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Why Recruit in Korea?
Korea's education market
is booming.
U.S. academic institutions will find
tremendous opportunities to attract Korean students, thanks to the nation's
liberalization of its educational system. Consequently, Koreans are permitted to
attend overseas elementary, middle and high schools. This decision has greatly
increased the number of younger students at overseas primary and secondary
schools, preparatory academies, ESL programs and, ultimately, colleges and
universities. Continued double-digit growth in Korean visa applications is
anticipated.
At the same time, Korea's
economy is rebounding. As a result, consumer spending has
surged, and parents' enthusiasm for their children attending
international schools has sharply risen as well.
In 2009, more than 75,065
Korean postsecondary students were studying in the United
States, according to the Open Doors Report, making them the
nation's third largest group of international students.
Published in spring 2010, the U.S. government’s SEVP Quarterly
Review ranks Korea as the second major source of active students
(after China) in the United States, with more than 100,000
students enrolled in U.S. educational institutions.
According to the Bank of
Korea, tuition payments to all countries are expected to
increase significantly over the next few years. The Korean
government has modified its Foreign Exchange Control Act, which
restricted money transfers to $10,000. This liberalization of
foreign exchange transactions has made studying in the U.S. more
convenient and viable.
The Korean market looks
especially promising not only for primary and secondary schools,
but also for educational training in the fields of language
courses, business administration, fashion, art and technical
programs. Including tuition and living expenses, the average
annual expenditure per Korean student attending overseas
institutions is estimated at more than $30,000, according to the
U.S. State Department.
Additional opportunities
exist for U.S. academic institutions in Korea. The trend of
Koreans to favor U.S. degrees was on the minds of the developers
of the Incheon Free Economic Zone (IFEZ), which is based in the
reclaimed city of Songdo, southwest of Incheon. A number of U.S.
institutions have already begun to set up research centers or
branch campuses at the Songdo Global University Campus.
There has never been a
better time for your institution to recruit Korean students!
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