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DREAM, CHALLENGE, AND FUTURE
To help students realize their dreams,
KOSAF not only offers financial aid, but also tries to build good character among them.
This effort will lay the foundation for all students to achieve a better future.
Korea Student Aid Foundation (KOSAF) provides financial and non-financial support for students to prevent them from abandoning studying due to financial difficulties, thereby bringing a brighter future to Korea.
C O N T E N T S
08 MESSAGE FROM THE CHAIRMAN 10 ESTABLISHMENT AND HISTORY
12 MISSION AND VISION 14 MAJOR ACHIEVEMENTS
16 MAJOR FUNCTIONS 23 STUDENT AID ESSAY
GRANT AND SCHOLARSHIP PROGRAMS
STUDENT LOAN PROGRAMS
SHARING AND VOLUNTEERING PROGRAMS
4 I 5BUSINESS REPORT
What dreams do you have?Your future depends on what you can and will do.
KOSAF runs diverse student aid programs to help students turn their dreams into a reality.
KOSAF will always stand by you, for parents concerned with tuition fees,for students hoping to study without financial worries, for future leaders with great potential, and for all those hoping to share their knowledge and experience.
Opportunity for all
National Grant Type I, II and Third Child Grant
3.55trillion KRW
For students with academic excellence
National merit scholarships and other scholarships
106.9billion KRW
Flexible repayment options
Direct Loan
754.9billion KRW
Job experience with financial help
National Work-Study Program
185.9billion KRW
Repaying after income reaches a threshold
Income Contingent Loan
1.37trillion KRW
KOSAF
I Grant and Scholarship Programs (End of 2015, Unit : 100 million KRW, Case)
* Total Performance of Grant and Scholarship Programs * National merit scholarships and other scholarships Annual Total : Amount 1,069 / Cases 31,290
16,893
1,425,298
20,510
1,503,187
Amount
Cases
1st Semester 2nd Semester
38,472Total Amount
2,959,775Total Number of Cases
I Student Loan Programs (End of 2015, Unit : 100 million KRW, Case)
* Total of Income Contingent Loans, Direct Loans, and Loans for Rural Students
12,350
389,563
9,805
360,279
Amount
Cases
1st Semester 2nd Semester
22,155Total Amount
749,842Total Number of Cases
End of 2015
6 I 7BUSINESS REPORT
Mentoring for students from low-income families
Educational Support for Adolescents
62,839people / Mentor
156,368people / Mentee
School life adjustment support for multicultural students
Mentoring for Multicultural students
26,489people / Mentor
28,159people / Mentee
Donations
227.5billion KRW (Samsung Donations included)
Learning from leaders of society
KorMent Leader Mentoring
1,587people / Mentor
13,077people / Mentee
A mentorship camp for various activities including tuturing, career counseling, arts, and physical education (volunteer work)
Student Knowledge Sharing Program
25,823people / Mentor
73,843people / Mentee
KOSAF supports your dreams and your future.
KOSAF assists passionate students in becoming well-rounded individuals who help those in need in society.
(cumulative as of December 2015)
LEADERS
PRIMARY AND SECONDARY SCHOOL
STUDENTS
POSTSECONDARY STUDENTS
Mentor ▼
Mentee
KorMent Leader
Mentorship
Mentor ▼
Mentee
Mentorship program for
college students to share their
knowledge and life experience
Growth and Development
The KOSAF is a quasi-government organization founded in 2009 with the purpose of offering opportunities for higher education to capable and willing people regardless of their financial and economic backgrounds.
Since then, it has been faithfully carrying out the Ministry of Education’s policies for relieving students of the burden of the cost of higher education and helping them to realize their aspirations.
From now on, the KOSAF plans to cooperate with student aid organizations in the private sector. In order to increase financial aid for students’ living costs, the KOSAF plans to launch campaigns to attract donations from corporations and businesses that may have difficulty in setting up their own scholarships. In addition, the KOSAF intends to work with provincial and local governments to expand support for payment of interests on student loans. We at the KOSAF will continue our utmost effort to lessen the burden of costs of higher education on students and their parents.
