Widespread use of "shadow education" is a major policy issue in East Asia, especially South Korea, where officials view it as harmful to educational and fiscal equity. Although previous research emphasizes functional explanations, this study takes an institutional approach, exploring how students' desire for prestigious matriculation influences their parents' spending on shadow education. It is around that that "prestige orientation" (1) significantly predicts parent spending, especially among students of lower socioeconomic status, and (2) yields strong impact among students with the least likelihood of prestigious matriculation. Such findings indicate that Korean shadow education serves purposes that are as much symbolic as instrumental. (Contains 5 notes, 2 tables, and 3 figures.)