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The Korea Scholarship Foundation Living Expense Loan is a system that allows students to receive low-interest loans to cover tuition and living expenses. This article provides detailed information on the Korea Scholarship Foundation’s living expenses loan schedule, eligibility conditions, repayment method, and application method.
The Korea Scholarship Foundation provides student loans and living expenses loans to help students pay for their education. Living expenses loans are loans to support students’ living expenses, and are available at low interest rates without income restrictions.
The schedule for the Korea Scholarship Foundation’s living expenses loan for the first half of 2024 is as follows:
Application period: January 3, 2024 (Wednesday) ~ May 16, 2024 (Thursday) 18:00
Execution period: January 3, 2024 (Wednesday) ~ May 17, 2024 (Friday) 17:00
Income criteria: No limit
Borrower age: 55 years or younger
Criteria for grades and earned credits: Grade of 70/100 (C grade) or higher in the previous semester, and completed credits of 12 or more
Credit requirements: Restrictions on lending to those who are delinquent on their loans and those who default on their financial obligations
Income criteria: 1) Undergraduate student (student financial aid category 8 or less), 2) Graduate student (student financial aid category 4 or less)
Borrower age: 1) Undergraduate student (age 35 or younger), 2) Graduate student (age 40 or younger)
Credits earned: 12 or more credits earned in the previous semester
Credit Requirements: No restrictions
You can easily apply for a living expenses loan through the Korea Scholarship Foundation website and mobile app. The application process is as follows:
Issuance of a joint certificate from the relevant bank to receive a loan
Complete the student loan application form on the Korea Scholarship Foundation website or app.
Complete online financial education
After loan approval, individual payment of the loan is made
The Sunshine Loan Youth Loan, which allows you to receive a loan even if you are a college student, unemployed young person, or just starting out in society, is a government-supported loan product to cover living expenses. This loan is relatively easy to borrow, and can provide a loan of up to 12 million won.
Ages 19 to 34
Annual income less than 35 million won
Job seekers, college/graduate students, credit bank system students, unemployed youth
Employed in small and medium-sized businesses for less than 1 year
Those who do not have a private business
3.5%~4.5% per year
Up to 12 million won
After receiving a guarantee from the Korea Inclusive Finance Agency, loans can be obtained from Shinhan Bank, Industrial Bank of Korea, and Jeonbuk Bank.
Even college students or unemployed people can get an emergency loan from a bank. It does not affect your credit score and is available from a variety of banks.
Q1. After receiving a tuition loan, do I need to reapply if I also want to receive a living expenses loan?
You do not need to apply separately. Tuition and living expenses are applied together.
Q2. Is it possible to take out a loan for living expenses even during vacation?
Loans are not available during vacation.
Q3. Is it possible to divide the living expenses loan into the required amount?
Yes, you can get a loan in installments of 50,000 won.
Q4. I have taken out a regular repayable student loan. Can I convert it to a repayable student loan after I get a job?
It is possible if the conditions are met.
The Korea Scholarship Foundation’s living expenses loan supports tuition and living expenses so that students can focus on their education. For more information, please visit the Korea Scholarship Foundation website.
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