How To Obtain Student Loans In South Korea As An International Student

There are many places to choose from when deciding to study in Asia as an international student. While some people would prefer studying in China, Japan or India there are many reasons why you should consider studying in South Korea.

South Korea over the years has demonstrated that they are passionate about education by making various scholarships, grants or loans available to students who cannot afford the cost of an education. There are also some universities in the country; Seoul National University, Korea University, Yonsei University e.t.c that are highly ranked as one of the top institutions to study from across the globe.

Their cost of living in most cities in the country is quite affordable, with food being relatively cheap especially when visiting local restaurants. Asides these Koreans are very nice people who try to make living in their country a wonderful experience so you need not worry about having a culture shock on your first few months in the country.

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When Is A Student Loan Necessary?

Sometimes when studying in a foreign land even when you have probably calculated an estimated budget for your expenses during your stay at school, there might be other expenses which may come in the form of;

• Travel expenses
• Insurance
• Cost of books/laboratory fee
• Library/Examination fee
• Buying a new laptop
• Student field trips e.t.c

These unforeseen expenses might put a strain on your financial budget and if you do not have an alternate source of income in form of bursaries, scholarships, or part-time jobs then you may have to apply for a loan.

How Does Student Loan Work In South Korea?

Banks in South Korea just recently started giving out loans to foreigners who can demonstrate their strong ties to the country. Even at that, the process for obtaining loans varies from each bank although there is no guarantee that you would be given a loan even when you have all the requirements.

What Would I Need To Obtain A Loan?

Requirements for student loans depend largely on which bank you are obtaining your loan from. The general requirements include;

• Admission letter
• Transcripts and Test results (IELTS, TOFEL)
• Should be between 18-30 years
• Valid ID card
• Signature Proof
• Salary slip(for co-signer preferably a Korean)
• Statement of accounts (3-6months)
•  Completed application form with signature
• Passport size photographs
• Valid Visa and Passport (for international students )

Is there a Minimum Amount?

The minimum or maximum amount that you may be entitled to depend solely on the bank which you have approached for a loan with interest rates and repayment plans also varying on the financial institution.

Conclusion

Before applying for a loan, I would suggest that you discuss various funding opportunities with your supervisor or university before leaving your home country. You could also be on the lookout for scholarship opportunities either from your home country or in your university.