Student loans

Student loan system for university students from farming and fishing villages

Qualification for application
- Children of parents living in farming and fishing villages for more than 6 months among students or undergraduate students engaged in farming and fisheries
- Completion of at least 70 points when converting grades of the previous semester to 100 points, at least 12 credits in the previous semester
- (Except for freshmen, transfer students, and readmission students)
How to apply
Refer to the homepage of the Korea Student Aid Foundation (generally 2 months before the vacation) and apply after logging in the certificate
Scope of loans
Full tuition per semester
Interest on a loan
No interest 
Repayment method
Repayment after a two-year grace period after graduation or completion (For details, contact the Korea Student Aid Foundation)
Contact phone number
1599-2000

Government Student Loan System

Basic qualifications
- Students enrolled in domestic higher education institutions (including new, returning, transfer students)
- Completion of at least 70 points when converting grades of the previous semester to 100 points
- Completion of 12 credits or more in the previous semester (excluding graduate students)
- University (graduate school) students with minimum credit screening requirements
Loan procedure
- Access to government student loan site, fill out a student loan application form after signing up for a membership 
- Apply after going through personal authentication using an official certificate
- A person who submitted must submit documentary evidence must register a document scan file
- Execute loan after confirmation of the approval result
Loan period
For Income-Contingent Loan, from the time of loan handling until income above the repayment standard is generated and repayment is initiated and the loan principal is fully repaid 
For general student loans, up to 20 years - 10-year grace period + 10-year repayment period
 
Scope of loans
Determine whether to support tuition and living expenses based on household income
Interest on a loan
Determined on the basis of government bond interest rate
Repayment method
Income Contingent (repayment after employment) Student Loan - Repayment grace until the annual income amount exceeds the reimbursable income amount
General repayment student loans - Maximum ten years by grace period (interest payment) condition, maximum 10 years of repayment period (interest + principal payment), but the longest loan period is limited according to the applicant's financial condition
Interest support
Income 1st ~ 3rd quartile – No interest during the living expenses grace period
Previous enrollment loan (after payment of tuition)
Regardless of the enrollment period, new and transfer students are allowed to apply for a loan after paying tuition fees for the whole period of the student loans