New York Times reporter Martin Fackler quotes a phrase that many of us in the tuition driven world know but seldom utter; “Korea (South) experienced a study-abroad bubble.” In his January 10, 2009 article “Global Financial Crisis Upends the Plans of Many South Koreans to Study Abroad,” Fackler elucidates the now fading convergence of the strong won and competitive desires of Korean parents that came together to create what I call a study abroad migration.

Fackler cites a Korean Education Ministry figure of 350,000 South Korean students studying abroad in 2007 with the largest contingent in the United States.

“South Koreans have become the largest group of foreign students in the United States, according to American government statistics, outnumbering even those from China, with a population much larger than South Korea’s 48 million people.”  (Fackler, NYT)

American boarding schools and colleges & universities have enjoyed strong numbers of full-tuition Korean students seeking experiences and advancement through western style education. But this well of relied-upon tuition may be beginning to dry-up.

Korean families are now assessing and scrutinizing study abroad opportunities in light of the weak wan and global financial crisis. The competitive desire to keep-up and advance still drives many families, but it’s being tempered by reality. One year programs have become more attractive for families that can still afford an international experience.

Some academics worry about the possibility of increasing inequality with only the wealthiest families sending their students abroad.

“Upper-middle-class families will still have the ability to send their children abroad, even if it means great sacrifice,” said Oh Ookwhan, a professor of education at Ewha Womans University in Seoul. “This will allow them to stay ahead of less fortunate families.”