International students will need less money to get student visas and be allowed to work more hours starting July 3, the Justice Ministry announced Friday.

The minimum bank balance needed for student visa applicants will be lowered and assessed in Korean won instead of dollars.

Those who want to obtain the D-2 student visa will need to prove their financial stability by submitting a bank statement with a minimum balance of 20 million won ($15,400) instead of the previous $20,000.

Prospective language school students seeking D-4 visas will need to submit proof of a minimum 10-million-won bank balance. Currently, they need to show proof of a $10,000 balance.

The minimum requirement will be lower for universities in the non-Seoul area, with a minimum of 16 million won required for D-2 visa applicants and 8 million won for D-4 visa applicants.

International students will also be allowed to do internships in fields that fall under the E-1 to E-7 visa employment categories during the summer and winter breaks.

All international students who wish to work a part-time job need approval from the immigration office, but those who participate in for-credit internships arranged by universities will not be required to do so.

International students in associate degree and undergraduate programs will be allowed to work 25 hours a week, compared to the current 20-hour ceiling.

Those who are found to have good Korean skills by meeting certification requirements such as Test of Proficiency in Korean (TOPIK) will be allowed to work an additional five hours a week.

The policy updates also allow migrant workers on the E-9 and the E-10 visas to take classes at higher education institutions.

The two visas are primarily issued to unskilled workers who work in manufacturing or shipbuilding.

The ministry said this change would allow them to gain a competitive edge when applying for the E-7-4 skilled worker visa that expands the fields the migrant workers can work in.

Those who have worked for at least five years in Korea on the E-9, E-10, or H-2 visas can apply for the E-7-4 visa.

The Justice Ministry said these changes will encourage foreigners to settle in Korea.

“In the past 10 years, the number of foreign students in Korea has seen a significant increase from 80,000 to roughly 200,000,” the ministry said in a press release.

“[We] plan to enhance the foreign student system that would support the increase in foreign students while contributing to improving the foreign students’ social adjustment.”

BY TAE-HEE LEE, HO-JEONG LEE [lee.taehee@joongang.co.kr]