A private university is a university run by private individuals or corporations. It is common in Korea, Japan, and the United States, but there are countries that do not exist. Tuition fees are generally higher than national and public universities. The establishment of a private university in Korea must be approved by the Minister of Education.
It is a university established and managed by a corporation or private person according to a corporation, separated by the state or national and public universities and local governments. Its establishment is approved by the Minister of Education in accordance with the establishment standards set forth in Article 2 of the Enforcement Decree (Article 4 of the Higher Education Act). As with national and public universities, publicity must be recognized and quality must be maintained above a certain level. Therefore, the hiring and dismissal of professors is managed by the Ministry of Education and must be reported to the Minister of Education, the supervisory authority of the Ministry of Education. Recruitment must be approved by the Minister of Education, and the budget and settlement of accounts must be submitted to the Ministry of Education.
Private universities in Korea were established by foreign missionaries in the 1880s, and this became the beginning of modern higher education in Korea. According to the Private Schools Act amended in 2005, private universities are obliged to establish a council. In particular, the qualifications and service of teachers are subject to the regulations on teachers of national and public schools.
However, as the number of private universities increased, the imbalance between universities was inevitably deepened. We are entering an era where the argument that private universities should switch to a method that reduces the quota is emerging.
The current amendment to the 「Private School Act Enforcement Decree」 was passed at the Cabinet Meeting on July 16, 2013, and came into effect on July 24. In particular, it aims to amend the 「Private Schools Act Enforcement Decree」 in accordance with the 「Private Schools Act」 revision (Jan. 23, 2013), to develop and disclose financial and accounting indicators for private universities, and to improve the system to enhance financial and accounting transparency.
「Business and Accounting of Private Universities」, Organization and Function of School Corporations, Lee Dong-gyu, Seonhaksa (2001 version)