한국장학재단 생활비대출 한도As college life transitions to face-to-face interaction and prices rise, college students’ wallets are getting thinner. In particular, the ‘zero spending challenge’ is becoming popular around 2030. I also tried the no-spend challenge during the month of March, but realistically it wasn’t easy. Because after the face-to-face meeting, as a senior, there were constant expenses such as rice medicine, basic transportation expenses, food expenses, purchasing necessary books, etc., so even if I decided to spend nothing, it was realistically difficult. It was a difficult situation as part-time jobs were not easy to come by.
In the meantime, the proposed system is a loan for living expenses (student loans)! From the Korea Scholarship Foundation, undergraduate students in the 4th or lower financial aid bracket can receive an interest-free living expenses loan of up to 1.5 million won per semester, which can be repaid after employment. The advantage is that you can get a general repayment living expenses loan even if your income is in the 4th percentile or higher.
Considering the difficult lives of students after COVID-19, the Korea Scholarship Foundation announced that students can temporarily receive loans of up to 2 million won (an increase of 500,000 won from the existing 1.5 million won) for the first semester of 2023. Applications for living expenses loans for the first semester of 2023 are due by Thursday, May 18, 2023.
When I applied for the national scholarship for the first semester of 2023, I was able to apply for an advance student loan and receive a loan. When receiving a student loan, the money is deposited into your receiving account and you have the advantage of being able to use it freely. I liked that I could freely choose and receive a loan any number of times, up to a limit of 1.5 million won. It was easy to use if you needed a small amount of money in a hurry.
However, in order to increase the additional limit, you must enter into a separate increase agreement, which I tried to do through mobile according to the manual provided by the Korea Scholarship Foundation. After confirming whether the contract was concluded, I was able to proceed with the simple process of electronic signature.
However, what I was worried about was interest. I was worried that the interest rate would be quite high if I took out a loan in this era of high interest rates, but the Ministry of Education froze the interest rate on student loans at 1.7%. Through this, there was hope that it would be possible to cover the amount needed for school life with low interest rates. The interest rate of 1.7% is very low compared to the average 5.34% for commercial bank household loans.
I thought that these student loans would be useful if I used them appropriately while I was in school. This is because I was also able to cover my insufficient living expenses at the beginning of the semester. Additionally, I thought it would be a student-friendly policy because it is based on understanding the financial system through an e-learning system after checking your credit rating before receiving a loan. Also, rather than just a lecture, I was able to check my understanding through a quiz.
Detailed information regarding living expenses loans can be found on the Korea Scholarship Foundation website, so why not check it out if you are interested?
Korea Scholarship Foundation Living Expense Loan Reference: https://www.kosaf.go.kr/ko/tuition.do?pg=tuition04_04_01
Republic of Korea Policy Reporter Ha-yeon Oh dhgkdus0912@naver.com
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