2026 Fall Semester Student Loan Application and Disbursement Guide

The Korea Student Aid Foundation’s student loans for the second semester of 2026 are divided into tuition loans, which pay tuition to the university, and living expense loans, which support students’ living costs. Submitting an application does not mean the loan is immediately disbursed. After checking the screening result, applicants must separately execute the loan during a period when the execution period designated by the Korea Student Aid Foundation overlaps with the university’s tuition payment period.

The schedule and interest rates in this article are based on the Korea Student Aid Foundation’s guidance for the second semester of 2026. Detailed deadlines and tuition payment periods vary by university, so applicants should check the latest notices from both the Korea Student Aid Foundation and their university before applying.

Key Schedule and Conditions for the Second Semester of 2026

The application deadline for tuition loans, the application deadline for living expense loans, and the execution deadline for each loan may differ. In particular, tuition loans must fall not only within the Korea Student Aid Foundation’s available execution period but also within the university’s tuition payment period. Even if time remains in the official schedule, the loan may not be executable immediately if the university’s tuition payment period has ended.

Who Can Apply

In addition to students currently enrolled in a university or graduate school, incoming students, transfer students, readmitted students, and students returning from a leave of absence may apply if they meet the requirements of the educational institution and loan product. However, income-contingent student loans and standard repayment student loans have different age and student aid bracket requirements.

Special provisions may apply to age and aid bracket requirements depending on individual circumstances, including those who entered the workforce before pursuing further education, students from families with multiple children, and young adults preparing for independent living. Conversely, even if the age and aid bracket requirements are met, approval may be restricted based on the university, academic status, credits completed in the previous semester, grades, duplicate support, or the status of existing loans.

In general, currently enrolled students must check the minimum credit completion and grade requirements for the previous semester. The applicable rules may differ for incoming students, transfer students, readmitted students, students with disabilities, and students in their graduating year, so applicants should rely on the screening criteria shown for them on the application screen.

Differences Between Tuition Loans and Living Expense Loans

Tuition Loans

A tuition loan is available up to the tuition amount finalized by the university and registered with the Korea Student Aid Foundation. It is not a loan structure in which students may borrow an arbitrary amount unrelated to tuition. If there is a scholarship or an advance tuition reduction, the loan is based on the actual amount payable after that amount is deducted.

In principle, the loan proceeds are paid to the university’s payment account rather than to the student’s account. For students who have already paid tuition with their own funds, a loan paid to their personal account may be available only if the university processes them as previously registered students and registers the relevant information with the Korea Student Aid Foundation. Students should first ask their university whether loans for previously registered students are permitted and when they will be processed.

An individual aggregate loan limit may apply to tuition loans depending on the loan product and type of school. Therefore, “a loan for the full tuition amount” means an amount that falls within the semester’s billed tuition, existing loan history, scholarships, screening result, and aggregate limit.

Living Expense Loans

Living expense loans are intended to cover costs necessary to continue studying, such as room and board, textbooks, and transportation. The limit for the second semester of 2026 is up to KRW 2 million, and the loan may be applied for and executed separately from a tuition loan.

Principal and interest accrue based on the amount of the living expense loan executed. If the full maximum limit is not needed, selecting an amount within the range actually required can reduce the total repayment amount. Separate programs, such as interest exemptions while enrolled, may apply to some eligible recipients under the income-contingent repayment method, but living expense loans are not interest-free for every applicant.

Comparison of Income-Contingent and Standard Repayment

Income-Contingent Student Loans

Under the income-contingent repayment method, mandatory repayment through the National Tax Service begins when the borrower’s annual income exceeds the statutory repayment threshold. Mandatory repayment may not occur while income remains below the threshold, but the loan itself does not disappear, and interest generally continues to accrue. Borrowers may also make voluntary repayments when they have available funds.

This method provides a repayment deferral effect for students whose income is uncertain immediately after graduation, but the interest and outstanding balance may increase if repayment is delayed for a long period. Future income reporting and management of mandatory repayment notices are also required.

Standard Repayment Student Loans

Under the standard repayment method, interest is paid during the selected grace period, and principal and interest are repaid according to the agreement once the repayment period begins. Employment status or actual income does not automatically delay the start of repayment.

This method has the advantage of a clear repayment schedule, but the agreed payment date may arrive even if the borrower has no income after graduation. Applicants should check the estimated monthly repayment amount, grace period, and repayment period before applying.

What to Prepare Before Applying

Preparing the following items in advance can reduce delays caused by missing documents or inconsistent information.

• A joint certificate, financial certificate, or supported private authentication method for logging in to the Korea Student Aid Foundation and signing electronically
• An account in the student’s own name for receiving living expense funds
• Accurate academic information, including the university, department, student ID number, and enrollment status
• Consent to provide information from required household members, such as parents for unmarried applicants or a spouse for married applicants
• Required documents, such as a family relations certificate, if family relationships cannot be verified electronically
• The tuition bill and university tuition payment period
• Details of existing student loans, scholarships, and tuition assistance

Consent from household members to provide information may be required to calculate the student aid bracket. If a household member does not provide consent or family relations documents have not been processed, the aid bracket screening may be suspended, delaying the approval and execution of an income-contingent repayment loan.

Application and Loan Execution Process

1. Apply for a student loan through the Korea Student Aid Foundation. After verifying your identity, accurately enter information such as your school, academic status, loan type, and family details.
2. Complete the online financial education. The application process may not be completed unless the mandatory education is finished.
3. Complete household member consent to provide information. Applicants who require aid bracket screening should confirm whether consent from a parent or spouse and additional documents are required.
4. Wait for the university to register academic information. The university must send the Korea Student Aid Foundation the information required for screening, including enrollment status, grades, and completed credits.
5. Check the screening result. Review the current status and any required follow-up action, such as approval, conditional approval, missing documents, or unregistered university information.
6. Confirm that tuition and payment information have been registered. To execute a tuition loan, the university must register the semester’s billed amount and payment account.
7. Execute the loan during the university’s tuition payment period. Actual payment is made only after reviewing the loan terms and amount on the application screen and completing the electronic signature.
8. Confirm the payment result. For tuition, confirm that payment to the university has been completed; for living expenses, confirm that the funds have been deposited into your account.

Even if the application status is “Approved,” tuition will not be paid to the university unless the loan is executed. Because delays in reflecting university information, bank maintenance, or authentication errors may occur on the registration deadline, it is safer to execute the loan before the deadline whenever possible.

Main Reasons an Approved Loan Cannot Be Executed

Items to Check Before the Deadline

• Applications for student loans for the second semester of 2026 opened on July 1, but application and execution deadlines may differ by product.
• For a tuition loan, both the Korea Student Aid Foundation’s execution period and the university’s tuition payment period must be open.
• Living expense loans have different limits, payment accounts, and application and execution schedules from tuition loans, so they must be checked separately.
• Household member consent and aid bracket calculation may take several weeks, so check whether the tuition payment deadline could arrive before the result is issued.
• If the university has not sent academic or tuition information, the Korea Student Aid Foundation cannot register it on the university’s behalf, so contact the relevant university office.
• After executing the loan, check the applicable interest rate, executed amount, repayment method, and estimated repayment schedule again.