Korea Student Aid Foundation Nears Deadline for First Semester Tuition and Living Expense Loan Applications for University Students

The Korea Student Aid Foundation is accepting applications for tuition and living expense loans for the first semester of the 2026 academic year until May 20.

Students must apply within the deadline to use student loans for the first semester of the 2026 academic year. After applying, university (including graduate) students whose applications are approved must execute the loan by May 28 in order to receive the funds.

Korea Student Aid Foundation

Tuition loans can be used to pay school fees, and students may borrow the full amount required for tuition per semester.

Living expense loans are a program that supports costs such as accommodation, meals, textbooks, supplies, and transportation needed for academic activities. Students can apply for up to 2 million won per semester.

However, for tuition loans, a personal total loan limit is applied depending on the type of product and academic system. For living expense loans, a personal total loan limit by academic system will be introduced starting from the second semester of the 2026 academic year.

In addition, students who use the general repayment student loan for the first semester of the 2026 academic year can apply to convert to the income-contingent repayment student loan according to their student aid category by May 28.

For tuition loans, starting from the first semester of the 2026 academic year, all university (including graduate) students can use income-contingent repayment student loans regardless of income requirements. For living expense loans, undergraduate students can use the loan up to category 8, and graduate students up to category 6.

Income-contingent repayment student loans allow repayment to be deferred until a certain level of income is earned after employment. Basic livelihood security recipients, low-income households, multi-child families, and university (including graduate) students with a median income or below (student aid category 5 or below) can benefit from an interest exemption on income-contingent repayment student loans (ICL) until their annual income exceeds the repayment threshold.

Changdal Park, Chairman of the Korea Student Aid Foundation, emphasized, "To ensure that no student discontinues their studies due to financial circumstances, students who need student loans should be careful not to miss the application and execution period. It is important to develop healthy financial habits by borrowing only as much as needed, keeping in mind the purpose of student loans to support tuition and living expenses, as well as your own circumstances."

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