Translated by: Jiyoung Shin
Since the introduction of the “half tuition policy” at the University of Seoul, the number of students who had taken out loans for the tuition has decreased by more than half. According to the data provided by Korea Students Aid Foundation (KOSAF), 990.1 students per one semester had to get student loans for their tuition fees between 2007 and 2011. However, this number decreased into 473 in 2012.
Considering the student population, this equals to 11% of the entire students in 2007. However, this decreased into 4% in the 2012 Fall semester. This was possible as the Seoul Mayor Park Won-Soon fulfilled his promise of "half price tuitions" since his inauguration.
Of course, it is not possible to say that this number is absolute. There will be some students who get loans from institutions other than KOSAF and some others who get private scholarships. But still, it is obvious that this figure has a significant meaning.
Even before the reduction, the tuition fee of the University of Seoul was lower than other private universities. Its’ student population is also smaller than other private universities. If the number of students who applied for loans at the University of Seoul was 990 on average, the number at other private universities will be much higher.
Meanwhile, the Center for Freedom of Information (CFOI) requested the Ministry of Education, Science and Technology the information concerning the overdue status of government-guaranteed student loans between 2010 and 2011. According to the data provided, the overdue rate was 3.88% in 2011.
This is the highest record since the government-guaranteed loans was introduced to students. The number of overdue cases was 74,150 in December 2011 and the overdue amount was 229.7 billion. According to the data of Statistics Korea, the number of students who got loans from KOSAF increased by 162%, which jumped from 280,000 to 733,000 between 2002 and 2011. (http://www.opengirok.or.kr/3076)
It is very unfortunate to see this happen to students. We hope the politicians can cut down the tuition fees for students as soon as possible and the students are no longer burdened with debts from young ages. You can find the related information below.
서울시립대대출자수(장학재단)_(1).pdf