By Jane Han
Staff Reporter
Choi Jung-won, a 22-year-old art major at a four-year college in Seoul, doesn't have much peace of heart these days to ponder the works of her favorite artists Cezanne and Degas. With one semester left of school, Choi says she's busy figuring out how to start paying off her student loan, exceeding 15 million won.
The figure didn't start out big at first, but four years of tuition ― averaging about 4 million won per semester ― plus art supplies and private lessons, quickly accrued to a scary amount, even with her parent's partial support.
``I knew the day would come, but things are looking worse than what I imagined,'' said the senior year student, who is looking for two jobs ― a tutoring and full-time job ― at once. Her plan is to take whichever opens up first in order not to fall behind on her 450,000 won payment per month for the next three years.
Pressed with frustration and worries, Choi, who comes from a middle-class family, even regrets studying fine arts.
``I feel like I would be less nervous if I had a degree in a more commercial, job-promising area of study,'' she said, lamenting how reality can stir up so much negativity. ``But it is what it is, and this is a burden I'll have to endure for the next couple of years.''
The somewhat good news, though, is that Choi isn't alone in the situation. When she graduates, she'll join the majority of job seekers battling the same problem.
The latest survey released by online recruiter Career shows that almost 70 percent of 820 job hunters are struggling because of college loans. Their average debt hovers around 7.6 million won, but about 22 percent have liabilities topping 10 million won.
Being indebted with student loans isn't the bad part, as it is an investment for the future, but the bleak job market is.
The Bank of Korea forecasted that the country's unemployment rate will remain at around 3.2 percent through the second half of this year. The jobless rate among the young, particularly those in the 20-29 age bracket, also isn't likely to drop from the current 7-percent range.
This means those who can't find regular, full-time jobs end up taking little-paying, temporary positions to shoulder their immediate costs. There are so many of these types that there is even a term coined to identify them.
Dubbed the ``880,000 Generation,'' these men and women fresh out of college commonly earn about 880,000 won per month.
One member of the 880,000 Generation, Kim Dong-ha, says that in between his job search, he takes about four translating gigs a month for his 200,000 won monthly loan payment.
The graduate with an English degree makes about 700,000 won a month, which doesn't leave much for his other expenses.
``I try to look on the bright side,'' said Kim, adding that he'll be debt-free in two years.
This is faster than the average payoff period, as the Career poll shows that it takes about four years and eight months for college graduates to completely pay off their loans.
The rising cost of university education has been one of the biggest concerns for current and prospective college students. Currently, one year of continued education here costs around 10 million won.
The inflation has been deadly for many, considering the average yearly household income of a four-member family stands around 35-40 million won.
``Knowing it is highly possible you'll be jobless, but having no choice but to take out a heavy loan is the reality,'' said Choi.
jhan@koreatimes.co.kr
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