How Expensive is Korea For an International Student?
Korea is becoming one of the most popular destinations among non-English speaking countries for aspiring international students, and around 150,000 international students are living and studying in Korea side by side with local Korean students. You have so many things to look forward to once you’ve been accepted into a Korean university. Yet there are other things that you have to brace yourself for, and living costs are often listed as the top concern by students who wish to study in Korea. In a previous article, Expat Guide Korea discussed the topic of whether Korea is cheap or expensive, but how does this apply to international students? In this article, we will provide a general overview of the cost of living in Korea that a typical international student should expect.
Although it may be a leap outside your comfort zone, Korea is an extremely safe destination for exchange students. ... Of course, every country has its dangers which students should be aware of before moving abroad, but overall, Korea is a remarkably safe environment for foreign students
Being an international student, the first housing option you will be looking at is a student dormitory administered by your university (기숙사). On-campus accommodation is often preferred by a large number of new international students as this option tends to be more affordable and less complicated. While monthly rents vary depending on institutions, available services, and how many people are sharing a room, somewhere between 400,000 KRW - 650,000 KRW a month is a good benchmark you can use when looking at different housing options. For instance, the price for a single room at Yonsei University’s SK Global House is set at 2,642,000 KRW per semester (approx. 660,000 KRW a month) while a double room at the SK International House costs 1,456,000 KRW per semester (approx. approx 360,000 KRW a month). In addition to their relatively affordable monthly rents, another advantage of opting for a student dorm is that you won’t have to pay utility bills and a huge chunk of money for a housing deposit.
If you want more freedom and independence, living off-campus is another housing option that many international students go for. If you decide to live off-campus, you will most likely be looking at studio apartments called ‘one-room’ (원룸) in Korean in the vicinity of your university. A one-room apartment is a self-contained furnished studio property that consists of one big room that multi-functions as a living, dining, and bedroom and is equipped with a private bathroom and a kitchen. Housing pricing for a typical one-room apartment completely depends on factors including but not limited to facilities, size, and location. Based on my experience, students who study in Sinchon/Hongdae areas (i.e. Yonsei University, Ewha Women’s University, Sogang University, Hongik University) seem to pay around 550,000 KRW - 650,000 a month while you can find a similar room outside these areas for around 450,000 KRW - 550,000 KRW. When you opt for private accommodations in Korea, there are two things you must keep in mind. First, you will cover your own utilities (water bills may or may not be included in the rent) in addition to the rent, which can add something between 20,000 KRW - 400,000 KRW on top of your monthly budget. Second, you will have to pay a huge amount of money for a housing deposit, which can set you back from somewhere between 3,000,000 KRW - 10,000,000 KRW.
For those who cannot afford such a huge amount of money, but still pursues freedom of living outside the campus, goshiwon (고시원) provides another feasible housing option. A goshiwon room is smaller than a one-room apartment but still comes furnished with necessary items such as a fridge, wardrobe, and bed. While most goshiwons include a private bathroom, you might also be sharing communal toilets and shower rooms with other tenants. Monthly rent ranges from 300,000 KRW - 500,000 KRW depending on size and location, but in most cases, you are asked to pay no or only a small amount of money for a housing deposit.
Another cost that you cannot avoid in Korea is transportation. From when you attend a conference outside the campus to when you go shopping with your friends, your student life is dependent on public transport. The price of a subway or bus ride in Seoul, for instance, starts with a flat fee of 1,250 KRW and you get charged extra by the amount of distance traveled. To give you a general sense of how economical Korean public transport is, traveling to Seoul Station from the Incheon International Airport by subway, which is a little over a one-hour trip, only costs 4,150 KRW. A long-term commuter pass is also available, which comes in handy especially for those who live a few stations off the university campus - you can find more detailed information by clicking here.
If you feel like going on a trip on holiday outside Seoul to Busan, you can easily find one-way tickets for a long-distance bus at around 20,000 KRW - 30,000 KRW. If you take the KTX, you can save your travel time, but tickets can be as expensive as 40,000 KRW - 50,000 KRW.
While taxis would not be the main method of transportation for students, situations, where you attend your friend’s birthday party and miss the last train back home, are quite imaginable. At the moment, the basic taxi fare in Seoul is set at 3,800 KRW (20% surcharge applicable between 00:00 and 4:00), which increases in accordance with time and distance. If you are with a group of friends you can share the taxi fare with, an occasional taxi ride from a weekend night out won’t break the bank.
