SM Group announced on September 3 that Chairman Woo Oh-hyun will donate funds to fully cover the national scholarships for new students at Yeoju University for the 2027 academic year. The donation is expected to amount to approximately 7 billion won.
This initiative follows the government's designation of Yeoju University among 20 universities nationwide that will face restrictions on national scholarship and student loan support. The Ministry of Education announced this decision on August 25.
As the chairman of the Dongshin Education Foundation, which operates Yeoju University, Woo decided to provide scholarship funding to alleviate the burden and uncertainty students may face during the admission process due to the restrictions on national scholarship support.
Since acquiring Yeoju University in November 2021, SM Group has focused on improving operational systems and investing in facilities.
Since taking office as chairman of the Dongshin Education Foundation, Woo has provided approximately 1 billion won in scholarships annually to all new students. In December 2024, he invested 6.5 billion won in renovating classrooms and dormitories. Additionally, he donated 3.3 billion won and 2.3 billion won to the university's development fund in November 2024 and March of this year, respectively.
With this latest scholarship funding, the total contributions from Woo and SM Group to Yeoju University will exceed 21 billion won. The enrollment rate for new students has increased from the high 60s percent at the time of acquisition to 93% this year.
In addition to his educational initiatives, Woo has pledged 50 billion won to support underprivileged communities in Ulsan through UBC Ulsan Broadcasting and has committed 320 billion won to public medical and welfare projects, including the Phil Medical Foundation. He has also donated 5 billion won to support descendants of independence activists through the Ministry of Patriots and Veterans Affairs and has participated in various initiatives to support families with newborns in Goheung County, as well as sponsoring the women's professional basketball team in Seoul's Seodaemun District.
An SM Group representative stated, "Chairman Woo has been actively communicating with Yeoju City and the city council to request their cooperation in normalizing operations while making direct and indirect investments to save Yeoju University, the only university in the city. SM Group is also planning and operating various support projects to help overcome the economic difficulties faced by the Yeoju region due to population decline and to fulfill its role as an institution for nurturing talent."
Following this decision, Woo urged the school and staff to fulfill their responsibilities as an educational institution. He specifically requested that they ensure normal academic operations so that students can continue their studies without disruption.
Yeoju University President Lee Sang-wook remarked, "Tuition is one of the most important factors in students' decisions to enroll, so when benefits like national scholarships are restricted, it inevitably makes it difficult for the school to recruit new students and operate academically. We will carefully monitor the situation to ensure that families preparing for enrollment are not burdened based on SM Group's donations."
Meanwhile, Yeoju University plans to file for a stay of execution and an administrative lawsuit against the Ministry of Education's restrictions on national scholarships. They aim to seek a court ruling to ensure continued government support, given the improvements in enrollment rates.
* This article has been translated by AI.
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