Even now, we at the KOSAF continues our work to promote student aid to Koreans of all walks of life and to transform Korea’s student aid system to be a world-class brand that can be called a new “Korean Wave” of education.
The KOSAF will always be with you to support your effort to realize your dreams and hopes.
Thank you.
Yangok AhnChairman
Korea Student Aid Foundation
MESSAGE FROM THE CHAIRMAN
Nice to meet you all,My name is Yangok Ahn, and I am truly honored to represent the Korea Student Aid Foundation (KOSAF), which has been striving to be a world-class student aid organization.
8 I 9
KOSAF is a financial aid organization founded in May 2009 to provide support for students seeking higher education.
10 I 11ESTABLISHMENT AND HISTORY
2008
2015 2016
20132014
2009
2012
2010
2011
01 Expanded the resources to maintain national grants in connection with income levels (4.0 trillion KRW).
05 Dr. Yangok Ahn inaugurated as the 3rd chairperson
01 Expanded the National Grant program (2.7 trillion KRW per annum), lowered the interest rate for Income Contingent Loan (3.9%→2.9%)
03 Won the 2013 Happiness Plus Social Contribution Award
05 Dr. Kwak, Byong-Sun inaugurated as the 2nd Chairperson
10 Won the 6th Korea Social Media Award Won the gold prize for excellent website technologies at the International Business Awards (3 yrs. in a row)
11 Won the 2013 Korea Best Public Service Award Won the 6th Korea Internet Communication and Social Media Award
12 Won the 23rd Korea Communication Award
01 Expanded the National Grant program (3.5 trillion KRW per annum)03 Won the 2014 Happiness Plus Social Contribution Award (3 yrs. in a row) 06 Won the 2014 Korea King Sejong Donation and Volunteer Award and the National Assembly Special Committee on Ethics Chairman Award 07 Introduced the KOSAF Loan Conversion plan 09 Signed an MOU on “Student Welfare Center” to provide quality accommodation for students and to relieve students’ living expenses Promoted overhaul of the income level assessment system and started receiving consent of family members of the recipient 10 Appointed KOSAF Ambassador (Mr. Doh Gyeongwan, KBS Announcer) Won the Silver Prize at the International Business Awards with the official KOSAF blog 11 Won the First Prize at the 7th Korea Public Institutions Internet Communication and Social Media Interactive Administration Award 12 Won the Education Minister’s Medal at the 3rd Donation for Education Award
01 Launched the National Grant program (1.75 trillion KRW per annum) Won the grand prize for non-profit organization at the 8th Webaward Korea
03 Won the 2012 Happiness Plus Social Contribution Award
10 Won the gold prize for Consumer Marketing Campaign of the Year at the International Business Awards
11 Won the grand prize for quasi-government organization at the 5th Korea Internet Communication and Social Media Awards Won the best commercial and public advertising campaign
prize at the 22nd Korea Communication Awards
12 Won the excellence prize for webzine at the 9th Webaward Korea
Won the excellence prize for public organization at the 2012 Korea Blog Awards
06 Received grade A on 2010 Public Institution Management Performance Evaluation, a first for a newly-founded organization
07 Designated as an organization for national legal contribution
09 Certified for family-friendly management by the Ministry of Gender Equality & Family
10 Won the main prize for financial service at the International Business Awards
11 Hosted the 2nd International Forum on Student Aid Policy Designated as a financial public institution Won the new corporate magazine prize at the 21st Korea Business Communication Awards Won the bronze prize for annual report in the Education/ Research/Foundation category at the 2011 Spotlight Awards
12 Lowered the loan interest rate for the 1st semester of 2012 (4.9%→3.9%), relaxed grade requirement for Income Contingent Loan (grade B or above→grade C or above)
2008~2016KOSAF
FOUNDING PRINCIPLES
