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60% of Korean university students are in debt
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승인 2011.08.14  04:33:32
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A recent survey has found that some 50,000 university students have borrowed an estimated 80 billion won from private lenders, and six out of 10 university students hold some form of debt.

The results of the survey were released on Aug. 8 by the online employment portal site Saramin. Some 381 university students were randomly selected.

According to the survey, 59.8 percent of students replied that they held debt, and that their loans totalled an average of 15.79 million won (US$14,500).

Among the reasons for incurring debt, tuition ranked first (86.8 percent), followed by living expenses (25 percent), housing expenses (11.8 percent), personal expenses (9.2 percent), transportation (5.3 percent), miscellaneous (5.3 percent), private tutoring (3.9 percent), travel or overseas study (2.6 percent), and entertainment expenses (2.6 percent).

As for the type of loans, government loans ranked first, at 56.6 percent. This was followed by primary financial institutions (21.1 percent), secondary financial institutions (18.4 percent), credit card companies (11.8 percent), private lenders (9.2 percent), family or relatives (6.6 percent), and acquaintances and friends (6.6 percent).

Respondents expected to take four years on average to pay back their debts. However, 17.1 percent answered, “it will take more than 10 years to pay it back,” and 1.3 percent answered that they would never be able to. Half of the respondents were “seriously” stressed due to the loans. Meanwhile, 11 percent of university students are credit delinquents and 28.6 percent are behind on debt payments.

(By City Newspaper reporter Shin Hwa Jun, in Headline Jeju. Translation by Baek Hee Youn)


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