Education Loan for International Students to Study in South Korea 2023

education loan to study in south korea

Students nowadays are choosing to study in South Korea as it provides high-quality education and cultural immersion. Studying abroad can be an adventurous and once-in-a-lifetime experience but it comes with a huge cost, as studying abroad is generally expensive. To overcome this hurdle, there are several programs and educational loans provided to students who wish to study in South Korea. Apart from home countries, the Korean government also provides financial assistance to students who want to pursue their higher education in South Korea. In this blog, we will talk about different types of loans and scholarships available to International students. 

Why Study in South Korea?

South Korea invests in education and research exceptionally and is one of the largest economies. Korean universities are worldwide popular for food and academic excellence. As a stable economy, South Korea offers a plethora of employment opportunities for students who are currently studying there. Furthermore, though Korean is the official language, universities offer programs in English language making it easier for international students to study in South Korea. Moreover, living in South Korea is safe and secure, providing students with a safe environment to study. The place has excellent transportation and healthcare facilities. Also, living is cheaper when compared to countries like Australia, the UK, the USA, France, and more as it provides on-campus accommodation services along with food and transportation facilities. Overall, studying in South Korea can be a great option. 

South Korean Education System 

After completion of grade 12, in South Korea, there is an undergraduate program of 4 years which is later followed by a 2-year Postgraduate program. After the successful completion of post-graduation, one can opt for a Doctoral program. There are two semesters conducted by the university every year which are mostly 15 weeks long each. 

The universities in Korea conduct two semesters- Spring and Fall semesters. The Spring semester is conducted from March to June and the Fall semester is conducted from September to December. 

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Education Loan to Study in South Korea

Studying abroad can be expensive and overwhelming for international students. To help students overcome this hurdle various programs and financial institutions provide education loans to students to assist them study in South Korea without any financial barrier. These education loans are:

Government-Sponsored Education Loan 

The government of South Korea understands the importance of financial aid and to support International students with this, the country provides education loans through National Scholarship Program (NSP) and Global Korean Scholarship (GKS). These programs provide loans at a low rate of interest based on students’ merit and financial needs which cover their tuition fees, living cost, and in some cases even the traveling cost. 

Private Education Loans 

In addition to government-sponsored education loans, several private financial institutions also provide education loans to students who wish to pursue their education in South Korea. The amount and the rate of interest will vary across financial institutions and banks. It is necessary to have a thorough research about the terms and conditions of the loan provided along with their repayment plans. In some cases, the bank may also provide a loan based on the academic excellence of a student. The loan provided by private financial institutions will cover only the tuition fees and the repayment of the loan will start one year after the completion of the course. 

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Education Loan to Study in South Korea: Eligibility Criteria 

To be eligibility criteria for securing an education loan are: 

  • The candidate must have secured a seat in a recognized South Korean institution
  • The student must be a non-Korean citizen and resident
  • The student must be 18 years or above
  • The candidate must have the academic documents recorded for future reference 
  • The candidate must have appeared for a language proficiency test such as IELTS or TOEFL

Top Universities in South Korea

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FAQs 

Q1. How to study in South Korea for free? 

A. If you wish to study in South Korea for free, you will have to avail of fully funded government scholarships to cover the overall expense. 

Q2. Can I avail educational loan after the 12th?

A. Yes, students who wish to pursue higher education in South Korea can avail of education loans after the 12th. 

Q3. What is the age limit for GKS? 

A. The age limit for GKS is 25 years for undergraduate programs and 40 years in case of postgraduate programs. 

Hope this blog cleared all your doubts regarding the education loan to study in South Korea. If you are planning to study in South Korea, then you can reach out at 1800572000 to book a free consultation today. Make your dream come true with Leverage Edu

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