FOUNDING PURPOSE • Establishment of a customized student aid system to provide higher
education opportunities for those with the will and the ability regardless of their economic circumstances, thereby contributing to the development of talent needed by the nation
• Provision of comprehensive and specialized student aid services
BASIS OF ESTABLISHMENT • Establishment of the framework for the national student aid
program (May 2008) • Enactment and promulgation of the Act on the Establishment
of the Korea Scholarship Foundation (February 2009)
02 Establishment of the national student aid program designated as a national policy task
05 Basic plans for the national student aid program established
10 The government bill for the Act on the Establishment of the Korea Scholarship Foundation confirmed
01 The Act on the Establishment of the Korea Scholarship Foundation passed by the National Assembly
02 The Act promulgated, the Korea Scholarship Foundation preparation committee launched
04 Established IT infrastructure
05 Establishment of KOSAF with Dr. Lee, Kyungsook as the first Chairperson
06 KOSAF bonds rated AAA by Korea Ratings
07 Launched direct services of loans
01 Designated as a quasi-government organization, launched Income Contingent Loan program
05 Introduced the KorMent program
06 Hosted the 1st International Forum on Student Aid Policy
07 Long-term bonds rated A1 by Moody's and A+ by Fitch Ratings (equal to Korea’s sovereign rating)
11 KOSAF service center won the KS certification
01 Expanded resources for the National Grant program in connection with income levels (3.9 trillion KRW) Implemented a program to convert existing loans to those with lower interest rate (- May) Reformed and improved the system of determine a scholarship applicant’s household income level in connection with the nation’s social securities system.05 Hosted the Fifth International Forum on the Student Aid Policy
06 Received the ISO10041 certification for being an environment-friendly organization Started a merit scholarship for arts and physical education 09 Started construction of the first student residential complex 11 Completed relocation to the new headquarters in Daegu 12 Won the grand prize in the category of the best organization for online communication at the 8th Best Internet Communication/Social Media Awards by Korea Internet Communications Association. Won the grand prize in the category of the best electronic in-house newsletter at the Korea Business Communications Awards.
KOSAF disburses funds entrusted by the government for students to develop their full potential.
12 I 13MISSION AND VISION
MISSIONTo develop and manage the student aid system for higher education that aims to
foster global talents to lead the future of Korea and its communities
National Grants
Operation of the National Grants that appeals to students
and families
1. Enhancing the reliability of the system for calculating house income levels
2. Improving oversight to enhance efficiency of budget execution
3. Enhancing the systemic framework for the operation of the National Grants
Expansion of student finance
focused on the students
1. Reforming the student loan system for borrowers’ interest and convenience
2. Lessening the burden of repayment
3. Building the “Smart” repayment system customized for borrowers’ needs
Establishment of the system
for fostering global talents
1. Strengthening the process for selecting and supporting students with global capabilities
2. Enhancing the mentorship programs
3. Enhancing the oversight of program recipients
Improvement of the students’
quality of life
1. Enhancing internal and external cooperation for the administration of student welfare programs
2. Strengthening the merit scholarship programs through private donations
3. Expanding student housing support
Management that sustains
the KOSAFin the long-term
1. Maintaining financial stability
