Abstract

The purpose of this study is to propose a new government task on higher education finance. For the study, related literature, financial data, and media reports were analyzed.
 The results are as follows: First, the cost per student in the higher education stage is lower than in OECD countries, and even lower than the elementary level. Despite the increase in the higher education budget over the past decade, the government's financial investment has been mainly on the National Scholarship and universities' tuition income has been effectively decreasing. Second, as a result of evaluating the 10-year basic plan for higher education financial investment, it was analyzed that the government's overall fiscal investment in higher education was quite close to the original target. However, most indicators failed to achieve their goals as the method of financing was achieved through restructuring of existing budgets. Finally, as a plan to expand higher education finances, it was proposed to improve the legal suitability of tuition policies and to prepare a legal basis for stable securing higher education finances.
 Despite the inadequate level of financial investment in higher education, discussions on higher education finances have mainly focused on the allocation issues, and practical efforts have been insufficient to expand the size of finance itself. According to the 2021-2025 National Financial Management Plan, the government's investment in higher education is unlikely to be improved. Based on the results of the 10-year basic plan for higher education, the government needs to set specific level of financial investment goals in the basic plan for higher education and implement stable higher education finances with a legal foundation beyond securing restructuring levels.

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