By Kang Shin-who
Staff Reporter

The government announced a plan Sunday that will allow the authorities to be able to close down financially-troubled private colleges more easily.

Under a proposed bill, a private college, assessed as nonviable due to a drop in the number of its students, will be closed following the education minister’s approval, the Ministry of Education, Science and Technology said Sunday.

Currently, a private college must secure endorsements from more than two-thirds of the school’s board members for closure before seeking the education minister’s approval.

Under the new bill, these schools will be allowed to donate any remaining assets to charity or non-profit public entities, after they submit plans to the minister. Currently, they have to invest remaining assets of closing schools into other education-related foundations.

If the bill is passed at the National Assembly this fall, it will take effect from the beginning of the next year.

``This is to encourage nonviable schools to close on their own,’’ said a ministry official.

Previously, the ministry set up a committee to handle closures and restructuring of nonviable colleges. Consisting of lawyers, accountants, businessmen and educators, the committee, which is now looking into the viability of about 30 private colleges, will announce a list of private colleges that need restructuring in November.

Some 80 percent of four-year colleges in the nation are private.

kswho@koreatimes.co.kr