Semester 2 Student Loan Applications Open from the 5th... Interest Rate Frozen at 1.7%
The Ministry of Education and the Korea Student Aid Foundation will begin accepting applications for student loans for the second semester of the 2023 academic year starting at 9 a.m. on the 5th.
The interest rate for student loans for the second semester of the 2023 academic year has been frozen at 1.7%, which is lower than the market interest rate (4.82% for household loans as of April 2023) to reduce the financial burden on students and parents.
On the 12th, when the autumn weather with a large temperature difference continued, students were strolling around the campus at Yonsei University in Seodaemun-gu, Seoul. / Photo by Mun Ho-nam munonam@
View original imageStudents wishing to apply for student loans can do so by using their electronic signature through the Korea Student Aid Foundation website (www.kosaf.go.kr) or the mobile application "Korea Student Aid Foundation".
Applications for tuition loans are accepted until October 25, and applications for living expenses loans are accepted until November 16.
Each student can apply considering the eligibility requirements and benefits of each student loan program, and if the requirements are met, the full amount needed for tuition loans for the second semester and up to 1.5 million KRW for living expenses loans can be supported.
Additionally, 25 institutions supporting the Academic Credit Bank System student loans, which have been in operation since January this year, have been newly designated, so from the second semester, learners at a total of 202 Academic Credit Bank System educational institutions will be able to receive general repayment student loans at the same interest rate.
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Detailed information regarding the second semester student loans can be found on the Korea Student Aid Foundation website (www.kosaf.go.kr), and personalized consultations are also available through the customer service center (☎1599-2000).
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