Korean Parents Spend Less on Tuition Overseas

  • By Kum Won-sub

    March 20, 2017 12:13

    Koreans spent less on tuition overseas last year than at any time in the past 11 years amid a weak won and an ongoing recession.

    The Bank of Korea on Friday said Koreans paid US$3.52 billion for tuition overseas last year, down from $3.74 billion in 2015.

    Overseas tuition spending peaked at $5.03 billion in 2007, just before the global financial crisis, and the amount has declined gradually since then, plunging below $4 billion in 2014.

    But the education account deficit remains high. Foreigners spent a mere $123 million on studying in Korea, resulting in a $3.4 billion deficit.

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