The National Tax Service noted on the 23rd that it has notified 200,000 borrowers of student loans who have repayment obligations arising from earned income in the previous year of their mandatory repayment amount for 2024.
According to the National Tax Service, if the annual income amount excluding earned income deductions exceeds the standard income for repayment based on the previous year's total salary, approximately 20-25% of the excess amount will be calculated as the mandatory repayment amount. The standard income for repayment is 17.52 million won for 2024 and 26.79 million won based on total salary.
Borrowers can pay the notified mandatory repayment amount according to their situation. They can make payments through withholding every month when receiving a salary from their current employer. If they do not wish to do so, borrowers may also pay the mandatory repayment amount in advance.
Those experiencing economic difficulties due to unemployment, resignation, or parental leave, or currently enrolled in college or graduate school, may also be eligible for a repayment deferment.
For inquiries related to mandatory repayment, you can call the National Tax Consultation Center at 126 or contact the corporate tax department at your local tax office. By applying for notifications through the student loans website, you may also receive Kakao alerts.