2. Strengthening campaigns for all Koreans to secure their trust and support on the KOSAF and higher education support
3. Enhancing policy research on higher education support
4. Advancing the performance-based management
1 Student loans (Income Contingent Loan, Direct Loan, Loans for Rural Students)
2 Need-based and merit-based national student aid programs
3 Talent development programs
HumanisticValues
Creativity and Innovation
Integrity and Cooperation
4 Issuance and management of bonds to finance student loans
5 Collection and management of donations
6 Construction and management of student facilities
MAIN FUNCTIONS
StudentLoans
Merit Scholarships
Student Welfare Innovation
VISIONTo become the exemplary, world-class organization with the total care system
designed for higher education and the future of Korea
Communication and on-time MANAGEMENT
FOCUS
Income Contingent LoanDirect Loan
KorMent
Leader Mentoring
Loan for Rural Students
Do
nat
ions
Stu
dent
Kno
wle
dge
Shar
ing
Prog
ram
National Work-Study Progra
m
National Grant Type I,
II
+Third Child G
rant
The Dream Scholars
hip
for Study Abroad
The Presidential Science Sch
olar
ship
The Blue Lighthouse Scholarsh
ip Fu
nds
Th
e V
isio
n S
cho
lars
hip
for A
rts
and
Phy
sica
l Ed
uca
tio
n
Gra
duat
e R
esea
rch
Sch
ola
rshi
p
Lad
der
of
Ho
pe
Sch
ola
rsh
ip
The
Nex
t C
entu
ry S
cho
lars
hip
for
Hu
man
itie
s
Nat
ion
al S
cho
lars
hip
(Sci
ence
an
d E
ng
inee
ring
)
Income Contingent LoanDirect Loan
KorMent
Leader Mentoring
Loan for Rural Students
Do
nat
ions
Stu
dent
Kno
wle
dge
Shar
ing
Prog
ram
National Work-Study Progra
m
National Grant Type I,
II
+Third Child G
rant
The Dream Scholars
hip
for Study Abroad
The Presidential Science Sch
olar
ship
The Blue Lighthouse Scholarsh
ip Fu
nds
Th
e V
isio
n S
cho
lars
hip
for A
rts
and
Phy
sica
l Ed
uca
tio
n
Gra
duat
e R
esea
rch
Sch
ola
rshi
p
Lad
der
of
Ho
pe
Sch
ola
rsh
ip
The
Nex
t C
entu
ry S
cho
lars
hip
for
Hu
man
itie
s
Nat
ion
al S
cho
lars
hip
(Sci
ence
an
d E
ng
inee
ring
)
국가장학금(Ⅰ·Ⅱ·다
자녀
)
국가
우수
장학
금(이
공계
)
국가근로장학금
사랑드림장학금
희망
사다
리장
학금
드림장학금
국가
연구
장학
금(인
문사
회계
)
대통령과학장학금
농어촌출신대학생학
자금
융자
일반상환학자금대
출
든든학자금(취업 후 상환 학
자금
대
출)
기부
금
대
학생
차세대 리더육성
사업
지식
멘토
링
멘토링
인
문10
0년장
학금
예
술체
육비
전장
학금
185,867National Work-Study Program
106,943National merit scholarships and other scholarships
754,849Direct Loan
271,447 Mentee
90,121Loan for Rural Students
Income Contingent LoanDirect Loan
KorMent
Leader Mentoring
Loan for Rural Students
Do
nat
ions
Stu
dent
Kno
wle
dge
Shar
ing
Prog
ram
National Work-Study Progra
m
National Grant Type I,
II
+Third Child G
rant
The Dream Scholars
hip
for Study Abroad
The Presidential Science Sch
olar
ship
The Blue Lighthouse Scholarsh
ip Fu
nds
Th
e V
isio
n S
cho
lars
hip
for A
rts
and
Phy
sica
l Ed
uca
tio
n
Gra
duat
e R
esea
rch
Sch
ola
rshi
p
Lad
der
of
Ho
pe
Sch
ola
rsh
ip
The
Nex
t C
entu
ry S
cho
lars
hip
for
Hu
man
itie
s
Nat
ion
al S
cho
lars
hip
(Sci
ence
an
d E
ng
inee
ring
)
227.5billion KRW
National Grant Type I
National Grant Type II
Third Child Grant
National Work-StudyProgram
National merit scholarships and other scholarships Yearly Amount
Yearly Amount
Income Contingent Loan
Direct Loan
Loan for Rural Students
KorMent Leader Mentoring
Mentoring for Multicultural Students
Student Knowledge Sharing Program
Educational Support for Adolescents
Donations (cumulative as of December 2015, Samsung Donations incl.)
27,232
6,803
1,509
1,859
1,069
13,705
7,549
901
Mentor Mentee Total
Sharing and Volunteering
Programs
Grant and Scholarship
Programs
Student Loan Programs
14 I 15MAJOR ACHIEVEMENTS
3,554,417National Grant Total
1,370,549Income Contingent Loan
116,738
Mentor
Grant and ScholarshipPrograms Total by
Sector
Student Loan Programs Total by Sector
Talent Development Programs
Total Number of Mentors and Mentees
(End of 2015, Unit : million KRW, Person)
KOSAF offers various student aid programs to reduce students’ financial burden, as well as Sharing and Volunteering programs to nurture their full potential.
