The Korean terms for grandmaster, master, instructor, student …

English Korean Notes
Taekwondo practitioner, Taekwondo player (US) taekwondo-in This term can be used to refer to any Taekwondo practitioner / practitioners of any grade.
Taekwondo student jeja Used mainly for colour belt students.
Senior Taekwondo student sonbae Used to refer to any student with a higher rank than you.
Junior Taekwondo student hoobae Used to refer to any student with a lower rank than you.
Colour Belt Taekwondo student mudanja, yugupja Used to refer to a colour belt Taekwondo student of any grade.
Black Belt Taekwondo student yudanja Used to refer to a black belt Taekwondo student of any grade.
Assistant Instructor boosabom
Instructor sabom
Grandmaster kwanjang This word technically means ‘the leader of a training hall or school’, and should only really be used to refer to the head of a Taekwondo organisation.
Master sahyon This term is only used in Changheon-yu Taekwondo.
Grandmaster sasong This term is only used in Changheon-yu Taekwondo.

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If you'd like to learn more about the Korean terminology used in Taekwondo, consider buying this book: Taekwondo Terminology. It contains an extensive dictionary of terms used in Taekwondo, as well as explanations on how to pronounce Korean words, and aspects of Korean grammar.