SANTIAGO, July 5 (Xinhua) -- Chile will not restrict profits in higher education despite student protests demanding educational reforms, a presidential aide said on Monday.

"We are not ready to advance on derogating the profits in education," Secretary-General of the Presidency Cristian Larroulet said.

The Chilean government has debated on the issue but found profits in education "was decided with an organic law of constitutional level," he added.

University students, organized by the Student Confederation of Chile (CONFECH), have protested since May, demanding non-profit public education. CONFECH says the current education system is mainly financed by student fees.

One of the biggest protests broke out on June 30 when more than 80,000 students took to the streets in Santiago. A total of 38 people were arrested.

Chile invests 4 percent of its gross domestic product (GDP) in education, well below the 7-percent ratio for developed countries as suggested by the United Nations Educational, Scientific and Cultural Organization.