Students across Korea are preparing to sue over the excessive reserve funds they say their universities have accumulated. Acting on the assumption that colleges are continuing to set aside fees from tuitions in reserve funds rather than using them to improve the quality of education, students are demanding their money be returned.
Reserve funds are designated for purposes such as investing in research, constructing university buildings and funding scholarships. In the past, tuition money was frequently set aside for such reasons, but the Ministry of Education passed new standards in 2013, banning such practices. See more...