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Student loan policies in Korea : Evolution, opportunities and challenges

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  • Student loan policies in Korea
  • Hong, Hee Kyung; Chae, Jae-Eun
  • Hong Kong Educational Research Association


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Title Student loan policies in Korea
Similar Titles
Sub Title

Evolution, opportunities and challenges

Material Type Reports
Author(English)

Hong, Hee Kyung; Chae, Jae-Eun

Publisher

[New Territories, Hong Kong]:Hong Kong Educational Research Association

Date 2011
Journal Title; Vol./Issue Educational Research Journal:vol. 26(no. 1)
Pages 24
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Economic Administration
Social Development < Education
Holding Hong Kong Educational Research Association

Abstract

This article reviews the role of reforms in student loans policies in contributing to the expansion of higher education in Korea from a historical perspective. Since the end of the Korean War in 1950, the development of Korea’s loan system has occurred at a dramatic pace concurrent with the rapid expansion of Korean higher education. The major features of the reforms are as follows: (1) 1950s to early 1980s: Interest-free student loans; (2) 1985–2005: Subsidized interest rates loans scheme; (3) 2005–present: Student loans-backed securities scheme (SLBS); and (4) 2010: Income contingent loans as a supplement to SLBS. The driving forces behind these reforms were social pressures to increase affordability of higher education for all, and the need to secure a sustainable funding mechanism corresponding to the increase in student loans. (The rest omitted)