University Student Education Cost Increased by 1.48 Million KRW per Person... Average 18.51 Million KRW

Impact of Increased National Scholarships and Other Government Support
Total Amount of General and Junior College Scholarships Increased Last Year

Last year, the education expenditure per student invested by universities increased by approximately 1.48 million KRW compared to the previous year. This rise is analyzed to be due to an increase in national financial projects for universities, leading to higher investment costs.

According to the '2023 August University Information Disclosure Analysis Results' announced on the 31st by the Ministry of Education and the Korea Council for University Education, the education expenditure per enrolled student at 193 four-year general and education universities last year was identified as 18.51 million KRW. This represents an 8.7% increase compared to 2021 (17.03 million KRW). Education expenditure includes personnel expenses, operating costs, scholarships, book purchases, laboratory practice costs, and equipment purchases invested by the school to create educational conditions for students.

National and public universities spent 22.81 million KRW, which is 2.22 million KRW (10.8%) higher than in 2021 (20.59 million KRW). Private universities spent 17.14 million KRW, an increase of 1.24 million KRW (7.8%) from 2021 (15.90 million KRW). Universities in the metropolitan area spent 20.40 million KRW, up 1.71 million KRW (9.1%) from 2021 (18.69 million KRW), while non-metropolitan universities spent 16.98 million KRW, an increase of 1.26 million KRW (8%) from 2021 (15.72 million KRW). Additionally, vocational colleges saw education expenditure per student rise to 11.76 million KRW last year, up 610,000 KRW (5.5%) from 2021 (11.15 million KRW).

[Image source=Yonhap News]

The increase in education expenditure invested by universities appears to be mainly influenced by university support projects such as the rise in national scholarships. Last year, the total amount of scholarships at general and education universities was 4.7822 trillion KRW, an increase of 247 billion KRW (5.4%) compared to 2021 (4.5352 trillion KRW). Notably, national scholarships accounted for 3.0408 trillion KRW, representing 63.6%. Next, internal scholarships amounted to 1.5822 trillion KRW (33.1%). The scholarship amount per student also rose by 250,000 KRW (7.4%) to 3.58 million KRW annually.

For vocational colleges, the total scholarship amount last year was 1.4562 trillion KRW, up 50.9 billion KRW (3.6%) from 2021 (1.4053 trillion KRW). Among this, national scholarships accounted for 1.106 trillion KRW, or 76%. The scholarship amount per student increased by 280,000 KRW (7.6%) to 3.91 million KRW annually.

A representative from the Korea Council for University Education explained, "(Last year) there were many national financial support projects awarded, and national scholarship support was increased," adding, "The inflation rate likely also had an impact."

The 2023 university information disclosure was conducted for a total of 411 universities (223 universities, 144 vocational colleges, and 44 graduate schools).