National Scholarship Supports Up to 7 Million KRW Annually... 400,000 KRW Deduction Per Child for Families with Three Children

Second Round of National Scholarship Applications from February 3 to March 16
Annual Support Amount Expanded to 3.5 to 7 Million KRW by Income Bracket
Full National Scholarship Support for Families with Three or More Children

[Asia Economy Reporter Han Jinju] The Ministry of Education will increase the annual support amount for the National Scholarship and fully support the National Scholarship up to the 8th income bracket for the third child in multi-child families with three or more siblings.

On the 26th, the Ministry of Education announced the '2022 Basic Plan for Student Financial Aid' and stated that applications for the second round of the 2022 first semester National Scholarship will be accepted from February 3 to March 16.

The Ministry of Education significantly increased the annual support amount for the National Scholarship to realize half-priced tuition for university students in income brackets 8 or below.

For the first child in basic and near-poverty households, 7 million KRW will be supported, and for the second child, full tuition will be covered. Support amounts are 5.2 million KRW for brackets 1 to 3, 3.9 million KRW for brackets 4 to 6, and up to 3.5 million KRW for brackets 7 to 8.

To enhance the rationality of selecting student financial aid recipients, 400,000 KRW per person will be deducted from the recognized income amount for the third and subsequent children in multi-child families. This expansion of support will apply to approximately 24,000 people.

Youths in shelters entering or leaving, and single-parent youths in blind spots will also be prioritized for support. Support in National Scholarship Type II will be expanded to cover up to the 9th income bracket.

The employment-linked student loan repayment program will expand its support target to graduate students (general graduate schools and professional technical master's programs). The academic performance requirement (previously a C grade) will be abolished, and interest incurred during enrollment will be fully waived for low-income and multi-child family students.

Youths with student loans or financial debts will be supported with integrated credit recovery mediation, and in the second half of the year, low-interest refinancing loans will be expanded for general student loan borrowers from 2010 to 2012.

The number of recipients for the National Scholarship for outstanding students in humanities, social sciences, arts, and physical education will increase by 540 compared to the previous year, and living expense support will also increase by 500,000 KRW compared to the previous year.

The second application period for the first semester National Scholarship is from February 3 to March 16 until 6 p.m. New students, transfer students, re-enrolled students, and returning students are eligible to apply, and applications can be submitted 24 hours a day via the Korea Student Aid Foundation website and app.

Applicants for the National Scholarship must complete consent for providing household member information and submit necessary documents by March 18 at 6 p.m.

This content was produced with the assistance of AI translation services.