T.A.L.K. or “Teach and Learn in Korea” was originally set up at the beginning of this year to encourage more English speakers to teach in Korea.  The program, at that time, allowed students with 2 years of university education to teach, Korean nationals studying English abroad were the preferred candidates.  However, the results were unimpressive and did not fulfill the demand.  
More
 
In an attempt to battle the ongoing demand for English teachers in the country, the government has relaxed even more of the current visa rules exclusively for the T.A.L.K. program.  Applicants can be granted visa status with a year at university or college.  

“But now the doors are now open to graduates, community college students and ethnic Korean freshmen and sophomores as well.” – Korea Herald
Full details have yet to be released on what the exact requirements are for education.

Like other teachers in Korea, the TALK program offers 1 year contracts, housing and airfare.  However, applicants to the program will most likely be given a rural school with very little English.  Further, teachers will receive less than three quarters the pay of a regular native teacher.

Many native English teachers believe that the TALK program will not encourage enough EFL teachers to fulfill the demand.  Previously this year Korea strengthened the E2 visa regulations, making it a longer more costly process to obtain a job in Korea, though the visa rules have been relaxed, it still may take over a month just to organize the proper documents.  More so, the $1500 salary may cover basic living expenses but an average student will find it difficult to save up for the following year’s tuition.  

Read related article here