Living Costs at KAIST: Can 350,000 KRW Cover Living Expenses and Dorm Fees?

As a student currently studying at KAIST (Korea Advanced Institute of Science and Technology) in 2020, I have a firsthand understanding of the living expenses and costs associated with a student life here. This article aims to break down the monthly budgets and financial considerations for students, providing insights to help newcomers with planning their finances.

Overview of Monthly Costs

First, let's start with the basic monthly costs for living and staying at KAIST. To put things into perspective, the most common dormitories cost around 100,000 KRW per month, with some even less at 80,000 KRW, though these are typically not located on the main campus. For those who prefer to live off-campus, a one-bedroom apartment in a suitable location can cost between 400,000 KRW to 450,000 KRW per month. A more comfortable living environment may come with a price tag of around 700,000 KRW per month, which is a significant amount.

Breakdown of Daily Spending

A proper meal at KAIST can range from 3,500 KRW to 5,500 KRW, or you can spend roughly 10 to 15,000 KRW per day, translating to 300,000 KRW to 450,000 KRW per month. There are limited opportunities for part-time jobs that pay around 200,000 KRW per month. However, some research assistants can earn salaries up to 400,000 KRW to 1,000,000 KRW per month, with companies often paying much more, up to several millions. For graduate students, stipends can be significantly higher, often more than 1,000,000 KRW.

Stipend Comparison

Due to the generous scholarship programs, especially for graduate students, the basic stipend of 350,000 KRW might not suffice for everyone. For instance, a friend of mine doing a Master's thesis (ms) receives over 1,000,000 KRW. Your funding should come from your lab and is usually much higher than 350,000 KRW. The key is to understand the specific type of scholarship or financial aid you are eligible for.

Applying for a KGSP Scholarship

The Korea Graduate Scholarship Program (KGSP) offers a stipend of 900,000 KRW per month for graduate students. This amount, combined with other forms of financial aid, can cover all the expenses mentioned above, making the living situation more comfortable and stress-free.

Monthly Budget Analysis

Assuming you are living on your own and your stipend is 350,000 KRW per month, it is indeed enough to cover your living expenses. While it might not leave much for anything else, you should still be able to manage if you plan your budget carefully. Here is a sample monthly budget:

Rent: 100,000 KRW (if staying on campus) or 400,000-450,000 KRW (off-campus) Food: 5,000 KRW to 10,000 KRW per day, plus occasional treats (300,000 KRW to 450,000 KRW per month, depending on how often you eat out) Utilities (electricity, water): 5,000 KRW to 10,000 KRW Others: Such as transportation, books, and entertainment, probably another 50,000 KRW to 100,000 KRW

As you can see, the total comes to approximately 610,000 KRW to 750,000 KRW per month, which can be covered by the aforementioned stipend if you choose to stay off-campus. A stipend of 700,000 KRW will comfortably cover all expenses if you plan your finances prudently.

Conclusion

In conclusion, a stipend of 350,000 KRW is indeed sufficient for living expenses and dorm fees at KAIST, especially with careful budgeting and some off-campus living options. Your financial aid situation might vary, so understanding your specific opportunities and applying for scholarships such as KGSP can significantly enhance your financial security and quality of life during your time here.