By Kim Bo-eun
Wonkwang University said Monday it will significantly reduce its entrance fee for freshmen, becoming the first private university to do so. This follows an earlier move by state universities to eliminate the entrance fee system.
Wonkwang said it will cut its entrance fee by 80 percent over 10 years starting next year.
The entrance fee covers the cost of freshmen orientation and other admissions-related affairs.
Wonkwang’s entrance fee for freshman this year is 576,500 won ($508).
Wonkwang examined the costs and said it would be able to slash the current fee to 20 percent of what it now is _ to 115,300 won by ten years from now.
It will start by lowering the fee by 92,240 won next year and continue lowering the fee by 41,000 won each year over the nine-year period.
The school said the sudden elimination of the entrance fee was not feasible considering the school’s finances.
Earlier this month, 41 four-year state and public universities decided to get rid of the freshmen entrance fee system to ease the financial burden of the costs of education on students and parents.
Wonkwang’s move is expected to influence other private universities to follow suit.
Data shows the average freshman entrance fee for 2017 was 773,500 won at private universities and 149,500 won at public universities.