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The Korea Scholarship Foundation Living Expenses Loan allows university (graduate) students to borrow up to 1.5 million won per semester to cover room and board, textbooks, transportation expenses, etc. required during the semester. It is a system in which the principal and interest are repaid according to the level of income from the time income is earned, such as employment.
Apply for a living expenses loan from the Korea Scholarship Foundation
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Learn about the application conditions and limits for the Korea Scholarship Foundation’s living expenses loan.
✅ Undergraduate and graduate students of domestic higher education institutions that have signed an agreement with the Ministry of Education or a foundation on repayment of student loans after employment, and Korean citizens completing a specialized technical master’s course at a technical college (including current students and those scheduled to enroll or return to school)
✅ Undergraduate students under the age of 35 who are in the 8th or lower financial aid category as of the student loan application date
✅ Graduate students under the age of 40 who are in the 4th or lower financial support category as of the student loan application date
✅ Students who have completed more than 12 credits (or the minimum number of credits completed by their affiliated university) in the previous semester (excluding freshmen/transfer students/re-admitted students/graduate students/disabled students/graduate students)
✅ Living expenses prior to college registration are given priority only to current students who are planning to enroll in college and whose academic information and student loan support range for the semester have been confirmed (however, if you want to receive pre-approval for a general repayable student loan due to the student loan support section not being calculated, both academic information and receipt ledger are required) Loans available
✅ Among general universities, such as Korea National University of Korea and Communications, students in schools and departments that mainly teach online media classes can also take out living expenses loans.
Apply for a living expenses loan from the Korea Scholarship Foundation
✅ Limit of 1.5 million won per semester
However, for current students planning to enroll in college before paying tuition, the amount limit is 500,000 won and the number of times is limited to one time. The remaining amount can be used after registration.
If you do not enroll in college after borrowing, you must return the full amount. Failure to return may result in future loan restrictions.
✅ 1.7% for the second semester of 2023 (variable interest rate)
✅ For recipients of basic livelihood security, the next-lowest class, young people preparing to become independent (including protected children), and undergraduate students in the 4th or lower tuition subsidy bracket, interest-free living expenses loans are repaid after employment until mandatory repayment begins.
However, among those who have a history of starting mandatory repayment in the past, those who have a balance on student loans repaid after employment up to the previous semester at the time of living expenses loan are not interest-free.
As the threshold for the student loan support section has changed, the name of those eligible for interest-free living expenses loans repaid after employment starting from the second semester of 2018 has been changed from income group 3 (median income 90%) or lower to undergraduate students under student loan support category 4 (median income 90%).
Apply for a living expenses loan from the Korea Scholarship Foundation
✅ For recipients of basic livelihood security, the next-lowest class, young people preparing for independence (including protected children), and undergraduate students in the 4th or lower student loan support zone, interest-free living expenses loans repaid after employment are available until mandatory repayment begins (interest accrues after mandatory repayment begins).
However, those who have a history of initiating mandatory repayment in the past among those who have a balance of student loans repaid after employment at the time of living expenses loan are excluded from interest-free eligibility.
As the threshold for the student loan support section has changed, the name of those eligible for interest-free living expenses loans repaid after employment starting from the second semester of 2018 has been changed from income group 3 (median income 90%) or lower to undergraduate students under student loan support category 4 (median income 90%).
✅ For university (graduate) students who are recipients/second-lowest class or children of multi-child households, the agreed interest on student loans (including conversion loans) that are repaid after employment accrued while attending school is exempted.
✅ Voluntary repayment
Go to Student Loan Repayment
✅ Mandatory repayment
If the annual income exceeds the repayment standard income, or if inherited or gifted property occurs, a certain amount is mandatory to be repaid through the National Tax Service payment notice, payment notice, and withholding deduction method.
On the National Tax Service’s Student Loan Repayment (ICL) website after employment, you can conveniently receive services such as explanation of the repayment system, simple calculation of mandatory repayment amount, guidance on payment method for mandatory refund reporting, inquiry of your repayment history, and electronic payment.
Apply for a living expenses loan from the Korea Scholarship Foundation
Find out how to apply for the documents to be submitted for the first round of national scholarship applications for the second semester of 2023.
During the first application period for the national scholarship for the second semester of 2023, all university students, including current students, returning students, freshmen, transfer students, and re-admitted students, can apply. In particular, current students must apply in the first round. In this post
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