50 colleges targeted; to get loan restrictionsThe Ministry of Education, Science and Technology announced yesterday that next week it will disclose the names of 50 poor-quality universities and limit their student loan credit line. The change will go into effect for next year.
The ministry, however, said it wouldn't restrict students from lower-income families from taking loans - the punitive measure was meant to revamp the quality of education in the university community.
The ministry officials said the ministry recently reviewed employment rate, financial status (including debt repayment status), curriculum, the number of entrants and full-time professors at the country's 345 universities and community colleges.
The ministry divided them into A,B,C ratings and of the universities faring at the bottom 15 percent, 44 universities were rated B and six universities were rated C.
Under the ministry's plan, freshmen of B-rated universities will only be eligible for taking out 70 percent of the total tuition amount in student loans while freshmen from C-rated universities will be able to borrow only 30 percent of schools' total tuition.
Unlike B- and C-rated universities, freshmen in A-rated universities can borrow full amount of tuition in student loan service program.
"The disclosure of the universities in poor performance was meant to bring changes in the university education and put pressure on the universities to reform," said the ministry. "Such measures were mapped out because the loan program was created for giving back to universities in recognition for improving education.”
By Kim Mi-ju [firstname.lastname@example.org]