The Ministry of Education and the Korea Student Aid Foundation announced on the 1st that they will begin accepting applications for student loans for the second semester of this year starting on the 2nd.
Applications for student loans can be made through the Korea Student Aid Foundation's website or mobile application. The application period for tuition loans is until Oct. 23, and for living expense loans, until Nov. 18.
The interest rate for student loans is 1.7%. It has been frozen for five consecutive years since 2021. The Ministry of Education noted, "This considers the difficult economic situation of young people."
The Ministry of Education also made it possible to apply for student loans on weekends and holidays this semester. Applications can be made between 9 a.m. and midnight during the application period; however, applications will be accepted until 6 p.m. on the deadline.
Tuition can be applied for in the full amount, just as in the first semester. Living expenses can be borrowed up to 2 million won. The review period after applying for a student loan takes about eight weeks.
최은희, director of the Ministry of Education's Human Resources Policy Office, said, "Students who wish to take out loans should apply within the application period to receive benefits," adding, "We will continue to strive for student financial support that young people can feel."