Grants & Scholarships Performance (End of 2015, Unit: 100 million KRW)
Student Loan Performance (End of 2015, Unit: 100 million KRW)
Talent Development Performance (End of 2015 Cumulative Total, Unit : Person)
99,666
219,207
14,664
54,648
1,587
25,823
26,489 62,839
13,077
28,159
156,368
73,843
Equal opportunity for all
National Grant Type I, II and Third Child GrantOpens higher education opportunities to all students with the will and the ability to study, and prevent them from abandoning education due to financial reasons.
Job experience with financial assistance
National Work-Study Program Provides financial support for on/off campus work completed during the school year and official break periods in areas related to the students’ major.
Making donors’ investment meaningful
The Blue Lighthouse Scholarship Funds Financial aid from donors is disbursed to students who meet the qualifications specified by each donor.
Opportunity for low-income students to study abroad
The Dream Scholarship for Study Abroad Supports high-school students with strong academic performance with the opportunity to study abroad.
Assistance for gifted students in science
The Presidential Science Scholarship Recipients are selected based on academic performance in the areas of science and technology.
Support for science majors with academic excellence
National Scholarship (Science and Engineering) Supports students with strong academic performance in science and engineering, to nurture them as future leaders and advance the country’s science and engineering competitiveness.
Support for humanities and social sciences majors with academic excellence
The Next Century Scholarship for Humanities Nurtures high-achieving high school juniors and 4-year university students majoring in humanities and social sciences as the nation's future leaders in the fields of humanities, basic sciences and research.
The Scholarship is designed to nurture talents who demonstrated excellence in arts and physical education
The Vision Scholarship for Arts and Physical Education The Scholarship aims to identify and foster national talents to be future leaders with the capability of making the nation more creative and rich in culture.
Nurturing young entrepreneurs and talents for SMEs
Ladder of Hope ScholarshipAims to cultivate young talents as future leaders, mitigate manpower shortage in small- and medium-sized enterprises (SMEs) and boost entrepreneurship among university students by providing financial support to students who hope to work in SMEs or to launch a start-up.
Nurturing talents in the humanities and social sciences field
Graduate Research Scholarship Supports full-time graduate students majoring in the humanities and social sciences.
16 I 17GRANT AND SCHOLARSHIP PROGRAMS
A wide range of programs are available to future leaders of Korea.
3.55trillion KRW
National Grant Type I, II and Third Child Grant
185.9billion KRW
National Work-Study Program
106.9billion KRW
National merit scholarships and other
scholarships
End of 2015
Grant and Scholarship Programs
18 I 19STUDENT LOAN PROGRAMS
KOSAF has diverse loan programs to help students support their undergraduate and graduate level studies.
1.37trillion KRW
Income Contingent Loan
754.9billion KRW
Direct Loan
90.1billion KRW
Loan for Rural Students
End of 2015
Student Loan Programs
Repaying after income reaches a threshold
Income Contingent Loan (ICL)
Undergraduates with the household income level of 8 or below (aged 35 or below) * A multi-child household (a household with 3 or more children):
has the option of applying for income contingent loans (loans to be repaid after employment) Disbursed : full tuitions and KRW 1.5 million per semester for living expenses
[Repayments] When a borrower earns an income above a certain threshold,repayments are made through the national taxation system. The borrower has an option to pay off his loans through voluntary repayments.
