Studies on the impact of household characteristics on children’s access to higher education typically focus on the importance of household income. Given the high cost of higher education in Korea, it is household assets that are more likely to be relevant. This study investigates the impact of household assets on higher education participation in Korea, while controlling for household income. The results indicate that household assets have important impacts on higher education participation, even after parents’ decisions to save for higher education costs are considered. Controlling for the use of a student loan or scholarship does not substantially affect the result.