Education Ministry bars 10 universities from scholarships and student loans
Published: 13 Dec. 2024, 15:10
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- LEE TAE-HEE
- [email protected]
![The Ministry of Education building in Sejong [NEWS1]](https://koreajoongangdaily.joins.com/data/photo/2024/12/13/eb6bfbc5-e76d-4722-ad6e-b961198cd87c.jpg)
The Ministry of Education building in Sejong [NEWS1]
The Ministry of Education announced Thursday that 10 financially struggling universities will be barred from receiving government funding for national scholarships or offering student loans next year.
The restrictions apply to universities classified as being in a management crisis by the Korea Advancing Schools Foundation, as well as those not accredited or with deferred accreditation from the Korea University Accreditation Institute and the Korea Accreditation Board for Vocational Higher Education.
This year, nine universities fall under this category: Daegu Arts University, Joong-Ang Sangha University, Singyeongju University, Jeju International University, Hanil University & Presbyterian Theological Seminary, Gwangyang Health Sciences University, Naju College, Busan Arts College and Woongji Accounting & Tax College.
Universities under management crisis are deemed unable to cover operational losses and unlikely to recover within four years. The two accreditation organizations evaluate institutions based on factors such as educational programs, teaching quality, faculty, student support and facilities.
Partial restrictions apply to universities in crisis that still hold accreditation. These institutions cannot receive funding for national scholarships, though their students may take student loans with standard repayment plans. Students are only prohibited from taking student loans with income-contingent repayment plans.
Kookje University is the only institution in this category this year.
Four universities classified as being in crisis — Far East University, Kimpo University, Donggang University and Yeoju Institute of Technology — will avoid penalties after having their restructuring plans approved by the Ministry of Education.
“Parents and students preparing for the 2025 academic year should review the list of restricted universities before deciding where to enroll,” said Oh Seok-hwan, vice minister for the Ministry of Education.
BY LEE TAE-HEE [[email protected]]
with the Korea JoongAng Daily
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