Financing of Higher Education: Traditional Approaches and Innovative Strategies

Description

This book reviews and analyses higher education financing and explores the innovative ways by both public higher education and private higher education institutes in the context of globalization, with India, Russia and Tanzania as a case study. It examines the diverse policy discourses which greatly influence the higher education systems based on evidence-based research. This book is arranged into four major themes. Part 1 deals with the various possible modes of financing of higher education, such as the credit market and voucher system. Part 2 deals with strategies to mobilize the resources. Part 3 deals with innovative and sustainable approaches to financing private higher education institutions. Part 4 discusses the policies and limitations with external financing of higher education. It is an interesting collection of various themes in different chapters by serious researchers. It is an excellent read for students, educators and policymakers interested in alternative and innovative practices in higher education financing. It is a highly informative book for researchers providing insights on how social and political dynamics impact higher education financing.  Preface Acknowledgments Contents Editors and Contributors Abbreviations List of Figures List of Tables 1 Innovations in Financing of Higher Education: An Overview Increasing Cost and Declining Public Funding of Higher Education Innovations in Financing Higher Education Sector Cost-Saving Measures Cost-Sharing Measures Income Generating Activities Student Loans Private Higher Education Institutions External Funding of Higher Education Student Support Systems Edited Volume: Innovations in Financing of Higher Education Financing of Higher Education: State-Market Dynamics Innovations in Financing of Public Higher Education Institutions Financing of Private Higher Education External Financing and Student Support System in Higher Education References Part I Financing of Higher Education: State-Market Dynamics 2 Mode of Financing of Higher Education: An Assessment of the Possibilities Introduction Higher Education as a Public Good Funding Policies for Public Higher Education Institutions Case 1 (Q1): Input-Based Funding Case 2 (Q2): Performance-Based Funding Case 3 (Q3): Voucher System, a Solution for All the Ills Albeit Impractical Case 4 (Q4): Market-Based Funding of Inputs Offering of Self-Financing and Online Courses Implications for Raising Tuition Fees for the Economy: Merit and Margin Fees and Cost: Implications for Quality Developing a Credit Market as Fees Become Cost Recovery A Critical Look at the Market Mechanism to Fund Higher Education Inherently Imperfect Efficiency Makes Little Sense for Education In Absence of Technology, Quality Depends Only on Motivation and Moral Values Higher Education Funding Agency (HEFA) Implications of HEFA for Quality and Governance Public–Private Partnership Different Models of PPP Conclusion References 3 From State to Quasi-Market in Financing Higher Education: Russian Transition Introduction The Difficulties of Transition The New Approach: Key Upgrades The New Operational Environment: University Response Updating Financial Management in Higher Education: State Implications Updating Financial Management in Higher Education: University Implications Conclusion References 4 The Entrepreneurial University Introduction Entrepreneurial Universities: The Role of Social Entrepreneurship Entrepreneurial Universities: The Role of Spiritual Entrepreneurship Economic Challenges Social Challenges Spiritual Challenges Characteristics of Entrepreneurial Universities: An Attempt for an Exhaustive List The University Accreditation of Entrepreneurial Universities Conclusion References Part II Innovations in Financing of Public Higher Education Institutions 5 Financing of Public Higher Education Institutions in India Introduction Background Resource Allocation Criteria: Country Experiences Financing of Higher Education in India Public Expenditure on University and Higher Education Across States Dynamics of Resources Allocation in Selected States Share of Education in GSDP of Selected States Sector-Wise Expenditure on Education in Selected States Expenditure on Higher Education By States Enrolment in Higher Education in Selected States Process of Resource Allocation Budgeting by the Higher Education Institutions Criteria of Resource Allocation Within the HEI Major Sources of Funding (Panigrahi, 2018b, 2019) Conclusion References 6 Financing of Public Higher Education Institutions in Odisha Introduction Rationale of the Study Objectives Data and Method About the Sampled Institutions Results and Discussion Sources of Funding of the Institutions: Government and Internal Sources Patterns of Expenditure Monitoring Utilisation Extent of Resource Surplus/Deficit Utilisation of Funds Activities Affected by Delay in Resource Availability at Institutional Level Challenges Faced in the Mobilisation of Resources Conclusion References 7 Innovations in Financing of Higher Education: The Case of Selected Universities in Kerala Introduction The Background University of Kerala University of Calicut Discussion Conclusion References 8 Public and Private Partnerships for Higher Education Financing Introduction The Context Financing of Higher Education Institutions (HEIs) Public Expenditure on Higher Education Private Sector Expenditure on Higher Education