DREAM, CHALLENGE, AND FUTURE Brochure.pdf · Development . The KOSAF is a quasi-government...

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



Donations

227.5billion KRW (Samsung Donations included)

Learning from leaders of society

KorMent Leader Mentoring



A mentorship camp for various activities including tuturing, career counseling, arts, and physical education (volunteer work)

Student Knowledge Sharing Program



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

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cho

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hip

for A

rts

and

Phy

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Sch

ola

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p

Lad

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Sch

ola

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ip

The

Nex

t C

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cho

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hip

for

Hu

man

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s

Nat

ion

al S

cho

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hip

(Sci

ence

an

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)


KorMent

Leader Mentoring


Do

nat

ions

Stu

dent

Kno

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Shar

ing

Prog

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m


II

+Third Child G

rant

The Dream Scholars

hip

for Study Abroad


olar

ship


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Nex

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cho

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hip

for

Hu

man

itie

s

Nat

ion

al S

cho

lars

hip

(Sci

ence

an

d E

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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


KorMent

Leader Mentoring


Do

nat

ions

Stu

dent

Kno

wle

dge

Shar

ing

Prog

ram


m


II

+Third Child G

rant

The Dream Scholars

hip

for Study Abroad


olar

ship


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


Direct Loan



Mentoring for Multicultural Students


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


754.9billion KRW

Direct Loan

90.1billion KRW


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


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


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

DREAM, CHALLENGE, AND FUTURE Brochure.pdf · Development . The KOSAF is a quasi-government...

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Transcript of DREAM, CHALLENGE, AND FUTURE Brochure.pdf · Development . The KOSAF is a quasi-government...