[Interest rates] As of the first semester of academic year 2016: 2.7% (floating) As of the second semester of academic year 2016: 2.5% (floating)
Early job experience and economic assistance
Direct loan
Undergraduates: with the household income level of 9 or below Graduates: income test does not apply. Students who satisfy eligibility requirements for Direct Loans may apply for them. Eligibility Requirements: Must be aged 55 or below Grades: GPA from the previous semester must be 70 out of 100 (Letter grade: C) or higher* No grade restriction for newly enrolled students* Universities (including 2-year colleges): maximum KRW 40 million. * 5-6 year college education and master’s degree: maximum KRW
60 million * Professional degrees (including medicine, dentistry, and oriental
medicine): maximum KRW 90 million
[Repayments] A borrower pays only interest during grace period up to 10 years. After the grace period, the borrower is given up to 10 years to repay the loan principal and interest
[Interest rates] As of the first semester of academic year 2016: 2.7% (fixed) As of the second semester of academic year 2016: 2.5% (fixed)
Equal opportunity for rural students
Loan for Rural Students (LRS)
Eligibility Requirements:Applicants must be students living in farming and fishing communities and engaged in farming or fishing for at least 6 months or must be students whose parents are living in farming and fishing communities for at least 6 months. - Academic performance: for continuing students, they must pass
the previous semester with C (70% out of 100%) or better and must have taken a courseload of at least 12 credits. (no academic restriction on the first-semester students)
- If students or students’parents do not work for the farming or fishing industry, students below the income level of 8 or below are eligible (no income restriction for students who or whose parents work for the farming or fishing industry.)
Loans offered with no interest - Loans: for tuitions (no limit) * For living expenses: direct loans and income continent loans are
available
[Repayments] starts 2 years after graduation in equal installments of principals
[Interest rates] No interest
20 I 21SHARING AND VOLUNTEERING PROGRAMS
Learning from leaders of society
KorMent Leader Mentoring
The KorMent Leader Mentoring program inspires mentees to expand their visions by receiving leadership skills and career training from mentors and help them become caring leaders in the future. This program encourages active participation from social leaders and therefore spread the culture of knowledge sharing.
Volunteer opportunities for students
Student Knowledge Sharing Program
Undergraduate/graduate students serve as mentors to primaryand secondary school students and inspire them to pursue higher education through academic counseling and goal-setting.
Investing in the nurturing of future leaders
Donations
Financial partners and donors play an important role in the KOSAF’s student aid program. With funds supported by financial partners and donors, KOSAF strives to eliminate educationally marginalized areas by offering grant and scholarship programs, talent development programs, and construction of student facilities.
227.5billion KRW
Donations
(Samsung Donations included, cumulative as of December 2015)
LEADERS
PRIMARY AND SECONDARY SCHOOL
STUDENTS
POSTSECONDARY STUDENTS
Mentor ▼
Mentee
KorMent Leader
Mentorship
Mentor ▼
Mentee
Mentorship program for
college students to share their
knowledge and life experience
Growth and Development
Sharing and Volunteering Programs
22 I 23STUDENT AID ESSAY
A swearing-in ceremony for the
KOSAF’s new student ambassadors
a session during a KORMENT Day
a meet-and-greet at a Leadership Concert
KOSAF supports students to make their dreams come true.
KOSAF’s student aid programs will lay the foundation for you to become a global leader in the future.
I no longer blame someone or some situation for a setback or misfortune. Instead, I begin
to consider what I can do to respond to it. I owe this change of my attitude to the experience
of being helped by the Korea Student Aid Foundation (KOSAF) when I was looking for ways to
overcome my hardship.
Thanks to the National Grant, I was able to go to college without worrying about paying
tuitions. Thanks to the work-study grant, I could earn money for living because I could work
while in study. Moreover, my work experience at a solid business positively influenced me in
deciding on my career path.
Even a beautiful porcelain was made from clay. Once upon a time, I would envy my peers
and blame myself as someone as worthless as a lump of clay who cannot do anything. But I am
being changed to be like a fine porcelain with a passion that worked like water and a helping
hand named the Korea Student Aid Foundation.
I hope that all college students who have hardly had moments of daily joy which many take
granted due to economic hardship will be outstanding like beautiful porcelains with the help of
the KOSAF.
Finally, I would like to express my sincere gratitude to the KOSAF for helping me to be where
I am today. When I was experiencing hardship and finding no light, the KOSAF reached out to
me and helped me to let myself live as who I truly am.
Thank you, Korea Student Aid Foundation, for giving me the strength to overcome difficult
situations.
Letting Myself Be Who I am: Korea Student Aid Foundation
Han-byeol Jo, Seoul Women’s University Winner of the Grand Prize of the 8th Contest for Memoirs on Receiving Student Aid.
125, Sinam-ro, Dong-gu, Daegu, Korea, 41200
Tel : 1599-2000