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Transportation is relatively cheap. The subway, although confusing at first, is quite convenient and will take you to all the major destinations.
You will probably just want to rent a cellphone while you are at the airport. getting a sim card and number in Korea requires registration of your Alien Card or Passport.
Spending wise, thats hard to say. You can survive on 5 dollar meals (street food stalls) , or you could be lavishing on $25-30 per meal (e.g. bbq beef, multi-course traditional meals). That being said, with a student budget, you should still be able to afford a variety of Korea food during your stay hurting your wallet too bad.
Are you into crafts/indie music? In the Hongdae district on Saturday, there is quite a bit going on (concerts & street market). There is also a lot of nice cafe shops that I think is worth a visit.
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