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Professors call for laws to aid struggling private universities

Published: 03 Dec. 2024, 18:16

LEE TAE-HEE
[email protected]

From left: People Power Party (PPP) Floor Leader Choo Kyung-ho, PPP Lawmaker Rep. Kim Dai-sik and Education Minister Lee Ju-ho attend a meeting to discuss ways to help financially struggling private universities on Tuesday. [YONHAP]

As private universities grapple with financial difficulties amid a shrinking student population, professors have called for increased financial support and the enactment of laws to assist universities willing to shut down.

Data from the Korea Advancing Schools Foundation reveals that 237 out of 280 private universities recorded operating profits last year. This marked the first disclosure of such data by the foundation, which began evaluating financially troubled universities this year. However, the foundation predicts that 94 of these institutions will face losses in the future.

In extreme cases, five universities were unable to pay staff salaries for more than two months, the foundation said.

University professors and Education Minister Lee Ju-ho convened on Tuesday to discuss policies to support struggling private universities.

"Competitiveness in our higher education system stems from private universities, which account for 85 percent of our higher institutions," said Lee. "We need to support universities with growth potential, assist those facing financial challenges and facilitate the closure of institutions willing to shut down."

The minister added that the government aims to support universities through policies such as the Glocal University 30 project, which provides 100 billion won ($71,500) in funding to universities outside the greater Seoul area, and the Regional Innovation System & Education (RISE) program, aimed at fostering collaboration between universities and local governments to enhance competitiveness.

Despite such programs, Yeungnam University professor Kim Byoung-joo pointed out that around 60 percent of total government funding injected into higher education goes toward national universities and national scholarships.

"In reality, there is a difference in funding that national and public universities receive, compared to funding that private universities get," said Prof. Kim.

The meeting also saw calls for extending the lifelong higher education funding program, which launched in 2023 with a budget of 2.5 billion won to aid struggling private universities. The program is currently set to expire in December 2024.

Additionally, participants urged the swift enactment of laws to facilitate university closures. Five bills pending in the National Assembly aim to simplify the shutdown evaluation process and provide unemployment allowances for affected staff.

BY LEE TAE-HEE [[email protected]]