The government and universities plan to spend around two-and-a-half trillion won in total this year to ease burdens associated with college tuition.

The Ministry of Education, Science and Technology announced on Monday that the National Assembly passed a budget plan on college scholarships and other assistance programs.

Under the plan, the ministry will expand the budget regarding state scholarships and student loans to one-point-seven trillion won and lower the interest on student loans from the current four-point-nine percent to three-point-nine percent.

Universities plan to provide 750 billion won in assistance of their own budgets for colleges this year.

As a result, scholarships given to students who are in the bottom 70 percent of the social bracket in terms of income level will expand by one trillion won.