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In Korea, it is considered a national shame if you are sick but cannot get treatment because you do not have money, or if you want to study but cannot study because you do not have money. Therefore, we are preparing various support policies so that everyone who wants to study at university can do so.
The Ministry of Education and the Korea Scholarship Foundation will begin accepting applications and applications for university student loans for the second semester of this year starting July 3.
Student loan applications can be made through the Korea Scholarship Foundation website (www.kosaf.go.kr) or mobile communication app using the student's electronic signature. Tuition loans are available until October 24th, and living expenses loans are available until November 14th.
In general, in Korea, people who are poor and receive government support, or are in the second-lowest income class, and have multiple children can receive national scholarships and attend college for free. Students who receive a scholarship can also receive a living expenses loan of up to 2 million won per semester.
Tuition loans
There are four types of tuition loans from the Ministry of Education: ▲student loans repaid after employment, ▲general repayable student loans, ▲living expenses loans, and ▲student loans for college students from rural areas.
Students who need a tuition loan must apply at least 8 weeks before the university's registration deadline to receive a stable loan, taking into account the calculation of the student loan support range and the notification period.
In particular, the eligibility for student loan applications has been expanded from the existing student loan support range 8 or lower to the student loan support range 9 or lower. Student loan support categories are divided into 10 levels based on income and assets, with category 1 having the lowest income and category 10 having the highest.
Living expenses loans can be applied to those in the 8th or lower student loan subsidy bracket and those in emergency difficulty making a living among the 9th student loan subsidy bracket. The living expenses loan is designed to support people who are unable to study because of earning living expenses. The interest rate on student loans and living expenses loans for the second semester of this year was set at 1.7%, the same as the first semester, to reduce the burden on college students.
loan interest exemption
The Ministry of Education also expanded the number of people eligible for exemption from student loan interest.
The scope of interest exemption for student loans repaid after employment has been expanded from the existing basic and second-income earners and college students from households with multiple children to borrowers below the standard median income (student loan support range 5) and those eligible for deferral of repayment. In addition, if you suffer damage from a disaster such as a fire, flood, or landslide that occurred after July 1, you can receive deferred repayment and interest exemption.
Detailed information regarding other student loans can be found on the Korea Scholarship Foundation website (www.kosaf.go.kr), and you can also receive customized counseling through the Customer Service Center (1599-2000).
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