The number of law school graduates unable to repay their student loans has nearly tripled over the past eight years, data showed Friday.
According to data from the Korea Student Aid Foundation obtained by Rep. Kim Mi-ae, 93 law school graduates were classified as long-term delinquent borrowers — those who had failed to make repayments for over six months — as of 2024.
In March, the number rose to 97, a nearly threefold increase from 34 in 2017.
The figure has continuously increased over the years: 58 in 2020, 77 in 2022, and 82 in 2023.
The data showed that from 2017 through March 2024, legal action was taken on 20 cases, including civil lawsuits, asset seizures and forced collections.
“Law school tuition is excessively high, placing a heavy burden not only on low-income students but also on the middle class,” Kim said. “Some people even give up pursuing law school altogether due to the financial barrier. Legislation is needed to ensure anyone has the opportunity to become a lawyer.”
As of 2023, the average annual tuition for law school was 14.2 million won ($10,000), more than 2.5 times higher than the 4.4 million won average for general graduate programs.
shinjh@heraldcorp.com
