By Bahk Eun-ji
Private universities will be required to make public details of information about their finances, the Ministry of Education said Tuesday.
Under the revision to the Private School Law that goes into effect on July 26, private universities will have to disclose data on education costs per student, information about scholarships, amount of debt and other key information on tuition usage.
Students and parents will be able to confirm such information at the website (academyinfo.go.kr), the ministry said.
The new law requires schools to have their budget plans approved by a tuition deliberation committee whose members should be comprised of more than 30 percent of student representatives.
They have to also disclose the wages of their faculty members.
The ministry also said if university’s quota is more than 500, they have to appoint at least one certified public accountant as one of its internal auditors. A total of 122 private universities nationwide are subject to the new disclosure rule.