Abstract

The purpose of this study is to estimate the appropriate size of higher education financing based on the concept of education financing adequacy and to propose a policy realization plan to expand financial support based on special accounting for higher and lifelong education support.
 The results of the study show that the scale of domestic higher education financing is very low. Domestic total government expenditure, education budget, OECD public education expenditure per capita, and OECD higher education expenditure per capita as a percentage of GDP were all low. Second, the comparative model was applied to estimate the appropriate size of higher education financing, and the size of the required resources increased as the reference group for international competitiveness comparison was set. Third, the newly established special account for higher education finance is problematic in terms of the stability of revenues, the adequacy of revenue sources, and the feasibility of expenditure projects. In particular, there is no explicit provision for securing financial resources, and the special account is temporary, so it is necessary to revise the law and find a way to provide long-term financial support. Finally, in order to secure the estimated amount of financial resources needed in the future, it is proposed to link the direction of sharing between the state and the private sector with the government's plan and operate the fund in the long term.

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