Scholarships in Korea Wikipedia
Scholarship donors and foundations indicate a multitude of reasons as to why they started to offer their scholarship program for students in Korea, while certain goals are mentioned repeatedly throughout all scholarship descriptions:Awarding excellent students for their display of academic performance
Furthering academic and practical research in Korea, especially in sciences and IT
Supporting and developing rare talent in very specific or technical majors.
Fostering exchange of academic scholars throughout Asia and the world
Easing the burden of tuition on students and PhD candidates
The general availability, ease of accessibility and amount of funding (per stay and applicant) differs widely depends on the intended duration of study or research and the highest academic qualification of the applicant. Similar to other countries, scholarship applications for a short-term exchange (around six months) have the highest chance of success.
Universities like Korea University, Yonsei University (Underwood International College) and Hanyang University have their own merit- and need-based scholarships for international students and scholars.
Korea University offers a variety of circa 20 scholarships, of which five are solely based on "grade in admission", while for rest of the scholarships, recipients are chosen by "open selection" (based on either merit or need - or both).,
The university also offers the distinct "BK21" scholarship program. Its target audience are IT majors at 고려대학교 at master's or PhD level, while another goal is the improvement of the faculty staff situation at 고려대학교.
As far as not listed above, there are scholarships not only for Korean nationals but also so-called "ethnic Koreans".
Additionally to the described inbound scholarships for Koreans, there is a wide variety of outbound summer school-, language course- and study scholarships available for US citizens that want to go to Korea. The US government and private foundations offer such (short-term) stipends. This way interested and qualified US citizens can self-sustain their stay in Korea.
There are a lot of scholarships available for students from ASEAN nations compared to offers that cater to other nationalities. A majority of them is listed on the ASEAN University Network (AUN) website.
Loans, including student loans, are usually only available to Korean nationals or people with Korean citizenship. Government funded students loans are operated at a low interest rate by the Korea Student Aid Foundation (KOSAF) in the form of direct loan and income contingent loan. At this time, the KOSAF loans are available only for Korean citizens.