The Weight of Increasing Education Expenses and Loans
The Weight of Increasing Education Expenses and Loans
  • 김지원 (2017) 기자
  • 승인 2017.03.08 09:00
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Our current situation is an economic depression in which young people have a hard time getting a job. But, we have another problem in addition to this situation. We have high debt because of education expenses and loans.

Some students don’t want their family’s help, they want to graduate themselves. And some students don’t have enough money for housing. As they run out of money they are forced to take on a part time job and that causes them to feel as though they are losing their youth.

For example, one student has two part time jobs of working at a convenience store in the afternoon and a PC room at night. He earns money to lessen the burden of paying for housing while studying in the university. Until he finished his sophomore year, he solved his money problems with school loans. In all, he amassed a debt of about ₩20,000,000. So this student ended up not completing school and having to take on a part-time job to repay the debt.

Another example is about a female student who ran out of money and went into debt for the amount of ₩27,000,000 to graduate. A person in this situation is in trouble as they begin their life outside of school with this kind of debt. She will have to spend half of her monthly pay towards her loans. She wants to save money to spend on holidays which is very expensive. This contributes to her troubles in managing her finances. She also feels stress because of messages sent from Korean Student Aid Foundation related with payment while simultaneously juggling living expenses.

Every year university students take loans of about ₩3,000,000 for education expenses. For those who live alone, some are unable to pay rent on time and interest builds up as a result. Some students don’t make enough money to repay education expenses after they get a job and their money problems are not solved.

Experts suggest that lowing tuition and lending money without interest would help solve some of these school related money problems. This kind of social reality underlines the importance of money for students to develop themselves in school and for them to achieve their dreams. This is the weight that students carry.

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