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rickpidero
Joined: 03 Sep 2009
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 Posted: Thu Jul 08, 2010 7:16 pm Post subject: Getting Student Loans in Korea |
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I'm strongly considering going to grad school here in Korea. However the university is not apart of the US federal student loan plan. Does anyone have experience getting a student loan through a Korean bank? Would this be impossible for a foreigner?
Or, anyone else who has gone to grad school here have advice on loans/ paying for school?
Thanks. |
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air76
Joined: 13 Nov 2007
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| Posted: Thu Jul 08, 2010 8:12 pm Post subject: |
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Everyone I know who goes to grad school here just pays as they go....they figure out what their school schedule is like and gets a job that works around that schedule.
I have no interest in going to grad school, nor in getting a loan, so this response is pure speculation....but I would be flabbergasted if a Korean bank gave you a loan for more than $1,000....and you'll hear plenty of stories of folk who have lived here for 3-4 years that can't get a credit card with even a million won limit.
There is no benefit to them in giving you a loan....you have no collateral and can just leave the country at your pleasure and never pay them back.
I am not saying that this is your intention, but I can't foresee any benefit to the bank in giving you a loan. |
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jomiro
Joined: 10 Jan 2010
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| Posted: Thu Jul 08, 2010 8:53 pm Post subject: |
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as far as i know.. foreigners dont get any loans from korean banks.
air76 mentioned the reasons.
hell, its even not that easy to get a credit card with some banks, unless you deposit a super high amount of money for their security.
however, i think its not that diffcult to get student loans from the university itself. e.g. waving of the tuition or similar.
calling the university and asking them what they offer and what it takes to get some fee reductions would be an awesome idea... |
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fugitive chicken
Joined: 20 Apr 2010
Location: Bucheon
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| Posted: Thu Jul 08, 2010 9:09 pm Post subject: |
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| I think many schools offer really good benefits to non-korean students. You might want to check into it. I don't go to a university here, but I've heard this from a few sources. |
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AsiaESLbound
Joined: 07 Jan 2010
Location: Truck Stop Missouri
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| Posted: Thu Jul 08, 2010 9:36 pm Post subject: |
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| I was offered a 1,000,000 won credit card if I lend the bank 1,400,000 won to secure it. I declined, because closing that deal and getting my money back in a timely manner when it comes time to leave may prove problematic. I would guess you need a $50,000 invested on a business visa and real estate in Korea as collateral to get any loans. As for studying abroad, it's pay as you go. This is why I couldn't participate in a study abroad program during university as much as I wanted to join my peers to London, Hong Kong, and Frankfurt. |
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Mirabilis85
Joined: 09 Oct 2008
Location: Seoul
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| Posted: Thu Jul 08, 2010 10:03 pm Post subject: |
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| Yeah the damn US dept of Ed...such a limited number of international schools are deemed "certifiable" One of the main reasons I couldnt go to school here. |
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air76
Joined: 13 Nov 2007
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| Posted: Thu Jul 08, 2010 10:58 pm Post subject: |
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| Mirabilis85 wrote: |
| Yeah the damn US dept of Ed...such a limited number of international schools are deemed "certifiable" One of the main reasons I couldnt go to school here. |
Clearly there are better ones than the one I work at....but from what I've seen working at a Korean university, I wouldn't loan Americans money to go to school here if I were in charge of the US Dept. of Education either! |
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dumpring
Joined: 06 Apr 2010
Location: Auckland, NZ
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| Posted: Thu Jul 08, 2010 11:16 pm Post subject: |
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| Scholarship should sort out most of your fees, work part-time to cover the rest? If you're in a position where you need a loan as a foreigner here, you're far more unlikely to get one! |
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Milwaukiedave
Joined: 02 Oct 2004
Location: Goseong
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| Posted: Fri Jul 09, 2010 3:46 am Post subject: |
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OP,
You might consider finding a good online school for your masters. There are ones out there that have good accreditation. If you are from the US, you can still get student loans. |
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rickpidero
Joined: 03 Sep 2009
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| Posted: Sat Jul 10, 2010 6:15 pm Post subject: thanks |
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hey, thanks all.
I guess I'll figure something else out. |
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Lolimahro
Joined: 19 May 2009
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| Posted: Sat Jul 10, 2010 7:46 pm Post subject: |
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I think there is a Korean government scholarship for graduate studies.
See: http://scholarshiponline.info/kgsp-2010-korean-government-scholarship-program-for-master-and-doctoral-studies/
Here is a site with a document on the guidelines for the scholarship for grad students: http://www.niied.go.kr/NIIED_ENG/NIIED_MAIN00/main_popup.jsp?seq=9&bid=TB_NIIED_ENG_BRD15&no=9
Or you can just go to http://www.niied.go.kr/ and try and figure it out from there.
Here are the qualifications and payment excerpt from that document:
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7. Application Qualifications
o Both applicant and his/her parents must be citizens of the foreign country.
* Applicants cannot have Korean citizenship.
o Applicants should be in good health, both mentally and physically, to stay in Korea for a long period of time.
o Should be under 40 years of age as of September 1, 2010
o Hold a Bachelor�s or Master�s degree as of September 1, 2010
* Applicants who are enrolling or have already enrolled in the same academic program in Korea as the one they are applying for will not be admitted.
