개양학교는 제1회 졸업생만 배출하고, 1906년(고종 43)에 설립된 삼락학교와 합하여 1907년(순종 1) 11월에 동래기영회가 설립한 사립동명학교로 흡수되면서 폐교되었다.
The Gaeyang school produced only the first graduates and was closed after being absorbed into the private Dongmyeong School established by Dongrae Giyoung Association in November 1907 (the 1st year of King Soonjong reign), combined with Samrak School, which was established in 1906 (the 43rd year of King Gojong's reign).