study abroad plans halted for korean students

Here's an interesting story on how concerns stemming from the global financial crisis has recently affected the plans of many young South Koreans who intended to study abroad: Global Financial Crisis Upends the Plans of Many South Koreans to Study Abroad.

Over the last few years, it's become quite common for Korean parents to send their children overseas to learn English and earn foreign degrees, with hopes of getting a leg up in South Korea's intensely competitive job market. According to Education Ministry officials, about 350,000 South Korean students went abroad in 2007.

But with all the global financial woes, South Korea's once-booming economy has taken a hit, causing a drop in the value of the won. The plunge has forced tens of thousands of students to alter their foreign study plans, or cancel them altogether. No doubt, a huge bummer for a lot of people.