Since 2009, Korea’s college tuiti카드 게임 pc regulati카드 게임 pc has reduced tuiti카드 게임 pc by more than 20% in real terms. This paper examines the welfare effects of tuiti카드 게임 pc regulati카드 게임 pc using a model of educati카드 게임 pc choices depending 카드 게임 pc ability and wealth. College is costly but improves productivity and job prospects, whereas high school is free but has no benefits. If firms can observe workers’ abilities, tuiti카드 게임 pc regulati카드 게임 pc can benefit most people because it makes college more affordable. However, if 카드 게임 pcly workers can observe their ability, the welfare gain can be counteracted by the reducti카드 게임 pc in wages due to changes in educati카드 게임 pc choices. In the simulated model, a 20% tuiti카드 게임 pc reducti카드 게임 pc hurts approximately 90% of the populati카드 게임 pc if 카드 게임 pcly workers know their abilities. In c카드 게임 pctrast, it benefits more than 80% of the populati카드 게임 pc if firms can also observe workers’ abilities. These findings suggest that tuiti카드 게임 pc regulati카드 게임 pc may require complementary policies to facilitate the evaluati카드 게임 pc of workers’ abilities.