Notice
It is no exaggeration to say that private universities have led higher education in Korea to date. Even now, private universities account for nearly 80% of all universities. However, due to changes in the national economy and social conditions, private universities are currently facing a variety of crises.
The mid-tier brand segment of domestic private universities is collapsing, and brand polarization is accelerating. In particular, the number of top-brand private universities is being minimized, while the number of lower-brand private universities—forced to seriously consider their very survival—is rapidly increasing.
A so-called “Perfect Storm,” a term frequently used in economics, is posing a severe threat to private universities in Korea. A massive demand gap in the university admissions market between regional private universities and those in the capital area, a sharp decline in the college-age population to 280,000 by 2040—half of the current university admission quota—and the worsening financial difficulties of private universities, which are even more critical for them, are rapidly pushing private universities that have faithfully served as the backbone of Korean higher education into the lower-brand category.
Now, sustainability is no longer optional—it is unavoidable. The sustainability of private universities is closely linked to regional decline and the broader economy. The key to resolving and assessing this social issue lies with university foundations themselves. Until now, foundations may have deliberately remained in the background of this discussion due to various political and social circumstances.
To encourage proactive strategies and bold financial investment by foundations, it is imperative to establish a virtuous social cycle through sound evaluations and constructive feedback of private university foundations led by the private sector. The foundation evaluation conducted by the Institute of University Evaluation Inc. was launched against this realistic backdrop, with the objective of creating new value for private university brands.