The Curse of the High-Price Era: College Students Suffer from Rising Costs

Reported by Gang-min Kim, Gyung-eun Lim

Edited by Rosangela

In the era of high price, the consumer price index stood at 112.74 in November, which is 3.3 percent higher than the same month last year. The economic crisis among various social stratum is intensifying, particularly for university students who currently lack stable financial income. There are some youth welfare policies implemented by the universities and the government such as ‘1,000 won Breakfast Project’, but there remains a need for cash aid system for college students.

“The food price of the restaurants near our campus has risen about 1.5 times compared to 2018, I think. And this makes me feel very pressured about my expenditures.” said Hye-yeon Ju, Chinese student in Department of Korean Language and Literature at Yonsei University.

Hye-yeon Ju eats instant noodles in the dormitory kitchen.

To reduce her food expenses, she cooks her own meal almost every day and sometimes eats gimbap at a convenience store. To buy groceries, she regularly goes to cheap market which takes almost an hour trip by walk from the dormitory or uses Coupang delivery for instant rice, milk, and coffee etc. 

The fluctuated price tags of the restaurants near Korea University Seoul campus.

In fact, there were many restaurants around the university campus which have continuously raised the food cost. 

A restaurant merchant near the Korea University said “The cost of ingredients like vegetables has increased significantly. It has been a year since we started running our store and there is a considerable difference compared to a year ago about 20-30%.”. 

Average price of gimbap and bibimbap in Seoul from November 2022 to October 2023, according to the Korea Consumer Agency's price information portal.

According to the Korea Consumer Agency's price information portal, the average price of gimbap in Seoul was 3,254 won and bibimbap for 10,577 won in October. The price of gimbap began to rise from 2,969 won in July last year and has been maintaining the 3,000 won level ever since. And bibimbap also has shown similar tendency, having surpassed 10,000 won since January this year. And now the only menus that one can eat within 10,000 won are only Gimbap, Jajangmyeon, Kalguksu, and Kimchi stew in Seoul amid the high price trend. Therefore, many college students, particularly who are living alone, are in difficulties having meal. 

Especially, college students are expected to be economically self-reliant, but they lack many opportunities to earn money due to the burden of study and preparation for employment. In addition, the inflation felt by 20s is higher than other age groups, mainly due to the rise in prices of food, residence, transportation, which account for a high proportion of their expenditures.

Beside the expenses of food, there are also the other economic factors which college students are suffering from.

According to a survey of 86 presidents of four-year universities who attended the seminar of the Korea Council on University Education in October, 70.3 percent said they plan to raise tuition within two years. 

A poster made by Supporters Against Korea University's Tuition Increase called ‘Gorani’ says that 7 in 10 university presidents decided to raise tuition and Korea University should not follow it.

Due to the increasing tuition fee, Hye-yeon Ju who has been receiving full scholarship said that she concerns about the possibility of not being selected as a scholarship student every semester. If she fails to get the scholarship, she must take time off from college and gather money for the tuition fee. 

And she also concerns about the residence while in college. She now pays about 240,000 won a month in a triple room in her Yonsei University dormitory. However, she is worried because the dormitory allocation is kind of lottery and most rooms near the campus require at least 500,000 won per month and the rent is even becoming more expensive although the facility is quite inferior. 

The exterior view of the rented rooms in Sinchon.

The exterior view of the rented rooms in Anam

To ease the financial burden on students like Hye-yeon, universities began to implement student welfare policies. For instance, 41 universities in Korea, including Korea University and Kyung Hee University, launched the 1,000 won breakfast project to ease the burden of food expenses for students this year. As it has gained popularity, its implementation is expanding to universities across the country.

Students serves the food while using the ‘1,000 won breakfast system' at the Korea University student cafeteria.

The original breakfast price at Korea University's student cafeteria is around 4,500 won to 5,000 won. However, with the implementation of the "1,000 Won Breakfast" project, government support is 700 won and school contributions are 2,700 won to 3,300 won, and the final cost for students is 1,000 won.

Baegal, an International Department student at Korea University, said “Prices have risen a lot and I feel burden at food expenses these days. But 1,000 won breakfast is helpful for me to have nutritious meal in very cheap price. I will continue to use it".

Despite this kind of welfare system, there remains the necessity of more effective policies for college students. Geumsun Byun, Ph.D in Social Welfare, mentioned that the government should make reference to other countries’ youth welfare policy, especially the youth allowance system of Australia, and introduce a cash aid system for college students according to the degree to which they can be supported by parents.