 11690, Mar. 23, 2013; Act No. 14159, 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. <Newly Inserted by Act No. 14159, May 29, 2016>
(6) Where a university student or his/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. <Newly Inserted by Act No. 14159, 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 by Act No. 14159, 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 in receipt of such request shall comply therewith, except in extenuating circumstances. <Newly Inserted by Act No. 14159, May 29, 2016>
 Article 40 (Tax Laws to Be Applied Mutatis Mutandis)
Except as otherwise provided for in this Act and other statutes, the Framework Act on National Taxes and tax laws defined in subparagraph 2 of Article 2 of the same Act shall apply mutatis mutandis to the imposition and collection for the repayment of principal and interest of loans except for those prescribed by this Act and other Acts and subordinate statutes.
CHAPTER VII PENAL PROVISIONS
 Article 41 (Penalty Provisions)
Any of the following persons shall be punished by imprisonment with labor for not more than three years or by a fine not exceeding ten million won: <Amended by Act No. 13337, Jun. 22, 2015>
1. A person who uses personal information for purposes other than what is permitted, divulges such information, or processes or provide it to any other person for his/her use without authorization, in violation of Article 37 (3);
2. A person who uses personal information for purposes other than what is permitted, divulges such information, or processes or provides it to any other person for his/her use without authorization, in violation of Article 38 (3);
3. A person who uses taxation information for purposes other than what is permitted, divulges such information, or processes or provides it to any other person for his/her use without authorization, in violation of Article 38-2 (2).
 Article 42 (Penalty Provisions)
Where any subtracting agent has subtracted an amount exceeding a compulsory repayment amount or has failed to pay a compulsory repayment amount subtracted at source, he/she shall be punished by imprisonment with labor for not more than one year or by a fine equivalent to the amount that has been subtracted in excess or to the amount that has not been paid.
 Article 43 (Penalty Provisions)
Any person who uses personal information for purposes other than what is permitted, divulges such information, or processes or provides it to any other person for his/her use without authorization in violation of Article 39 (4) shall be punished by a fine not exceeding five million won.
 Article 44 (Administrative Fines)
(1) Any of the following persons may be punished by an administrative fine not exceeding five million won: <Amended by Act No. 13337, Jun. 22, 2015; Act No. 14159, May 29, 2016>
1. A subtracting agent who fails to make payment or to subtract at source, in violation of Articles 24 (2), 25 (referring to cases where Article 24 (2) is applied mutatis mutandis), and 26 (referring to cases where Article 24 (2) is applied mutatis mutandis);
2. A debtor who fails to make payment, in violation of Article 24 (4);
3. A person who fails to provide data or has provided false data, in violation of Article 39 (2).
(2) The Minister of Education may impose an administrative fine not exceeding one million won on a debtor who has not reported or has reported fraudulently, in violation of Articles 15, 20 and 21. <Amended by Act No. 11690, Mar. 23, 2013>
(3) The administrative fines under paragraphs (1) and (2) shall be imposed and collected by the Minister of Education, as prescribed by Presidential Decree. <Amended by Act No. 11690, Mar. 23, 2013>
ADDENDA
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation.
Article 2 (Transitional Measures)
(1) The debtors (excluding debtors under Articles 20 and 21) of income contingent loans under this Act shall be given repayment suspended until December 31, 2010: Provided, That voluntary repayment under Article 18 (1) shall be allowed.
(2) The loans conducted in the name of income contingent loans for the 1st semester of 2010 shall be deemed income contingent loans under this Act.
Article 3 Omitted.
ADDENDA <Act No. 10303, May 17, 2010>
Article 1 (Enforcement Date)
This Act shall enter into force six months after the date of its promulgation. (Proviso Omitted.)
Articles 2 through 10 Omitted.
ADDENDA <Act No. 11690, Mar. 23, 2013>
Article 1 (Enforcement Date)
(1) This Act shall enter into force on the date of its promulgation.
(2) Omitted.
Articles 2 through 7 Omitted.
ADDENDUM <Act No. 11760, May 10, 2013>
This Act shall enter into force on the date of its promulgation.
ADDENDA <Act No. 11849, Jun 4, 2013>
Article 1 (Enforcement Date)
This Act shall enter into force six months after the date of its promulgation. (Proviso Omitted.)
Articles 2 through 7 Omitted.
ADDENDA <Act No. 12572, May 14, 2014>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation.
Article 2 (Effective Period)
Subparagraph 1-2 of Article 3, Article 8-2, and Article 9 (2) shall be effective for one year after the enforcement date of this Act.
Article 3 (Applicability)
The amended provisions of Article 17 shall begin to apply from the first interest which accrues after this Act enters into force.
ADDENDA <Act No. 12844, Nov. 19, 2014>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation: Provided, That among the Acts amended under Article 6 of the Addenda, amendments to an Act, which was promulgated before this Act enters into force but the date on which it enters into force has yet to arrive, shall enter into force on the enforcement date of the relevant Act.
Articles 2 through 7 Omitted.
ADDENDA <Act No. 13216, Mar. 11, 2015>
Article 1 (Enforcement Date)
This Act shall enter force six moths after the date of its promulgation. (Proviso Omitted.)
Articles 2 through 15 Omitted.
ADDENDA <Act No. 13337, Jun. 22, 2015>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation.
Article 2 (Special cases on Determination and Correction of Compulsory Repayment Amount for Persons with Global Income etc.)
Where the Minister of Education determines or corrects a compulsory repayment amount in accordance with the amended provisions of Articles 23 (1) and (2), 27 (1) and (2), and 28 (1) and (2), the enforcement date of this Act shall be the due date for determination or correction if the due date for determination or correction falls before this Act enters into force, notwithstanding the amended provisions of Articles 23 (1) and (2), 27 (1) and (2), and 28 (1) and (2).
Article 3 (Transitional Measures concerning Special Cases, etc. on Emigrants)
Where conversion is made to the payment of principal and interest by equal installments pursuant to the previous provisions of proviso to Article 20 (2) and the proviso to Article 20 (3) (including where Article 21 (4) is applied mutatis mutandis) before this Act enters into force, notwithstanding the amended provisions of Article 20 (2) and (3), the previous provisions shall apply.
Article 4 (Transitional Measures concerning Modification of Methods of Report and Payment)
Where a compulsory repayment amount reported and paid under the previous provisions of Articles 23, 27 and 28 before this Act enters into force, notwithstanding the amended provisions of Articles 23, 27 through 30, and 32, the previous provisions shall apply.
Article 5 Omitted.
ADDENDUM <Act No. 14159, May 29, 2016>
This Act shall enter into force three months after the date of its promulgation: Provided, That the amended provisions of Article 18 (5) shall enter into force on the date of its promulgation.
ADDENDA <Act No. 14839, Jul. 26, 2017>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation: Provided, That among the Acts amended under Article 5 of the Addenda, amendments to an Act, which was promulgated before this Act enters into force but the date on which it enters into force has yet to arrive, shall enter into force on the enforcement date of the relevant Act.
Articles 2 through 6 Omitted.
ADDENDA <Act No. 15428, Mar. 13, 2018>
Article 1 (Enforcement Date)
This Act shall enter into force six months after the date of its promulgation.
Article 2 (Applicability to Special Cases of Calculation of Compulsory Repayment Amounts)
The amended provisions of Article 18 (8) shall apply, beginning with the calculation of compulsory repayment amounts for the incomes belonging to the year of 2017.
ADDENDUM <Act No. 15962, Dec. 18, 2018>
This Act shall enter into force on the date of its promulgation.