Food: Eating at school cafeterias:
Having access to school cafeterias where you can enjoy cheap and tasty food is the perks of being an international student in Korea. To accommodate differing timetables and schedules of students and university-based workers, school cafeterias usually operate between 8:00 to 19:00, serving breakfast, lunch, and dinner. Many school cafeterias use a buffet type of service where students line up and take whatever they want from a daily-changing menu. Each serving will come with rice or noodles, a few additional side dishes called banchan (반찬), soup, and kimchi. On average, the price of one meal at a school cafeteria costs around 4,000 KRW and 6,000 KRW. Schools like Korea University offer breakfast for 1,000 KRW during the semester, so don’t forget to check out hot deals available at your home institution.
Being a university student, you might also be eligible for a long-term meal card. By pre-purchasing a set amount of meals for the semester, you can enjoy each meal at very affordable costs of around 3,000 KRW - 3,500 KRW. In addition to school cafeterias, many schools have small restaurants and franchise retails on their campuses. While their pricing is similar to eating off-campus, it is very common that these on-campus shops, cafes, and restaurants offer a 10 - 20% discount for students with a valid student ID.
Utilities
Utility costs in Korea depend on housing types. If you live in a school dormitory or a small goshiwon room, you are the lucky one who doesn’t need to care about how big your utility bill might be at the end of every month. On the other hand, those who live off-campus in private accommodation have to cover utilities on their own. Thinking about utility bills can be a pain in the neck just because they are so hard to estimate and they fluctuate so much between different seasons.
In terms of gas bills, you can remember the basic principle ‘the cooler it gets in Korea, the higher your gas bill’. From the spring to the fall when the Korean traditional gas-powered floor heating system called ‘ondol’ (온돌) is not in use, your monthly gas bill will settle at somewhere between 5,000 KRW - 15,000 KRW. In my case, I take a shower twice a day in the morning and the evening, which is the only gas-powered activity in my house except during the winter, and my monthly gas bill works out to somewhere between 5,000 KRW - 8,000 KRW.
However, it is totally a different story when the winter comes. Generally speaking, most households in Korea start using ondol in late November all the way to early March to survive Korea’s freezing winter, and this can add so much more than you would expect on your gas bill. During the winter I use ondol when I am at home and remember my gas bill suddenly spiking up to about 50,000 KRW a month last winter. And if you are someone who is not so good at being cold and needs to keep the floor heating on all day long, be ready to see your gas bill go closer to 100,000 KRW.
Other than gas bills, other utilities will not be big enough to break the bank. In terms of water usage, your bill only comes out every 2 or 3 months depending on what kind of contracts your landlord has with water providers. Unless you use water excessively, a 10,000 KRW note will easily cover your monthly water usage. For your information, my water bill on average is around 14,000 KRW - 18,000 KRW for 2 months, and this includes showering twice a day and cooking once or twice a day.
For electricity, there is almost nothing to worry about. According to one statistic, Korea ranks 72nd out of 87 target countries in terms of residential electricity prices. While electricity is one of the utilities that you use the most in amount and frequency, living alone will only cost you around 5,000 KRW - 8,000 KRW. The only exception is during the summer when you likely use air-conditioning for most of the day, in which case your electricity usage might end up doubling your normal electricity bill.
Medical Cost:
As much as you want to avoid, emergency situations could happen while you study in Korea. To attend a university in Korea, you must have valid medical insurance, which you need to submit to your school admin office. When paying tuition, many universities also offer private insurance for additional costs. At the moment, international students in Korea can opt for the Korean National Insurance, which is expected to become mandatory starting from February 2021.
The Korean National Insurance costs you a minimum of 114,000 KRW a month for medical coverage. However, it is extremely important to keep in mind that this will not give you completely free access to medical services in Korea. The copayment amount depends on the types of medical treatments you receive. Generally speaking, a copayment for inpatient care is 20% and 30 - 50% for outpatient treatment while the amount of a copayment is around 35% for pharmacy bills. If you want to find out more detailed information on the National Insurance and your estimated medical costs in emergency situations, have a look here.
Other costs:
Having a student life outside campus is as important when studying abroad in Korea. Fortunately, enjoying entertainment is quite affordable in Korea. Among students, norebang (노래방), which is basically a private karaoke room, is a very popular activity. At a norebang, a 1,000 KRW note allows you to sing four songs. Other activities and entertainment loved by young students in Korea include going to a movie that costs you around 10,000 KRW and watching a professional baseball game, for which the cheapest ticket is available at around 15,000 KRW.
To stay fit, many Korean students also have a gym membership. A membership at a local gym is available at a cost of 40,000 KRW - 50,000 KRW a month, but they often have ongoing campaigns in which you can get a huge discount on the condition that you commit to at least a three-month contract. Don’t forget to check out university gyms on campus where you can get a student discount by virtue of being a student in Korea. source take from here
