South Korea to Fund 60,000 University Students for Internships

South Korea is launching a significant initiative to bolster the practical skills and career prospects of its university students. Starting next year, approximately 60,000 students from universities and colleges will receive a monthly stipend of 2.3 million won (approximately $1,650 USD) to participate in internships at companies and institutions. This 'First Career Internship Project' is designed to provide valuable on-the-job experience, with the government and participating companies each covering half of the internship support fee.

Over a standard five-month internship period, each student could receive a total of 12 million won in support, including an additional 100,000 won per month for expenses like transportation and accommodation. The government will also provide 100,000 won per month to companies for mentoring and training each student intern. Universities will receive operational funds of approximately 900,000 won per student for tasks such as recruitment, matching, training, and monitoring.

“

60,000 is not a figure confirmed based on current corporate participation demand, but rather an ambitious target for the policy. We will discover additional internship placements through the industry-academia cooperation company lists that universities possess.

This program expands upon existing internship schemes, increasing the number of supported students and introducing direct government financial support for the internship stipends. The government aims to actively discover additional internship opportunities through universities' industry-academia cooperation networks, although the target of 60,000 students is considered an ambitious goal rather than a reflection of current corporate demand.

In parallel, the government is introducing the 'Regional Balanced Development Scholarship' to address the concentration of students in the Seoul metropolitan area. First-year students at 30 local national universities will receive full tuition coverage, regardless of income level, starting next year. This program is set to expand to cover all undergraduate years by 2030. Additionally, scholarships for regional talent at local private universities will be increased, with the number of recipients nearly doubling to 10,000, and the eligibility criteria being broadened.

“

Students who drop out mid-program after receiving full tuition support will, in principle, be required to return the additional support provided beyond the existing national scholarship.