This study aims to comprehensively understand and systematically analyze the policy-making process of the 'Special Account for Supporting Higher and Lifelong Education' by taking a multi-dimensional approach. To achieve the research objectives, various materials such as national laws and regulations, government policy documents, press releases, research papers, and internet portal articles were collected. The multidimensional policy analysis model of Cooper et al. was utilized to analyze it in normative, structural, constituent, and technical dimensions. First, at the normative level, the Special Account was promoted with the goals of optimizing education finance and supporting university innovation. Second, structurally, the Special Account was influenced by institutional structures such as tuition freezes and the vulnerability of higher education financing. Third, in terms of its constituent dimension, the policy-making process of the Special Account revealed interactions among the central and local governments, higher education institutions, and elementary, secondary, and middle education institutions. Fourth, the technical dimension discussed the adoption of a temporary operation and funding method as a compromise, and it highlighted that the government's vision was being realized through the budget size and utilization process. Additionally, the urgency of policy evaluation for securing sustainable higher education funding was emphasized. Based on the findings, it is suggested that establishing a long-term financing measure, such as a Higher Education Finance Grant, is essential to enhance the stability and predictability of higher education funding.
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