Scholarship

A scholarship (장학금/獎學金, 장학제도/獎學制度)is an award of financial aid for a student to further their education. Scholarships are awarded on various criteria, which usually reflect the values and purposes of the donor or founder of the award. Scholarship money is not required to be repaid.

It is said that a great number of foreign-educated Korean students have made the unprecedented growth of nation's economy possible. Against this backdrop, the Korean government as well as private foundation have encouraged an increasing number of students to study further abroad.

At the same time, many colleges and universities have provided scholarships to foreign students with the financial assistance from the ODA program, private foundations, charitable trusts, etc.

Outbound Scholarship
Under the Government Regulation on Study Abroad (국외유학에 관한 규정), a limited number of students in need of financial aid are selected to study further abroad by the National Institute for International Education (국립국제교육원).

Inbound Scholarship
There are lots of private scholarship foundations in Korea.

Handong Law School provides scholarship to foreign students from less developed countries and transition economies who wish to study Korean law.
 * Handong University

Youngnam University is operating Park Chung Hee School to educate and train the Park Chung Hee leadership and the spirit of Saemaul or self-support village movement for the young civil servants from less developed countries and transition economies.
 * Yougnam University

Scholarship Foundations
There are a number of scholarship foundations ready to support the young hopefuls in Korea.
 * Seoul Scholarship Foundation was founded by Seoul City in 2009 to train excellent talents needed by society and to support low-income family's students.
 * Samsung Dream Scholarship Foundation provides the Mentoring Scholarship Program to select those students from under-privileged backgrounds who possess talents and potential in certain fields and to grant scholarship funds through a mentor system nurturing self-development under the educational and emotional care of their appointed mentors.
 * Kwanjeong Educational Foundation, founded by and named after, renowned businessman Chong-Hwan Lee of Samyoung Chemical Group, is providing domestic and abroad scholarship to promising students.
 * Korean American Scholarship Foundation