The Way Forward Fiscal Incentives for Investment by Students and Parents Adopt Income Contingent Loan Policy Opening a New Window for Augmenting Private Capital for Investment in HEIs Interface Between Industry Implement National Admission Test Policy Expedite the Accreditation of Public and Private HEIS Conclusion References Part III Financing of Private Higher Education 9 Private Higher Education Institutions and Entrepreneurial Universities Introduction Background James Estelle Argument and Its Application to Higher Education in SSA What Are Some of the Determinants of the Emergence and Growth in Private Higher Education? Enterprise University Challenges to the “Enterprise” University in Africa Conclusion References 10 Financing Private Universities and University Colleges in Tanzania: Towards an Innovative and Sustainable Approach Introduction and Background Private Universities in Tanzania: Some Facts and Figures Types and Ownership of Private Universities in Tanzania Student Enrollment Trends and Academic Staff in Private Universities Financing Private Universities in Tanzania: Current Modalities and Their Challenges Toward Innovative Strategies of Funding Private Universities in Tanzania Initiating Creative and Attractive Academic Programs Undertaking Research and Consultancy Establishment of a Joint Private Higher Education Bank Internal Income Generation Endowment, Gifts and Donations Credit/Unit-Based Tuition Fee Financing Conclusion References 11 Private Higher Education in India: Expansion, Costs, and Financing Introduction Growth of Private Higher Education in India Private Cost of Higher Education Private Cost of Higher Education by Type of Management Private Cost of Higher Education by Region and Type of Management Cost Recovery and Financing of Higher Education Cost Recovery by Public and Private-Aided Institutions Conclusion References 12 Public Financing of Private Education Though Fee Reimbursement Scheme (FRS): A Case Study of Engineering Education in Andhra Pradesh Introduction Salient Features of FRS Admission and Fee Structure in Engineering Education Implications of FRS Access to Engineering Education Gap Between Demand and Supply Equity in Engineering Education Quality of Engineering Education Conclusion References Part IV External Financing and Student Support System in Higher Education 13 External Financing of Higher Education: The Practice in Search of Theory Introduction The Practice of Financing of Higher Education External Finances—The Practice External Financing Through Students External Financing Through Institutions Trade in Education Services and External Financing of Education Sector FDI Policy of India FDI in India Services Sector FDI in Education Reasons for Poor FDI Inflows FDI Inflow in New Areas in the Education Sector—Training and Skill Development Government Initiatives FDI Inflow in the Emerging New Model of Higher Education Conclusion References 14 External Aid: Shifting Dynamics of India’s Higher Education Cooperation and Exchange Introduction International Education Aid and India Policy and Programmatic Shifts in Education Aid Phase I: Pre Liberalisation Phase II: Post-Liberalisation (Decade I—1990 to 2000) Phase III: Can Be Termed as a Period of Emerging Self Reliance, Sector Wide Approach (SWAP) and Aid Consolidation (2000–2010) Phase IV: Post-2010: Shifts in Sub-Sectoral Priorities, International Cooperation in Higher Education for Long Duration India Resurgence as Emerging Donor India as Historical Donor Three Forms of India’s Foreign Assistance Programme New Dimensions of India’s Aid to Education Emerging Directions India’s Changing Education Aid Modalities Impressions of Changing Dynamics of ODA Conclusion References 15 Student Support System in India Introduction Safe Campuses Addressing Grievances of Students Addressing Imbalances Socially Disadvantaged Sections of the Society Facilities for Persons with Disabilities Equal Opportunity Cells in Universities/Colleges Centres for Study of Social Exclusion and Inclusive Policy Creating Enabling Environment for Research Post-Doctoral Fellowships Doctoral Fellowships Post-Graduate Scholarships Undergraduate Scholarships Digital Initiatives for Students to Improve Their Experience on Campuses DTH SWAYAM-Prabha Outcome of the Technology Enabled Learning Initiatives Skill Development Initiatives Conclusion References 16 Financing of Higher Education: A Study of PM’s Special Scholarship Scheme for Jammu and Kashmir Students Introduction Financing of Higher Education in India Special Scholarship Scheme for Jammu & Kashmir Criteria for Selection of Students Disbursement of Scholarships and Renewals Implementation of the Scheme Utilization Pattern of Scholarships Social Profile of Students Obtaining Scholarships State-Wise and Category-Wise Number of Students Admitted State-Wise Distribution of Institutions Which Admitted Beneficiaries Impact of the Scheme Economic Profile of Students Issues and Challenges for Effective Implementation of the Scheme Inadequate Information About the Scheme Lack of Inter-Departmental Coordination Regional Language as a Medium of Instruction in Other States Lack of Internet Facilities in the Remote Areas Inadequate Guidance for Getting Admission Non-Cooperative Attitude of the Colleges/Institutions Problems to Attend the Counselling Centres Delay in Renewal of Scholarships Problems Faced by the Implementation Agency Problems Faced by the Institutions/Colleges Conclusion References