In 2012, the Department of Political Science and International Relations at Korea University established the Woodang Scholarship (Samgu Political Science and International Relations Department Scholarship) for students in the department. The scholarship set up to help students who meet the criteria of demonstrated leadership, academic excellence, or financial difficulty, so that they can focus on their studies, and plan for the future. The establishment and operation of this scholarship fund owe much thanks to President Park Jong-gu of Samgu Inc., who is an alumnus of the department. The scholarship is currently awarded to 2 students per semester with further expansion planned in the future.
The Woodang Scholarship is intended only for students at the Department of Political Science and International Relations, but there are also other resources available, including school-wide scholarships and bursaries based on academic excellence (성적장학금) and financial need (면학장학금). In addition, the department also recommends external scholarships, such as the National Scholarship (국가장학금). In the second semester of the 2012 academic year, 35% of students benefited from scholarships and bursaries ranging from 350,000 won to 5 million won.