Overseas tuition fees fall 6% last year

Overseas tuition fees spent by South Koreans fell 6 percent last year from a year earlier due to the won's weakness and the slowing economy, the central bank said Friday.

In 2016, the tuition fees for South Koreans studying overseas declined to $3.52 billion from $3.74 billion a year earlier, according to data compiled by the Bank of Korea.

"Rising exchanges rates may have affected the declines in spending by parents on education for their children overseas," a BOK official said.

The dollar rose to an average of 1,160.50 won in 2016 from 1,131.49 won a year earlier, according to BOK data.

Still, the number of South Korean students overseas increased to 223,908 in 2016, up 4.3 percent from the previous year, according to the education ministry.

Meanwhile, data from Statistics Korea showed South Korean households spent an average 282,000 won ($250) per month in education costs last year, down 0.4 percent from 2015. (Yonhap)