University Education Cost per Student Increased by 1.02 Million Won... More Investment in Non-Capital Regions

Amount Invested by Universities per Student...
Average 19.53 Million KRW, Up 5.5%
Scholarships Decrease, Student Loans Increase

Last year, the education expenditure per student invested by universities increased by approximately 1.02 million KRW compared to the previous year. It was found that investment in students increased more at universities outside the metropolitan area than those within the metropolitan area.

According to the "August 2024 University Information Disclosure Analysis Results" announced on the 30th by the Ministry of Education and the Korea Council for University Education, the average education expenditure per student at 193 four-year general universities and education universities last year was 19.53 million KRW, an increase of 1.02 million KRW compared to 2022. Education expenditure refers to the costs invested by schools for student education and the creation of educational conditions based on enrolled students, including personnel expenses, operating expenses, scholarships, book purchases, and laboratory practice expenses.

The increase in investment per student was greater at universities located outside the metropolitan area than those within it. Universities outside the metropolitan area had an education expenditure per student of 18.31 million KRW last year, up 1.33 million KRW (7.8%) from the previous year. Metropolitan area universities recorded 20.99 million KRW, increasing by only 0.59 million KRW (2.9%) during the same period.

Among 130 junior colleges, the education expenditure per student last year was 12.49 million KRW, a 6.1% (0.72 million KRW) increase compared to 2022. Similar to general universities, junior colleges outside the metropolitan area increased their investment scale more than those in the metropolitan area. The student education expenditure growth rate for junior colleges outside the metropolitan area was 8.5%, while metropolitan area junior colleges saw a 3.1% increase.

On the other hand, scholarship support from universities slightly decreased. Last year, the total scholarship amount at general universities was 4.7809 trillion KRW, down 3.7 billion KRW (0.1%) from the previous year. The scholarship amount per student was 3.57 million KRW, also decreasing by 0.4% (10,000 KRW) during the same period. At junior colleges, the total scholarship amount was 1.4161 trillion KRW, decreasing by 2.6% over one year, but the scholarship amount per student increased by about 1.1% (40,000 KRW).

Along with this, the use of student loans is on the rise. Last year, 442,880 students at general universities and education universities used student loans from the Korea Student Aid Foundation, an increase of 31,787 students (7.7%) compared to 2022. The student loan utilization rate has also gradually increased from 12.7% in 2021, 12.9% in 2022, to 13.8% in 2023. The student loan utilization rate at junior colleges remained at 14.7% in 2021 and 2022 but rose to 15.1% last year.

The 2024 university information disclosure was conducted for a total of 409 universities (223 universities, 142 junior colleges, and 44 graduate schools).