Korea University established the provisional Youngcheol Burger Scholarship totaling 500 million won in memory of the late Lee Young-cheol, who ran Korea University's famed "Youngcheol Burger" for 25 years.
Korea University said on the 27th that it held an unveiling ceremony for Lee's commemorative plaque at the main building and the Korea Investment & Securities Co. Square student cafeteria, and will create the Youngcheol Burger Scholarship to support living expenses for low-income students.
The scholarship will be funded by matching school funds 1-to-1 with donations from the public, for a total of 500 million won. Lee's bereaved family decided to return the expense the school provided for the funeral to the scholarship fund.
The bereaved family said, "In line with the deceased's wish that those who received help would one day live to help neighbors in greater need, we hope this scholarship will continue into the future."
Lee started selling hamburgers from a handcart stall in front of Korea University in 2000. Even as rising ingredient prices put him in the red, he sold hamburgers for 1,000 won and made sure students were fed, and since 2004 he created the "Youngcheol Scholarship" and donated 20 million won to the school every year.
Lee died at 57 on Dec. 13 last year after battling cancer. At the time, students, alumni, and Korea University President Kim Dong-Won visited the wake to mourn.
At the unveiling ceremony, President Kim said, "CEO Lee Young-cheol stood with Korea University in the warmest way, closest to the students, for the past 25 years," and added, "We will honor the CEO's wishes."