Student Loans

KOSAF’s loan programs help students finance undergraduate and graduate level studies in Korea. Eligibility that is not subject to credit approval, deferment options, income contingent repayment, reduced fixed and variable interest rates, and interest relief — all in large part depending on the student borrower’s profile—are characteristics of the loan programs.


Loans managed by KOSAF are guaranteed by the government. Student aid through loans is for the most part intended to be applied towards school tuition and fees. A limited amount of support is also available for other costs, including living expenses, during study.

Based on both financial need and academic merit, the loans serve to allow students in Korea to pursue undergraduate or graduate level studies under a financial strategy developed with students’ long-term interests in mind. Enabling students to focus on their academic work while in school, student loan options include deferred repayment during study and interest-only payments during study. For qualifying students with demonstrated financial need, another option allows deferred repayment for a period of time after study as well.

The KOSAF student loan programs are designed to support Korean students studying in Korean institutions exclusively.

Note For Non-Korean StudentsAt this time, the KOSAF loans are available only for Korean citizens. To learn about national financial aid options provided for non-Koreans pursuing postsecondary education in Korea, see the programs mentioned by the Ministry of Education.

Types of Student Loans
Mainly, KOSAF offers three types of student loans: income contingent loan (ICL), direct loans (DL), and Loans for Rural area Students (LRS). KOSAF also offers loans for living expenses during study.
Application Process and Repayment
The processes and criteria for the loan programs differ from one another. Applicants and borrowers must adhere to any and all guidelines, rules, procedures, and timelines set forth by KOSAF and any of its partnering organizations in loan servicing and management.
Grants & Scholarships
Types of Grants & Scholarships
Application and Disbursement
Student Loans
Types of Student Loans
Application Process and Repayment
Sharing & Volunteering
Types of Volunteer Programs
Cheong Wa Dae, Office of the President
Government of the Republic of Korea
Ministry of Education
Education, Culture, Sports & Tourism Committee
The National Assembly of the Republic Korea
The National Assembly of the Republic of Korea
Ministry of Strategy and Finance
Download relevant legal texts
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