Abstract

The purpose of this study is to estimate the adequacy of higher education financing using publicly available data from universities from 2008 to 2021. For this purpose, we devised a method to estimate the appropriate cost of education by utilizing the public data of universities and estimated the appropriate cost of education through simulation.
 We proposed four steps to calculate the appropriate cost of education. The steps are as follows Establishing a reference group, selecting measurement indicators, calculating unit costs, and calculating the scale of affordable education costs. The top 40 universities in the JoongAng Ilbo university evaluation results were set as the reference group. Then, through regression analysis, we calculated the scale of affordable education costs for the 117 universities analyzed.
 The results of the analysis are as follows The optimal amount of funding for universities ranges from a minimum of KRW 19.8627 trillion to a maximum of KRW 33.7869 trillion. A maximum of KRW 14.6722 trillion is needed over the current KRW 19.1146 trillion for universities.
 Based on the results of the analysis, we propose implications that should be considered in the process of estimating the affordable cost of university education. These include the use of education cost data appropriate to the concept of affordable education, the need for discussion and social consensus on the affordability of university education, and the need for measures to correct the difference between actual and affordable education costs.

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