* For Master�s program (or Integrated Master�s & Doctoral program): students who hold a Bachelor�s degree or a diploma that is equivalent to or higher than Bachelor�s degree
* For Doctoral program: students who hold a Master�s degree or a diploma that is equivalent to or higher than Master�s degree.
* Applicants who are expecting the adequate diploma should present their diploma by September 1, 2010 before entry.
o Should have a grade point average (G.P.A.) at least 2.64 on a 4.0 scale, 2.80 on a 4. 3 scale, 2.91 on a 4.5 scale or grades/marks/score of 80% or higher from the previous attended institution
* If the grade is difficult to convert to percentage, official explanatory documents from the attended university are required.
8. Scholarship Payment
o Scholarship Period : same as the period of invitation
o Payment
-Airfare : A round-trip economy class ticket
* Airfare for entry will not be provided to one who is staying in Korea on account of the study (Korean language course, undergraduate or graduate school) or employment as of the confirmation date of selection of scholarship students.
* Fees within domestic travel, as well as insurance while travelling to and from the Republic of Korea, will not be provided.
-Monthly Allowance : 900,000 won(KRW) per month
-Research Allowance : 210,000 won for students in human and social sciences; 240,000 won for students in natural and mechanic sciences per semester
-Relocation (Settlement) Allowance : 200,000 won upon arrival
-Language Training Fee : The full costs up to 1 year
-Tuitions : All admission fees are waived by the host institution. The full tuition is paid by NIIED.
-Dissertation Printing Costs : 500,000 ~ 800,000 won for the costs related to a printing dissertation
-Medical Insurance : 15,000 won per month(limited insurance coverage) will be provided to the university for students.
-Special fund for students proficient in Korean language (TOPIK level 5 or 6) : 100,000 won per month(Commencing from the main program)
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rickpidero
Joined: 03 Sep 2009
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| Posted: Sat Jul 10, 2010 8:13 pm Post subject: |
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| Lolimahro wrote: |
I think there is a Korean government scholarship for graduate studies.
See: http://scholarshiponline.info/kgsp-2010-korean-government-scholarship-program-for-master-and-doctoral-studies/
Here is a site with a document on the guidelines for the scholarship for grad students: http://www.niied.go.kr/NIIED_ENG/NIIED_MAIN00/main_popup.jsp?seq=9&bid=TB_NIIED_ENG_BRD15&no=9
Or you can just go to http://www.niied.go.kr/ and try and figure it out from there.
Here are the qualifications and payment excerpt from that document:
| Quote: |
7. Application Qualifications
o Both applicant and his/her parents must be citizens of the foreign country.
* Applicants cannot have Korean citizenship.
o Applicants should be in good health, both mentally and physically, to stay in Korea for a long period of time.
o Should be under 40 years of age as of September 1, 2010
o Hold a Bachelor�s or Master�s degree as of September 1, 2010
* Applicants who are enrolling or have already enrolled in the same academic program in Korea as the one they are applying for will not be admitted.
* For Master�s program (or Integrated Master�s & Doctoral program): students who hold a Bachelor�s degree or a diploma that is equivalent to or higher than Bachelor�s degree
* For Doctoral program: students who hold a Master�s degree or a diploma that is equivalent to or higher than Master�s degree.
* Applicants who are expecting the adequate diploma should present their diploma by September 1, 2010 before entry.
o Should have a grade point average (G.P.A.) at least 2.64 on a 4.0 scale, 2.80 on a 4. 3 scale, 2.91 on a 4.5 scale or grades/marks/score of 80% or higher from the previous attended institution
* If the grade is difficult to convert to percentage, official explanatory documents from the attended university are required.
8. Scholarship Payment
o Scholarship Period : same as the period of invitation
o Payment
-Airfare : A round-trip economy class ticket
* Airfare for entry will not be provided to one who is staying in Korea on account of the study (Korean language course, undergraduate or graduate school) or employment as of the confirmation date of selection of scholarship students.
* Fees within domestic travel, as well as insurance while travelling to and from the Republic of Korea, will not be provided.
-Monthly Allowance : 900,000 won(KRW) per month
-Research Allowance : 210,000 won for students in human and social sciences; 240,000 won for students in natural and mechanic sciences per semester
-Relocation (Settlement) Allowance : 200,000 won upon arrival
-Language Training Fee : The full costs up to 1 year
-Tuitions : All admission fees are waived by the host institution. The full tuition is paid by NIIED.
-Dissertation Printing Costs : 500,000 ~ 800,000 won for the costs related to a printing dissertation
-Medical Insurance : 15,000 won per month(limited insurance coverage) will be provided to the university for students.
-Special fund for students proficient in Korean language (TOPIK level 5 or 6) : 100,000 won per month(Commencing from the main program)
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Yeah, I looked into this. Unfortunately when I made the decision to do grad school here the submission date for this scholarship was way passed due. Thanks though. |
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Rachet
Joined: 10 Jul 2010
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| Posted: Sun Jul 11, 2010 5:23 pm Post subject: |
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| How much are PG courses in Korea? Im thinking about going back to study sometime soon. |
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