Law School and Medical School Students Will Be Eligible for Income-Contingent Student Loans Starting Next Year

[Asia Economy Reporter Seongpil Cho] Graduate students enrolled in law schools and medical schools will also be able to receive income-contingent student loans starting next year.

The Ministry of Education announced that the partial amendment to the "Enforcement Decree of the Special Act on Income-Contingent Student Loan Repayment," which includes this provision, was reviewed and approved at the Cabinet meeting on the 13th. The income-contingent student loan system allows students to reduce their tuition burden by repaying the loan after graduation when they start earning a certain income. Previously, only undergraduate students were eligible, but starting this year, it has been expanded to include master's and doctoral students in general graduate schools and professional technical master's programs. From next year, it will also include master's and doctoral students in special and professional graduate schools.

The Ministry of Education explained, "This reflects field opinions that more tuition support is needed when entering professional graduate schools, where the tuition burden is relatively high." Additionally, it added, "The amendment to the enforcement decree was made to promote the current government's national agenda to provide customized support for youth in housing, employment, and education."

Going forward, graduate students who are in the 4th income bracket or below for tuition support and are under 40 years old will be eligible for income-contingent student loans regardless of the type of graduate school they belong to. Accordingly, the Ministry of Education expects the number of graduate students receiving income-contingent student loans to increase by about 7,000, from approximately 6,500 currently to about 13,500 next year.

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